A Luxury Home can be identified differently in cities across the country, but in Denver, my Luxury blog posts will report on detached single-family homes listed in the Denver metro area for over $1.3 million. (Over the years I have used $1 million as luxury, but with our rising home values, had the need to increase this amount.) Some have mountain and/or city views, some properties back to a golf course, or have water views all to compliment one's lifestyle. (however, we don't have much water) Some are updated with products from around the world, and some have expansive square footage or acreage. Whatever a Buyer is looking for, most likely if you have over $1 million, you can find it in Denver or in the surrounding suburbs.
Here is how the luxury market fared for the month of February 2022 -
Total sales - 162 homes ranging from $1,300,000 to $5,500,000 (last month was 92 homes, 2021 was 207)
Average Days on Market - 23 days (last month was 29 days last month and 2021 was 54 days)
Sellers saw - 102.02% to list price
Average price per SF (Total) - $355.21 (last month was $358.59)
These homes were built from 1884 to 2022
The highest-priced home sold was $5,500,000 in the Denver Metro and is in the neighborhood of Belcaro in Denver. This home was built in 2007, on .53 acres. It has 4 bedrooms, 8 bathrooms, and a 2-car garage. This home has 8,598 square feet and was on the market for 92 days.
Contact me for bank-owned properties for sale
Mother Nature has been teasing us now with some beautiful days, and many are looking to spend time outdoors with family and friends. Need a better outdoor space? Maybe with a view?
There are 245 homes for sale in the Denver metro area listed over $1,300,000 up to $25,700,000. They have been on the market for an average of 71 days and these homes were built from 1888 to 2023. This amount has increased minimally from last month. There are no bank-owned properties currently on the market, nor any short sales active.
There are 366 homes currently pending over $1,300,000 up to $9,750,000 with an average of 65 days on market. These homes were built from 1887 to 2023. (This amount has decreased from 487 last month.)
Here is how 2020 compared to 2021
Total Sales 2020 - 2,739 2021 - 4,487
Days on Market 2020 - 53 days 2021 - 27 days
Average Price Sold 2020 - $1,302,500 2021 - 1,350,000
% Seller Saw to List 2020 - 97.06% 2021 - 100%
With home values on the rise, we are seeing more sales over $1 million. I did bump the price point to $1.3 million. It isn't unusual to see a million-dollar home. With such low inventory even in the luxury sector, homes were not on the market long.
I have obtained my luxury marketing certification which has given me a multitude of new ideas. If you have seen a home in this post this intrigues you, give me a call - 720-231-6373.