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 million. 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 on 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 November 2020
Total sales - 259 homes ranging from $1,000,000 to $6,795,000 (last month was 393 homes, 2019 was 131)
Average Days on Market - 55 days (decreased from 60 days last month and 2019 was 69 days)
Average price per SF (Total) - $294.74 (last month was $288.58)
These homes were built from 1885 to 2021
The highest-priced home sold was $6,795,000 in the Denver Metro and is in the Denver Country Club. This home was originally built in 1942 and completely remodeled, on .62 acres with a 3-car garage. This home has 5 bedrooms, 7 bathrooms, and 8,569 total finished square feet. This home was on the market for only 14 days, and the Buyer paid cash.
There were no short sales sold, and no bank foreclosures sold this month.
I was predicting an interesting year of sales with the election in November but had no idea we would be facing this pandemic and affecting not only our real estate sales, but our entire economy. Sales were very strong prior to COVID and definitely saw an early spring buying season. For 8 weeks, there were no in-person showings, so after 5/8, this made all the difference. Not many buyers wanted to buy a home sight unseen. The stock market bouncing around a bit, leaving some buyers still on the fence for a purchase. In June the luxury market starting seeing an abundance of closed properties and has been strong the rest of the year.
Looking for a home on acreage and private? With mountain views? Or would you like to see what homes are for sale over $1,000,000? There are currently no bank-owned properties for sale and there are no short sales listed.
Contact me for bank-owned properties for sale
Media rooms are in popular demand with being home more, this allows everyone to view movies, sporting events or concerts.
Today, you will find 360 homes for sale in the Denver metro area listed over $1,000,000 up to $19,750,000. They have been on the market for an average of 144 days and these homes were built from 1870 to 2021. This amount has decreased significantly from last month.
There are 311 homes currently pending over $1,000,000 up to $9,500,000 with an average of 98 days on market. These homes were built from 1887 to 2021. (This amount decreased from 397 last month.)
Here is how 2018 compared to 2019
Total Sales 2018 - 1,625 2019 - 1,810
Days on Market 2018 - 86 days 2019 - 61 days
Average Price Sold 2018 - $1,295,000 2019 - 1,300,000
% Seller Saw to List 2018 - 97.72% 2019 - 97.65%
With the equity increases we have seen over the last several years, it is not unusual to see homes priced over $1,000,000 now all over the City. In Novemberber 2015 there were only 18 homes sold in Denver proper, this month there were 107 homes sold.
I have obtained my luxury marketing certification and 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.