Denver Luxury Homes | Denver Luxury Real Estate | Market Report
Denver Luxury Homes and Real Estate market has taken an expected hit along with the declining economy. However, not as big of a hit as in some other areas. Luxury homes are still selling, just not quite at the same rate than they were even just two years ago. Take a look at the difference in the average days on the market. The average days on the market has almost doubled since beginning of 2008.
| I/08 | II/08 | III/08 | IV/08 | I/09 | II/09 | III/09 | |
| # Houses sold | 42 | 64 | 48 | 25 | 21 | 30 | 41 |
| Average Days on Market | 186 | 198 | 182 | 185 | 262 | 322 | 313 |
| % Difference Listing price vs. Sold | 90.3 | 89.6 | 89.2 | 89.6 | 86.3 | 82.8 | 84.8 |
The luxury homes sales are down from last year. It is unlikely that between now and December the sales will surge and reach the total of last year. There are 266 luxury homes for sale in Denver (as of Oct 1st, 09). 16 houses are pending sale i.e. under contract.
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One notable decline has been occurring is the difference from original list price to sold price. In 2007, 61% of houses sold no less than 10% of original listing price (in the range from 90% to 100%+). In 2008, the same figure was 53% and this year 37%. Majority of houses this year, 63% have sold for 90% or less of the original listing price.
Read the full Denver Luxury Real Estate Market Report
Graph presents quarterly averages.
What do these graphs mean to you, the seller? The graphs and figures give you an idea of market changes and trends. However, these are averages. There are variations from one area or neighborhood to the next. Also, this report is just for luxury homes in Denver, there are some large variations from e.g. Castle Rock to Denver.
In order to give you the best estimated value of your house, a custom analysis - specific to your house - is recommended. We'd be happy to put one together for you.
This Denver Luxury Homes Real Estate Market Report is brought to you by Rita Burke, Kenna Real Estate. The report is for residential single family homes only and may not include all sales activity in the area. Figures for sold prices used are NET sold price, price after seller concessions or down payment assistance, if they were any. This report or any part of it may not be used without permission.
Disclaimer
Copyright 2009.© Kenna Real Estate. Rita Burke. All Rights Reserved. Oct 2nd 2009. " Denver Luxury Homes | Denver Luxury Real Estate | Market Report".
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