Luxury Home Sales in Denver area
What is going on?
Hardly any new luxury home listings came on the market in October. Some sellers are pulling their homes off the market for the winter, some listings have expired and some have just been withdrawn - maybe it wasn't the time to sell right now. There are still quite many luxury homes on the market in Denver area. Many have been on the market for some time. Some have had large price reductions (how about 2 million!) and only a few have ended up in a foreclosure - a year ago there were approximately 40+ luxury foreclosures - today there are 15 on the market.
A few luxury homes are sold - compared to the number on the market. There was a noticeable decline in Nov of 2008 and it has continued to this day. Will it get better - of course. And don't get me wrong - Luxury homes are selling in Denver area - not just at the rate that they were two years ago and maybe not quite for the same appreciation that they were - but they are selling.
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Copyright 2009.© Kenna Real Estate. Rita Burke. All Rights Reserved. Nov 1st 2009. "Luxury Home Sales in Denver area".
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The luxury market has been hit the hardest in my neck of the woods. Most of the rest of the market have started to see a recovery. Luxury homes are lagging for sure.