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Denver Luxury Homes and Real Estate - Luxury Homes are selling

By Brian Lee Burke

Real Estate Broker/Owner with Kenna Real Estate ER40035749

October 18, 2008 09:10 PM

Denver's Luxury Home Market - Luxury Homes are still selling

In light of the recent economic "bumps and bruises" I wanted to take a closer look at how sales in the Denver area luxury real estate market are doing today.

Denver Luxury homes and Properties ~ Denver Luxury real estate market

Included in this report are luxury homes within the Denver Metro area (not included: Boulder, Longmont, Loveland, Evergreen etc. - outside Denver Metro Area). The homes are/were priced at one million or above and are detached single family residences.

Currently There are 56 luxury homes Under Contract in the Denver area, ranging from one million to $4,600,000. (Around here you will hear escrow referred to as being under contract). Half of the 56 homes have been under contract for quite some time, some since March of 2008. This longer that usual time frame for being under contract is mostly due to the fact that the homes are NEW construction and went under contract in the beginning stages of construction or even before construction of the home had started. The "usual" time a home is under contract before the closing and the buyer getting the keys to the home, is from 30 to 60 days, give or take a few days. The other 23 homes have gone under contract between beginning of September and 17th of October.

Denver Luxury homes and Properties ~ Denver Luxury real estate market

Now if we take a closer look at September and October you find that the homes are still receiving offers and going under contract in October at around the same pace (ore better) as they did in September. *The October stats are until 17th of October.

Days	Sept	Oct
1st-15th	7	11
16th-30th	14	1*

Number of Luxury Homes sold within the same time frame (Sept to Oct 17th) was 47. In September 29 homes sold and 18 has sold so far in October. So October appears to be keeping pace with September. Many luxury custom homes are sold specifically in Cherry Hills Village and in Denver.

The range for Days on Market (DOM) is from just a short few days to several hundred days. There are several factors that influence the amount of time a particular home is on the market (a topic for another time).

What is the bottom line then? Luxury Homes are still selling. The Real Estate Market in Denver did not stop to hold their breath when the economic markets started on the rollercoaster ride. Maybe there was a slight gasp, but it is business as usual .

Luxury Real Estate Market Report for Cherry Hills Village ~Sept 08

Search for Denver Luxury Homes and Properties

Denver Luxury homes and Properties ~ Denver Luxury real estate market

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Contact Brian Burke, Broker with Kenna and Co. Real Estate, via e-mail or by phone to inquire about any aspect of selling or buying luxury real estate in the Denver area. Brian's direct number is 303.710.2609.

*Disclaimer: Data based on information from Metrolist, Inc. for period of 9/1/2008 through 10/17/2008. Metrolist Inc. does not guarantee nor is any way responsible for its accuracy. Content maintained by Metrolist Inc. may not reflect all real estate activity in the market. Information is deemed reliable but not guaranteed.

Disclaimer: Kenna and Co. Blog does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied. Blog posts on the Kenna and Co. Blog represent the opinions and ideas of the author(s). Kenna and Co. Blog does not express the views of Kenna and Co. or those of the broker. The author apologizes for any human errors that may have slipped in to the post.