Evidence of continued improvement in the outlook for Denver home sales continues to grow. Buyers with ample ready cash purchased 78% more homes priced at $1 million or more this January than during the same period a year ago. The 34 homes sold for $50.86 million, a 50.6% increase from the $33.78 million in dollar volume in January 2010. The data was released in a report by an independent Denver area broker.
These figures are slightly lower than those for December 2010, when 42 homes sold for $61 million. According to the report, there are 819 total homes available in the $1 million-plus price range. Among the 34 total homes sold, nine were in Denver, seven each were in Arapahoe and Boulder counties, five were in Douglas County, and one was in Elbert County. There were also two condominiums in the mix – one in Boulder and one in Denver.
The most expensive home of the lot – a 14,696 square-foot home with seven bedrooms and 10 baths, situated on 2.5 acres – sold for $4.8 million (down from the original asking price of $5.95 million). The least expensive home in the group sold for $1.2 million.
This trend is indicative of the fact that people are moving money out of the bank because they think high-end home prices have hit bottom. Buyers with cash are getting great deals due to the number of luxury properties on the market. There are more cash deals out there than we have seen in a long time. But luxury buyers are selective and taking their time. Even with the big gain in sales in January, the numbers of showings are not yet translating into closings in the way you would think.
If you're positioned to consider purchasing a luxury home in the Denver area, now is a great time to make a move! The Bandy Team can help answer your questions about our local market and show you the best homes in the Denver metro area, including houses in Highlands Ranch, Parker homes, and real estate in Castle Rock.
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