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 over $1 million. Some have mountain and/or city views, some back to a golf course or have water views. (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.
Looks like finally Spring has arrived - time for a stellar back yard for entertaining or looking for a view of the mountains or water?
Here is how the luxury market fared for the month of March 2019 -
Total sales - 134 homes ranging from $1,000,000 to $4,350,000 (last month was 103 homes, so this sector of our market is heating up as well)
Average Days on Market - 73 days (last month was 101 days)
Average price per SF - $267.65 (last month was $261.20)
These homes were built from 1895 to 2019
The highest priced home sold was $4,350,000 in the Denver Metro and was in Morgan's Historic district outside Cheesman Park.
There were no short sales nor bank foreclosures sold this month.
**photo courtesy of REColorado
This home was the highest priced home sold for the month of March 2019 and was in the Morgan's Historic district outside of Cheesman Park and sold for $4,350,000. This custom home was built in 1921 with five bedrooms, seven bathrooms and a 2-car garage on .36 acres. This home has a total of 8,775 total square feet and was sold in 117 days.
The last couple months were slow around the Denver metro area, but both the luxury market and the resale/new construction market is now picking up for a brisk spring buying season. I think finally the weekly snowstorms have subsided and Buyers can view homes without snow boots! Also, for those buyers looking to finance a property, the interest rate decreased.
Looking for a home on acreage and private? With mountain views? Or would like to see what homes are for sale over $1,000,000? There are current no bank owned properties for sale - but check back to see when they come on the market bank foreclosure for sale.
** photo courtesy of REColorado
Today, you will find 715 homes for sale in the Denver metro area listed over $1,000,000 up to $22,000,000. They have been on the market for an average of 143 days and these homes were built from 1884 to 2020. There are no short sales currently for sale. There is one bank foreclosure for sale - in Cherry Hills Village for $3,499,000.
There are 296 homes currently under contract (this is up from 253 last month) over $1,000,000 up to $7,750,000 with an average 83 days on market. These homes were built from 1886 to 2020.
With the equity increases we have seen over the last seven years, it is not unusual to see homes priced over $1,000,000 now all over the City.
Enjoy Spring, and if you have thought about a home with mountain views and/or stellar outdoor entertainment areas, give me a call.