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 (snow-capped now) and/or city views, some back to a golf course or have water views all to compliment one's lifestyle. (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.
Over the last few weeks, some counties have opened up showings, and the last two counties will expire this coming Friday 5/8. We saw an abundance of new listings this week! Showings will look different!
Here is how the luxury market fared for the month of March 2020 -
Total sales - 161 homes ranging from $1,000,000 to $4,297,000 (last month was 108 homes)
Average Days on Market - 59 days (increased from 64 days last month)
Average price per SF (Total) - $277.10 (last month was $295.35)
These homes were built from 1892 to 2020
The highest-priced home sold was $4,297,000 in the Denver Metro and is in Cherry Hills Village. This expansive home was built in 1969, on pristine grounds of 5.2 acres with a 4-car garage. This home has 6 bedrooms, 11 bathrooms, and 15,682 total finished square feet. This home was on the market for only 22 days.
There were no short sales sold, and two bank foreclosures sold this month.
I was predicting an interesting year of sales with the election in November, but had no idea we would be facing this pandemic and affecting not only our real estate sales, but our entire economy. Sales were very strong prior to COVID and definitely saw an early spring buying season. Hopefully, after this virus passes, hope to see our market bounce back! With what the stock market was doing, those buyers paying cash may have thought twice about removing monies. I know I had a luxury buyer that terminated after the stock market plummeted.
Looking for a home on acreage and private? With mountain views? Or would you like to see what homes are for sale over $1,000,000? There are currently no bank-owned properties for sale and there are no short sales listed.
Contact me for bank-owned properties for sale
Today, you will find 700 homes for sale in the Denver metro area listed over $1,000,000 up to $37,000,000. They have been on the market for an average of 109 days and these homes were built from 1885 to 2005.
This listing listed for $37,000,000 is off I-70 after climbing into the mountains on 157 acres. This home was built in 1999 and called Bear Mountain Ranch. This home features 9 bedrooms, 10 bathrooms with a total finished 17,017 square feet and a 7-car garage. It also has two barns, an arena, workshop and caretaker quarters.
There are 164 homes currently under contract over $1,000,000 up to $6,650,000 with an average 87 days on market. These homes were built from 1886 to 2020.
Here is how 2018 compared to 2019
Total Sales 2018 - 1,625 2019 - 1,810
Days on Market 2018 - 86 days 2019 - 61 days
Average Price Sold 2018 - $1,295,000 2019 - 1,300,000
% Seller Saw to List 2018 - 97.72% 2019 - 97.65%
With the equity increases we have seen over the last several years, it is not unusual to see homes priced over $1,000,000 now all over the City. In October 2015 there were only 30 homes sold in Denver proper, this month there were 75 homes sold.
I have obtained my luxury marketing certification and has given me a multitude of new ideas. If you have seen a home in this post this intrigues you, give me a call - 720-231-6373.