Luxury Home Sales Sizzle

Despite the gloomy weather, luxury home sales sizzled in May.Stats Article Photo

A report by Kentwood Real Estate found that 97 single-family homes, priced at $1 million or more, sold last month in the Denver area. That was 9 percent more than what sold in May 2014.

However, May 2014, was also a good month for luxury home sales, with luxury sales up 47% from the previous year.

Going back even further, luxury home sales have almost tripled since May 2011. In fact, last month was very likely the best May on record for luxury home sales.

So why are luxury home sales so hot?

One reason being that now is an excellent time to upgrade, especially to a 7-figure home.

Overall, across all price points, the Denver market has less than a 6-week supply of homes to buy.

By contrast, there is a 6.73-month supply of homes priced between $1 million and just under $2 million. Five to six months of inventory is considered to be a balanced market between buyers and sellers. Therefore, the million dollar home price range is the closest thing to a normal market that you will find in the Denver area.

By contrast, there is less than a 4-month supply of homes priced from $700,000 to $999,999 and only about 2 months of inventory for homes priced from $500,000 to $699,999.

So if you are looking to upgrade to the next level and buy your dream home, there has never been a better time than now.

Tagged Under: Uncategorized


You may also like:

Denver Housing Market Experiences Seasonal...

As the summer housing market starts to draw to a close and the expected seasonal slowdown starts to take root, prospective home buyers might find they have a few more choices before signing on the dotted line. At the end of July, there were 7,643 single-family homes, townhomes, and condominiums on...

Your Home Staging Guide

When it comes to selling your home effectively and efficiently, home staging can truly make a difference in how the buyer places value on your home. A well-staged home can not only urge buyers to be more inclined to walk through the home that they viewed online, it can also help them visualize the property...


Comments are closed.