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.