In the first three quarters of the year, luxury sales in the Denver area hit almost $1 billion. Check out these statistics:
1. Buyers purchased a record $978.76 million worth of single-family homes and condos priced at $1 million or more in the first nine months of the year, a 4.5 percent increase from the previous record of $936.81 for luxury homes in the first three quarters of 2013.
2. This year, the luxury dollar volume accounted for 7.4 percent of total sales of $13.27 billion, while last year, the dollar volume accounted for 7.2 percent of the total sales volume of $12.86 billion.
3. In 2012, the luxury dollar volume accounted for a mere 5.07 percent of the entire market.
4. There were 53 luxury single-family home sales in September, a 7.02 percent drop from the 57 in September 2013 and a 36.14 percent drop from the 83 in August.
5. Sales volume of luxury homes experienced a 12.86 percent drop to $79.04 million from $90.7 million in September 2013.
6. The average days on a market for a single family home was 85, a 38.41 percent drop from 138 in September 2013 and a 24.1 percent decline from 112 in August.
7. Year-to-date, the price per square foot of a luxury home was $252 at the end of September, up 2.44 percent from $246 during the same time last year and 8.62 percent higher at $232 in 2012.
The improving economy, jumbo loans remaining near historical lows, and lower unemployment rates, both in Colorado and the nation, are playing a role in the increase in the overall housing market and the luxury market.
Alaris helps buyers and sellers with luxury real estate sales. Click here to make an appointment.