Denver Luxury Home Sales Up 35%

The market data for continues to impress. With the data from October just coming in, it looks like sales of Luxury homes in the metro area are up 35% year over year. This is great news and surpasses the overall market in terms of a percentage increase (20.6% increase in overall sales compared to last year).

has details on the full report:

Luxury home sales in the Denver area dipped on a year-over-year basis in October for the first time this year.

A report by Kentwood Real Estate showed that 52 homes priced at $1 million or more closed in October, a 7.1 percent drop from the 56 in October 2012.

By contrast, the overall market saw sales rise by 13 percent in October from a year earlier.

However, in the first eight months of the year, luxury home sales are up 34.6 percent, compared with a 20.6 percent rise for the entire market.

Through October, well-heeled consumers bought 591 luxury homes in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson.

During the same period last year, buyers bought 439 luxury homes.

The year-to-date dollar volume showed a similar trend, rising 32.9 percent to $896.6 million from $674.6 million.

In October, the closed volume was $77.2 million, down 6.1 percent from $82.2 million in October 2012.

This is just the latest in a long string of positive news for luxury homes in Denver. We will continue to watch the numbers as they are reported by other companies such as CaseSchiller, etc.

In the meantime, we continue to stress that your local market may be quite different. Each neighborhood can have its own ups and downs. For a detailed report on your area or neighborhood, contact us today at 303-726-1874 and we can run a full report for you.