Fewer Denver Luxury Homes on the Market

More news on the declining housing inventory; this time for Denver luxury homes. The numbers today for luxury homes is nearly identical to the number earlier this week for all of the Denver homes for sale. Earlier this week, we reported that year-over-year inventory is down 33%. Today, we're finding out that inventory for Denver luxury homes is down year-over-year by 40%.

The number of sold homes in that time frame remained about the same, suggesting that the market may be finding an equilibrium.

From The Denver Business Journal:

There were 40 percent fewer luxury homes on the market in metro Denver in February than in the same month of 2011, according to a report released Friday.

Brokers listed 604 homes with a price tag of more than $1 million in February, compared to 644 in January and 1,005 in February 2011, according to the report analyzing Metrolist Inc. data by Gary Bauer, an independent Littleton broker, Metrolist analyst and board member.

Thirty homes in that market sold in February, down slightly from 33 sold in January but up from 27 in February 2011.

These numbers include the statistics for Denver luxury foreclosures as well.

If you are interested in more detailed statistics or information on Denver luxury homes in specific neighborhoods, give our team a call at 303-726-1874. Each neighborhood can have it's own unique markets, so let us send you a detailed report.

We'll continue to monitor the market and post the stats here, but as we've been reporting since last fall, the inventory continues to fall while the demand for homes, spurred largely by the low interest rates, continues to climb.

 

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