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Denver Luxury Real Estate Market On The Rise

Denver and surrounding area of Colorado luxury real estate market have seen a 22 percent increase in resales (sales of homes that have been sold at least once before) in November as compared to the same month in 2009 according to Metrolist Inc. data.

34 homes and five condos sold for the price of $1 million or more compared to only 32 last year. The five condo sales were the highest for condo sales in a single month this year.

Total residential real estate sales, however, were down 26 percent to 2,666 units from 3,599. The average price of luxury real estate in Denver decrease by 15.5 percent to $1.42 million. Luxury real estate sales totaled $48.13 million, down from 10.22 percent or $53.85 in sales, with the average low price of $1 million and the average high price of $5 million.

Why an Increase in Luxury Home sales in Denver

The primary reason for the increase in sales was the improvement in jumbo mortgage loan market, which is geared towards the financing of high-end luxury homes. Loan financiers such as Wells Fargo and Chase has increase the availability of jumbo loans with interest rates ranging from 4 to 5 percent.

The November Metrolist data covers the seven Denver-area counties — Arapahoe, Adams, Boulder, Broomfield, Denver, Douglas and Jefferson — as well as counties west of the metro area such as Clear Creek and Park. Boulder County had the highest number of $1 million-plus house sales last month, at nine, followed by Arapahoe, Denver and Douglas counties, with seven each.

Jefferson County had two high-end sales, while Clear Creek and Park counties each had one. Three luxury high-end condo sales were in Denver County, and the other two were in Boulder County. Denver Luxury real estate sales this year, including houses and condos, through November experience an increase of 15.5 percent.