Luxury Real Estate Market In Denver Is On The Rise

Luxury Real Estate in Denver on the Rise. Homes plus 1 million in Cherry Hills VillageThe luxury real estate market in metro Denver is on the rise and continues to gain strength with 2012 luxury home sales already exceeding that of 2011. The national trend for home sales has improved throughout this year and this trend has been echoed by high end Denver homes. As the Colorado real estate market improves as a whole, it is normal for luxury homes to lag behind this trend. However, the high end home sales are certainly showing a comeback as well. As Colorado home owners become more confident in the market they are listing their current homes at an increased rate to upgrade to more valuable properties.

Real estate sales of $1 million-plus homes in Denver reached 540 last year according to Metrolist, Denver’s largest MLS. As of October first Denver luxury home sales have totaled 542 with one quarter of the calendar year remaining. Luxury home sales for properties between $750,000 and $1 million in August were up 19 percent compared to August of the previous year. High end homes over the $1 million mark have improved even more, with a 25 percent increase for the comparable period.Luxury Real Estate for sale in Denver co. Luxury Real Estate Broker

Denver luxury home sales have improved for various reasons; strong performance in the equities market and stock market recovery are positive factors for buyers in the Denver luxury home market. The availability of jumbo mortgage loans and plummeting interest rates has also  come to the advantage of Denver luxury home buyers. The average U.S. rate on a 30 year fixed rate mortgage is around 3.4 percent.

Declining interest rates and increased home buyer confidence has resulted in a diminished inventory of Denver luxury homes. Denver luxury home supply has decreased by about 45 percent compared to 2011. As a result, high end Denver homes in neighborhoods such as Hilltop, Cherry Creek, Evergreen, Belcaro, Cherry Hills Village and Park Hill are selling for higher prices and remaining on the market for a shorter period of time. Denver luxury home buyers are frequently submitting full price offers, a trend that has remained virtually unheard of for the last several years.

 

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