Buyers pay $808 million for luxury homes | Inside Real Estate News

This 11,304-square-foot home with 5 bedrooms and 7 bathrooms in The Preserve in Greenwood Village, last month sold for $2.42 million.

In the first three quarters of the year, buyers bought 542 luxury homes and condos in the Denver area, a 27.2 percent increase from the 426 homes that cost at least $1 million each in the first nine months of 2011, according to a report released on Tuesday.

The closed dollar volume for luxury homes showed a similar trend, rising to $808 million from $653.2 million, a 23.7 percent jump, shows the analysis of Metrolist data by independent broker Gary Bauer. Of the home closings in the first nine months of the year, 499 of them were single-family homes and 43 were condos.

?It is just dramatic,? Bauer said. ?On a year-to-date basis, transactions are up, closed dollar volume is up, and the average days on the market have declined. It speaks to the overall strength of the Denver market. It is just really positive.?

In September, the average days on market for a single-family detached home was 145 days, a 26.14 percent drop from the 197 average days on the market in September 2011.

Bauer?s report includes the counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park. An earlier report by the Kentwood Real Estate Co. showed a similar trend, but did not include Boulder, Clear Creek, Gilpin and Park.

Last month, 54 luxury single-family homes closed for $89.8 million, compared with 42 in September 2011 for $62.1 million, representing a 28.6 percent increase in sales and a 44.6 percent gain in dollar volume, in the 11 counties tracked by Bauer.

The number of active listings in the luxury homes on the market fell by 11.6 percent in September from a year earlier to 706 from 799. Listings also were down 8.9 percent from the 775 in August.

For seasonal reasons, the inventory usually drops off in the fall and winter, Bauer said.

?This group takes their homes off the market faster than for the overall market,? Bauer said. ?Homeowners in this price range typically don?t want to have their homes on the market during the holiday season. They want to have them available for big holiday parties and family stuff. They will take their homes off the market in pre-holiday and holiday times and will return them to the market next year.?

Of the luxury sales last month, 54 were single-family homes and 10 were condos.

Bauer?s research found that 18 of the luxury single-family homes that sold last month were in Denver, 14 were in Arapahoe County, 13 were in Boulder County, seven were in Douglas County and two were in Jefferson County.

Of the condos, eight were in Denver, one was in Arapahoe County and the other was in Boulder County.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate.

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Source: http://insiderealestatenews.com/2012/10/denver-luxury-home-market-hot/

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