Luxury home market increase 24% analyzed by Kentwood
The luxury home sales in the Denver area soared in the month of September. This fact was stated by the report released by Kentwood Real Estate. According to the analysis of sales in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties, during the previous month, there were 41 homes which were priced at $1 million or more traded hands, a a 24.2 percent from the 33 in September 2011.
The report which is being based on Metrolist data showed that the sales volume grew even more, booking a whopping 48.2 percent increase, also rising up to $72.86 million in comparison with $49.15 million in September 2011. The research also shows that the homes were also selling faster than the previous year.
During the average days on the market fell 39.4 percent to 146 days from 241 in September 2011. The sales also demonstrate big percentage increases in the first three quarters of the year. The buyers have paid $568.1 million for 368 high end homes throughout the month of September in comparison with $462.8 million for 306 homes during the first nine months of 2011. This fact corresponds to 20.3 percent increase in the transactions and a 22.7 percent jump in the dollar volume. Though it is that there are four homes sold from the month of August and September, there is an 8.6 percent decline the dollar volume on a month-to-month basis was up 14.8 percent from the $63.5 million in August.
Carol Ihli, marketing director at Kentwood said, “It shows the beginning, just the beginning, of an adjustment in prices.” Edie Marks, a top broker at Kentwood, said that nowadays the high-end buyers are finding bargains. He further added, I keep telling you the same story – there are so many deals at the high-end that we are seeing a big increase in closings.”
It is true that the average sales price is almost $1.8 million in September, was up 26 percent from $1.4 million in August and 19.3 percent from just under $1.5 million in September 2011.