Denver luxury housing market sets new sales record

This year’s sales “will likely surpass” $1bn by July

Denver luxury housing market sets new sales record
Denver set a new record in the luxury homes market last month as 179 homes with over a million-dollar price tag were sold and closed.

The record-breaking sales were a 21% increase from April and 38% year-over-year, according to the Denver Metro Association of Realtors (DMAR).

“By this time next month, sales in the luxury market of homes priced over $1 million will likely surpass one billion dollars year to date,” said Elaine Stucy, DMAR market trends committee member and metro Denver real estate agent. “This is a stunning trend in a month where traditionally the greatest number of homes come into the market. However, instead of a build up in supply, there was a full 1% reduction in months of inventory to a 5.8 month supply.”

Average home prices in the area also rose to a record high of $449,736, an increase of 2.84% from May and 9.83% from the previous year.

“We experienced robust gains in active listings, new listings, under contracts and sales volume for the entire residential market,” said Steve Danyliw, chairman of the DMAR market trends committee and metro Denver real estate agent. “Inventory continues to be a significant concern, particularly in the lower price ranges.”

Only 41% of available listings on the Denver housing market are below $500,000. Danyliw said homebuyers should expect continued competition.


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