Reporter – Denver Business Journal
The number of luxury homes sold in the metro Denver market in March increased dramatically from both the prior month and March 2011, according to a report released Monday.
Forty-nine homes with a price tag of more than $1 million sold in March, up 63 percent from February and 48 percent year-over-year, according to the report analyzing Metrolist Inc.
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data by Gary Bauer, an independent Littleton broker, Metrolist analyst and board member.
“I think this shows the fears we saw last year, where people were sitting on the fence and waiting for greener pastures, they now have an understanding that now’s the time,” Bauer said. “All indications are that this will be a good year.”
That number did not include condos priced more than $1 million, of which only one sold in March.
Inventory numbers continued to dwindle, as the report showed 582 luxury homes on the market, down 4 percent from the prior month and down 42 percent from March 2011.
The average selling price stood at $1.53 million, up 4 percent from February and down 1 percent year-over-year.
“Most of the luxury products that did sell in March were in that $1.5 million range,” Bauer said. “That continues to be the sweet spot in the luxury market.”
Most of the sales, 19, happened in Boulder County. The next highest were 11 sales in Arapahoe county and 10 in Denver County.
The most expensive home sold for $4.5 million, according to the report, which was a 6-bedroom, 9-bathroom home with 10,172 square feet.
The average days on the market continued to drop, falling to 153 days, down from the 204-day average set in February and the 188-day average from March 2011.
The homes sold in March were worth a combined $74.8 million, up 69 percent from the total dollar volume in February and up 47 percent from the volume of homes sold in March 2011.
Metrolist Inc. of Greenwood Village is metro Denver’s Multiple Listing Service, a database of home sales activity for real estate professionals.
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog.
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