Luxury home sales up 63.5%
John Fitzpatrick and Sean Larkin of Kentwood Co.-DTC office are listing this 17,437-squat-foot house in Parker for $3.95 million.
The luxury home market in the Denver area in July experienced a 63.5 percent year-over-year gain, the second biggest percentage gain of any month this year, according to a report by Kentwood Real Estate.
The percentage gain for homes that closed at $1 million or more was only bested by April, in which luxury home sales catapulted by an incredible 140.7 percent.
The July year-over-year percentage gain was almost twice the 32.2 percent gain in closings for the entire market. However, as always, the number of people buying homes that cost at least $1 million represents a small percent of the overall market.
Buyers purchased 85 luxury homes in the core Denver-area counties of Adams, Arapahoe, Broomfield, Denver, Douglas and Elbert counties, according to the Kentwood report.
In July 2012, buyers purchased 52 homes.
The closed sales value, on a year-over-year basis in July, was commensurate with the number of sales.
The total sales volume for luxury homes last month rose 61.6 percent to $134.5 million, compared with $83.2 million in July 2012.
Every month this year, so far, has improved when compared with the same month in 2012.
On a year-over-year, monthly basis sales have risen:
- 12 percent in January.
- 7 percent in February.
- 20 percent in March.
- 140.7 percent in April.
- 23.6 percent in June.
- 63.5 percent in July.
Year-to-date, the number of luxury transactions increased 43.3 percent to 417 compared with 291 in the first seven months of 2012, while the dollar volume is up 42.5 percent to $634.3 million, compared with $445.1 million.
Sellers shouldn’t over-price even in strong market!
