Denver’s $2 Million Homes Are Surging

March 22, 2016

A luxury home is defined as a home that sold for more than $1 million. But for some, that might not be luxurious enough. For anyone who needs some shaved truffles to go along with their foie gras, a $2 million home might be right up their alley, especially if they are living in Denver.

Denver’s housing market saw 88 homes sold in February that could be defined as ‘luxury’, according to HousingWire. That is a 39.6 percent increase from the 63 luxury homes sold in February 2015, although it was down 3.3 percent from January’s boggling number of 91 closings.

But that’s not all: Denver also saw 17 homes sold in February that topped the $2 million mark, which is a 70 percent increase from February 2015 numbers. Denver’s luxury market is reflective of the overall real estate market in the area, which is to say it’s hot enough to fry up some extra crispy bacon (anyone else getting hungry?)

Sellers in the Denver area are receiving 97 percent of their asking price on average, up from 95 percent a year earlier.

To help illustrate just how hot the Denver market has become, the most expensive home listed February was a Cherry Creek penthouse condo worth $5.44 million. In February 2015 the most expensive condo sold was $1.13 million. That represents a 360.9 percent increase.

Read more

Comments

expand_less