Luxury home sales up 78%

This home closed for $4.8 million last month, the most expensive home to sell in January.
Well-heeled home buyers purchased 34 homes in the Denver area in January priced at $1 million or more, 78 percent more than a year earlier, according to a report released on Tuesday.

In total, the homes sold for $50.86 million, a 50.6 percent increase from the $33.78 million in dollar volume in January 2010, shows the report by independent broker Gary Bauer.

However, sales were down 23.8 percent from December, when 42 homes sold for $61 million. Last month, two of the homes were condos, while in December they were all single-family homes.

“It’s not sizzling yet, but the market continues to improve,” Bauer said. His report shows there are 819 homes in that lofty price range. Although that is a 16.6 percent lower than the 1,040 homes with price tags of at least $1 million, there is enough of a supply that “it is still a long-term market.”

Bauer’s report found that:

Read the entire article: http://insiderealestatenews.com/2011/02/luxury-home-sales-up-78/

Find out why to make your next home in the metro Denver area

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About dherries
Dave and Sally Herries and The RealtyColorado Team - Real Estate Broker serving the metro-Denver area. Offering properties in urban, sub-urban and rural areas. Our mission statement is "Enriching lives through real estate."

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