Inventory of luxury homes shrinks in Denver

Denver Business Journal by Dennis Huspeni, Reporter

Date: Tuesday, January 17, 2012, 2:58pm MST

The number of luxury homes available for sale in metro Denver continues to drop, according to a report analyzing multiple listing service data released Tuesday.

There was an inventory of 566 residential homes available for sale in December, down from 650 available in November, according to the report from independent Littleton broker Gary Bauer using Metrolist Inc.   data. That inventory level marked a steep 35 percent drop from the 875 available in December of 2010.

Those numbers, culled from the 11-county Denver area, did not include condos. A luxury home is defined as having a price tag of $1 million or more.

“There’s a very limited inventory out there,” Bauer said.

In December, 39 of those homes sold for an average sales price of $1.51 million, up from November’s average sales price of $1.44 million. Most of the homes, 10, were sold in Douglas County.

“The sweet spot for the market is between $1 million and $1.5 million,” Bauer said.

The report included year-end statistics:

• There were 502 luxury homes sold last year, basically flat from the 505 sold in 2010.

• The sales volume dropped 1 percent, from $773 million in 2010 to $763 million in 2011.

• The average sales price stayed the same year-over-year: $1.5 million.

“I think in 2012, we’ll see improvements in the number of transactions and the average sales price,” Bauer said.

Greenwood Village-based Metrolist Inc. is Denver’s Multiple Listing Service, a database of home sales activity for real estate professionals.

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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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