Denver Area Sees Rise in Luxury Home Sales

Denver-area luxury home resales rose nearly 22 percent in November year over year, as average sold prices for luxury homes fell, according to data compiled by Metrolist Inc.
Total home resales?meaning the sale of houses and condos that have been sold at least once before?fell 26 percent overall between November 2009 and November 2010. But the Denver-area luxury home market went against this overall trend, as 39 homes sold for $1 million or more last month, compared to 32 in November of last year?a 21.9% percent increase. This rise in luxury home resales could be explained by falling prices. Between November 2009 and November 2010, average sold prices for luxury homes fell 15.5 percent from $1.42 million to $1.68 million.
Last month??s total luxury home sales totaled $48.3 million, down 10.2 percent from November 2009??s $53.85 million. The lowest selling price for a luxury house last month was $1 million, and the highest was $3 million.

Metrolist??s data covers Arapahoe, Adams, Boulder, Broomfield, Denver, Douglas and Jefferson, Clear Creek and Park. Boulder County had the most luxury home sales last month, at nine, followed by Arapahoe, Denver and Douglas counties, which each had seven. Jefferson County had two high-end sales, while Clear Creek and Park counties each had one.

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