Denver Luxury Real Estate | Denver Luxury Homes | Quarterly Update
by Brian Burke
on Monday, November 30th, -0001 at 12:00am.
Denver Luxury Homes | Denver Luxury Real Estate | Quarterly Update
Denver Luxury Homes and Real Estate market has taken an expected hit along with the declining economy. However, not as big of a hit as in some other areas. Luxury homes are still selling, just not quite at the same rate than they were even just two years ago. Take a look at the difference in the average days on the market. The average days on the market have almost doubled since beginning of 2008.
# Houses sold
Average Days on Market
% Difference List price vs. Sold
The luxury homes sales are down from last year. It's highly unlikely to be able to reach similar number of closed sales as in 2008. There are 266 luxury homes for sale in Denver (as of Oct 1st, 09). 16 houses are pending sale i.e. under contract.
One notable decline has been occurring is the difference from original list price to sold price. In 2007, 61% of houses sold no less than 10% of original listing price (in the range from 90% to 100%+). In 2008, the same figure was 53% and this year 37%. Majority of houses this year, 63% have sold for 90% or less of the original listing price. See further break down of the percentage on the pie charts below.
Graphs present quarterly averages. Residential detached single family homes only.
What do these graphs mean to you, the seller? The graphs and figures give you an idea of market changes and trends. However, these are averages. There are variations from one area or neighborhood to the next. In order to give you the best estimated value of your house, a custom analysis - specific to your house - is recommended. We'd be happy to put one together for you.
This Denver Luxury Homes Real Estate Market Report is brought to you by Rita Burke, Kenna Real Estate. The report is for residential single family homes only and may not include all sales activity in the area. Figures for sold prices used are NET sold price, price after seller concessions or down payment assistance, if they were any. This report or any part of it may not be used without permission.