A Denver Post analysis of recent data confirmed that Denver’s home sales in September were at their highest level since 2008. According to data released by Metrolist on Thursday, sales were down slightly from August, but the 3,949 homes sold in September represent an 18% increase since 2011. Average time on the market shrunk by 39 days from the previous year, and inventory continues to shrink.
Home prices didn’t budge much from August levels, but September’s average was still 11% higher than 2011. Over the past 12 months, residential real estate in the region has shown significant gains no matter what the price point. Though average sale prices still hover below $300,000, August was a particularly strong month for luxury home sales across the metro area.
A total of 73 luxury homes with a price tag of $1 million or higher sold in the metro Denver area in August, 17 of which were listed by Fuller Sotheby’s International Realty. According to a recent article published by the Denver Business Journal (DBJ), these numbers represent a 38% increase when compared to the same month only one year earlier, where 53 luxury homes sold. With strong sales in many parts of the Rocky Mountain region this is a great sign for local realtors who recognize buyers are still seeking to take advantage of the market’s opportunities. For more insight, read the DBJ article “Market heats up for million-dollar homes in Denver area.”