Buyers of high-end homes in the Denver area took a breather in April, although the total dollar volume of luxury home closings in the first four months of the year still slightly out-paced the amount that buyers paid during the same period in 2011, according to a report released today.
Kentwood Real Estate reported that from January through April the total dollar volume for homes priced at least $1 million was $168.4 million, a 1.6 percent increase from the $165.8 million during the same period in 2011.
The number of luxury home closings during that period is off 5.3 percent, with 108 homes trading hands so far this year, compared with 114 through April of 2011.
The report uses Metrolist data to track home sales in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jackson counties.
Luxury home sales fell off the cliff in April, with only 25 homes trading hands, a 44.4 percent drop from the 45 in April 2011. The sales volume fell 35.6 percent in April to $41.3 million, from $64.1 million a year earlier.
Carol Ihli, marketing director at Kentwood, said she thinks a number of high-end homes went under contract in April and the closings will be recorded later in the year.
However, the average sales price in April rose by 16 percent to $1.65 million from $1.42 million in April 2011.
Part of the bump in the average sales price may be due to the fact that the most expensive home to sell so far this year occurred in April.
Public records show that CJ Trust paid $5.25 million for a 13,178-square-foot home in Polo Club in Denver. The home was built in 2006 and has 13,178 square feet of space, five bedrooms and eight bathrooms.
The sales price was more than twice as high as the most expensive home that sold in April 2011, which fetched $2.55 million.
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