Buyers paid $64.2 million for 41 luxury single-family homes and condominiums in April in the Boulder-Denver area, according to a report released today.
“Sixty-four million is nothing to sneeze at,” said independent broker Gary Bauer, who released the report that also showed almost a 50 percent drop in the unsold inventory from a year earlier.
The report also showed that while sales of single-family homes priced at $1 million or more are down in April almost 30 percent from April 2011, year-to-date sales volume is higher than in 2011.
An earlier report by Kentwood Real Estate showed a similar trend, although it did not include Boulder County, but focused on the counties in the Denver area. Both reports use Metrolist data.
In April, 20 of the luxury sales were evenly divided between Boulder and Denver counties, according to Bauer. There were eight luxury home sales in Douglas County, six in Arapahoe County and two in Jefferson County. All five condo sales were in Denver.
“The luxury market is almost a mirror of the overall market,” Bauer said. “We are seeing a declining inventory for the luxury market, just like for the overall market.”
One reason that the April sales figures showed a big percentage drop, is because well-heeled buyers have been able to land excellent deals, knocking many homes out of the seven-figure category.
“Many homes that previously were listed at $1 million to $1.15 million or even $1.2 million, are now selling below $1 million,” Bauer said.
There are now only 596 single-family homes on the market, a 48.5 percent drop from the 1,157 active listings in April 2011.
One reason there is such a huge drop in unsold inventory is because owners of high-end homes are seeking options other than outright sales, Bauer said.
“Many owners who haven’t been able to get the price they want are leasing their homes for one-year or two-year options, often with the right to buy the home at the end of the lease,” Bauer said. “Each deal is a separate and unique transaction.”
Often, the listing broker is helping the owner structure the lease arrangement, he said.
In April, the average sales price of a home was $1.6 million, compared with $1.5 million a year earlier and the median sales price was $1.4 million, compared with $1.3 million in April 2011.In April 2011, 51 luxury single-family homes sold for a total dollar volume of $76.million.
In April, five condos sold for a total of $6.2 million, compared with six condos selling in April 2011 for $7.7 million.
In the first four months of the year, there have been 161 total sales for $243.1 million, compared with 156 sales for $235.9 million during the same period in 2011. There have been 148 single-family home sales so far this year for $224.4 million, compared with 143 for $218 million through April of last year. Condo sales are unchanged, with 13 sales, although the condo dollar volume this year was $18.7 million, compared with $17.9 million in the first four months of 2011.
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