Buyers in the Denver area snapped twice as many “Signature Properties” in August than they did in August 2011, according to a report released today by independent Realtor Gary Bauer.
Buyers bought 88 homes in the metro area, priced from $750,000 to $999,900, compared with 44 in that price range in August 2011, booking the largest percentage increase since Bauer launched the analysis of upper-end homes priced just below $1 million last November.
The percentage gain in condo sales soared even more, although the numbers were small. In August, buyers purchased 12 Signature condos, compared with only four in August 2011.
Homes in the $860,000 price range are the “new” million-dollar homes.
“The original reason I began focusing on Signature Properties, is because these are home that in the past would have sold for $1 million to $1.2 million and in some cases even higher,” Bauer said.
“Now that these homes are down to a market rate, they are selling,” Bauer said. “These are homes that have worked their way through the system and we are seeing a positive impact on the number of sales.”
The average price of a single-family Signature home that sold in August was $859,905 in August, compared with $848,169 in August 2011, according to Bauer, who based his report on Metrolist data.
The median price of a Signature home that sold last month was $859,000,compared with $838,750.
The average price per square foot was $281, 17.6 percent higher than $239 in August 2011. The average price per finished square foot was $216, 13.7 percent higher than the $190 in August 2011.
The total dollar volume for single-family homes in this price range in August was $75.7 million, more than double the $37.3 million in August 2011. Signature condo sales volume spiked to about $10.5 million, 277 percent higher than the $2.8 million in August 2011.
The report includes the counties of Adams, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
In the first eight months of the year, buyers purchased 583 Signature single-family homes, for $449.5 million, compared with 428 homes for $361.8 million during the same period in 2011.
That is a 36.2 percent increase in the number of transactions and a 36.9 percent increase in dollar volume.
Year-to-date, buyers paid $40 million for 47 Signature condos,compared with $24.2 million for 28 condos in the first eight months of 2011.