Luxury homes in the Denver area continued on a tear in November, with closings soaring 77.3 percent last month compared with November 2011, according to a report released today by Kentwood Real Estate.
There were 39 closings of homes priced at $1 million or more in November, compared with 22 in November of last year, according to the report that tracks sales in the “core” counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson.
Closed dollar volume rose a whopping 117.8 percent, year-over-year, to $62.65 million from $28.77 million, shows the report based on Metrolist data.
The most expensive home to close last month fetched $4 million, almost twice the highest price in November 2011. The average sales price was $1.6 million, 22.8 percent higher than the $1.3 million a year earlier.
In the first 11 months of the year, buyers paid $709 million for 460 luxury homes, compared with $524.35 million for 351 homes during the same period in 2011 — a 31 percent increase in transactions and a 35.4 percent jump in dollar volume.
Sales, however, dropped off from October, which was one of the best Octobers ever for luxury home sales, with almost $73.5 million in dollar volume,
There were 50 home sales priced at $1 million or more in October, a 22 percent increase when compared to last month. The closed volume, however, only dropped 14.8 percent on a month-to-month basis.
For seasonal reasons, sales in all price levels tend to drop in November from October.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.
< class="related_post_title">Related Posts:>