Buyers snapped up 47 homes in the Denver area in October priced at $1 million or more, a 26 percent increase from October 2009.
That is a marked improvement from September, when the luxury home buying market nose-dived by 50 percent from September 2009.
Of the 47 sales, 44 were single-family homes and three were condominiums, shows the report released today by Gary Bauer, an independent broker. Bauer based his report on Metrolist data.
“It was actually much higher than I expected,” Bauer said. “It shows there continues to be a market in the $1 million-plus range.”
High-end bargain hunters
Realtors specializing in the top of the market say more well-heeled owners are taking advantage of sellers willing to slash prices, as well as near historic low interest rates. Even if they can afford to pay cash, many high-end buyers will put debt on a house in order to seek higher returns with their money elsewhere.
Bauer’s report show that single-family sales rose by 29 percent compared with September and were up 26 percent from October 2009. Condo sales were up 200 percent from September, but down 25 percent from October 2009. With such a small number of transactions, it is easy to have big percentage changes.
The 44 single-family home sales represented $63.5 million in closings, while the three condos represented $4.9 million in closings. The single-family home sales ranged from $1 million to $2.5 million in October.
The tally by county for single-family homes was:
- 17 in Arapahoe
- 9 in Denver
- 6 in Boulder
- 6 in Douglas
- 2 in Broomfield
- 2 in Jefferson
- 1 in Gilpin
- 1 in Park
Of the three condo sales, two were in Boulder County and one in Denver.
