Kentwood: Luxury sales set October record

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Kentwood: Luxury home sales set October record.

Kentwood report based on REcolorado data.

Kentwood analysis focuses on core Denver-area counties.

Kentwood

Luxury home sales soared to an October record last month. Source: Kentwood Real Estate.

Another month, another record for luxury home sales.

Luxury home sales in the Denver area continued their streak last month of hitting an all-time high for an October, according to a report released by Kentwood Real Estate.

Almost every month this year has been the best on record for the sale of homes priced at $1 million or more.

Last month, well-heeled buyers purchased 93 luxury single-family homes, a 36.8 percent jump from 68 in October 2015.

By contrast, year-over-year sales for the entire market fell 10.9 percent last month, according to an earlier report by the Denver Metro Association of Realtors.

The total luxury dollar sales volume was $138.1 million, up 33.9 percent from $103.1 million, according to the analysis of REcolorado data for the core counties in the Denver by Kentwood.

The highest price home sale in the Denver-area last month was for a Washington Park home that sold for $3.325 million.

However, it did take longer to sell a luxury home last month than a year earlier.

The average days on the market for a luxury home last month was 116, a 34.9 percent jump from 96 days in October 2015.

Last month’s percentage gain in the number of sales was more than twice the year-to-date average.

In the first 10 months of the year, there have been 922 luxury home sales a 17.2 percent increase from 787 in the first 10 months of 2015.

Sales volume for luxury homes, year-to-date increased 18.6 percent to $1.4 million from $1.18 billion.

Luxury condo sales, meanwhile, saw a precipitous percentage drop, but the numbers were small.

Only three condos sold for at least $1 million in October, down 571.1 percent from the seven in October 2015.

The sales volume for luxury condos fell a whopping 76.7 percent to $3.86 million from $16.6 million, a year earlier.

A luxury condo that sold in October spent an average of 47 days on the market, a 6.8 percent increase from 44 days in October 2015.

Year-to-date, however, more luxury condos have sold this year than last year.

There have been 49 luxury home sales through October, up 8.9 percent from 45 in the first 10 months of last year.

The closed year-to-date sales volume of $83.9 million, was up just under 10 percent from the $76.3 million in luxury condo sales volume in the first 10 months of last year.

In Cherry Creek, there were 16 luxury single-family home sales, up 23.1 percent from 13 in October 2015, according to Kentwood.

In the Cherry Hills Village/Greenwood Village area there were 20 luxury home sales, a 17.6 percent increase from 17 in October 2015.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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