Denver Luxury Housing Market Hits New Peak

The phrase “Rocky Mountain High” took on a new meaning with data news that the Denver metro area luxury housing market set a record on sales of homes listed at $1 million or more.

According to a Denver Real Estate Watch analysis of REcolorado data by Kentwood Real Estate, 115 single-family homes in the Denver area priced at $1 million or more were sold in July, a 10.6 percent year-over-year increase. The total dollar volume of luxury home sales in July was $173.87 million, a new record for the month and a 7.9 percent increase from July 2015.

The average price of a luxury home sold in this market during the month was $1.51 million, with the most expensive property—a seven-bedroom, 11-bathroom, 15,652-square-foot mansion in the Denver Country Club neighborhood—selling for $5.6 million. And while the number of luxury condo sales in this market were a bit skimpy in July—a grand total of four, down 42.9 percent from the seven sales in July 2015—there have been 31 luxury condos sold year-to-date in 2016, a 6.9 percent increase from 29 sales in the first seven months of last year.

In comparison to the luxury home market, the volume of sales for all housing in the Denver metro area fell 19.2 percent year-over-year in July, according to the Colorado Association of Realtors.