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Luxury home sales in Denver area rise in January over last year

Luxury home sales in Denver area rise in January over last year

 

There is limited inventory that is driving prices up. I  a property is in good condition and priced right it moves off the market quickly and at times with multiple offers to choose from.

On the other hand houses in the same area in need of extensive updating and listed for higher than the market will allow , SIT and SIT and SIT until the Sellers finally get the message that they are over priced.

This is true in Denver’s median and Luxury market. Please read article below by Denver Post’s Howard Pankratz.

 

I read an article By Howard Pankratz  of The Denver Post entitiled, “Luxury home sales in Denver area rise in January over last year.”

Luxury-home sales in the Denver metro area edged higher in January from a year ago, according to a new report released Tuesday by Coldwell Banker Residential Brokerage.

Forty-five homes in the region sold for more than $1 million in January, up from 41 in January 2012.

Meanwhile, the median sale price of a luxury home remained the same — $1.25 million.

On a monthly basis, January’s sales were down sharply from December’s 65 transactions, although a seasonal drop from December to January is normal.

The report said two other key indicators improved from the same period a year ago: Luxury homes sold faster on average, and sellers received a higher percentage of their asking price.

Chris Mygatt, president of Coldwell Banker Residential Brokerage, said the biggest challenge to the market in 2013 continues to be the shortage of inventory.

“We have highly qualified buyers ready to purchase luxury homes, but there just aren’t enough properties on the market to meet demand,” Mygatt said.

Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz “

 

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