The Kentwood Real Estate Marketing Department reported that the luxury home sales market continues to be strong in the Denver Metropolitan area in August. Through August 2013, buyers purchased $731,373,341 in single-family Million Dollar properties comprised of 483 transactions compared to $516,096,152 in sales and 340 transactions in 2012. This resulted in an increase of 42.1% in transactions and an increase of 41.7% in volume respectively. Year to date in 2013 the highest sold property was $8,691,000 (April) which is 15.9% more than the 2012 highest priced sale of $7,500,000 (July). The number of days on the market is now 19.0% less at 166 days versus 205 days in 2012.
RIS Media recently reported based on a recent survey of 500 luxury market buyers that luxury homeowners believe homeownership is a more sound investment than the stock market. The increase in home sales has been partially atrributed to these more affluent buyers as many are making cash investments in real estate property, especially with the rising mortgage interest rates. Putting their money in long-term real estate investments is seen as a solid investment in their opinions. THe survey also revealed that they desire multiple homes, they are willing to sacrifice square footage for luxury amenities, they want a high-tech home, and they value the outdoor spaces.