High-end home buyers scooped up 55 luxury homes in the Denver-area last month, a 66.7 percent jump from the 33 luxury home sales in January 2015, according to a report by Kentwood Real Estate.
Kentwood started tracking the sales of luxury homes (homes that sold for $1 million or more) in 2010. Last month was the best January on record since Kentwood began tracking.
The total dollar volume for luxury home sales totaled $90.7 million, which was a 98.9 percent increase from $45.63 million in January 2015.
The average price of a luxury home sold last month was $1.65 million, a 19.3 percent increase from $1.38 million in January 2015.
The most expensive home sold in January was in Cherry Hills Village, selling for $6.53 million.
Cherry Creek, however, was the neighborhood that showed the biggest percentage increase in sales in January.
There were 13 homes that sold for $1 million or more in Cherry Creek, a 117 percent jump from 6 homes in January 2015. Closed dollar volume in Cherry Creek rose 227 percent to $14.75 million, up from $4.5 million the previous year.
The highest price sale in Cherry Creek last month was $4.325 million, a whopping 334.3 percent jump from $995,886 a year earlier.
“Cherry Creek’s home value appreciation within only one year is absolutely staggering,” said Mor Zucker, a broker associate with Kentwood Real Estate Cherry Creek.
“When comparing the average sales price from January 2015 to 2016 and noticing a 51 percent increase in residential sales and a 165.4 percent increase in condo sales, you get a snapshot of the current favorable market in this neighborhood,” Zucker continued.
Cherry Hills Village and Greenwood Village also showed a big increase in sales. Last month, there were 11 sales, up 81.3 percent from the six sales in January 2015.