The initial 1st Quarter 2013 reports are in for luxury home sales over $1,000,000 and all indicators are showing that the luxury home market is strong and sales are on the rise. The March 2013 year over year report, just released by Kentwood Real Estate, shows a whopping 50% increase in closed sales over March 2012. In the Denver metropolitan area there were less than 600 homes on the market in March which is an extremely low inventory for the luxury home market - similar to the trend in Denver right now where inventory hit less than 6,800 units in March - a 35 year low.
Through March 2013, buyers purchased $160,236,436 in single-family Million Dollar properties comprised of 108 transactions compared to $127,110,587 in sales and 83 transactions in 2012. This resulted in an increase of 50% in transactions and an increase of 26% in volume respectively. Year-to-date in 2013 the highest sold property was $7,000,000 (March) which is 56% more than the 2012 highest priced sale of $4,500,000 (March). The number of days on the market is now 5% less at 194 days versus 205 days in 2012.