There is good news for the high-end Denver real estate market, a segment among the hardest during the downturn. The Denver Business Journal reported this week that June sales activity for Denver resales priced over $1 million hit its highest level since 2008. In June, there were 77 homes sold that were priced over $1 million, a 3 percent increase from last year, and a 22 percent increase from last month.
This is great news for the health of the overall Denver housing market, since high-end homes have not moved quickly over the past years. This has been a great frustration to Denver sellers who are trying to downsize into smaller homes. It is a great relief that luxury homes are finally starting to sell in a shorter amount of time.
Denver Business Journal’s article cites that Denver had the most high-end sales, along with Boulder, Castle Rock, Cherry Hills Village, and Greenwood Village.
We hope to hear more encouraging news like this over the coming months, as historically low interest rates will increase Denver buyers’ buying power, often pushing them into a higher price point. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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