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Luxury home sales in the Denver area soared 24 percent in October compared with October 2013, according to a report released on Tuesday by Kentwood Real Estate.
There were 62 sales of homes priced at $1 million or more last month, compared with 50 in October 2013, shows the report by Kentwood, which is based on Metrolist data.
Luxury sales last month also bucked the normal seasonal trend by besting the 49 sales in September, Kentwood’s analysis shows.
In October, buyers paid $87.3 million for luxury homes, up 18.5 percent from the $73.7 million in sales in October of last year. In the first eight months of the year, buyers have purchased 628 luxury homes, 8.8 percent more than the 577 during the same period of 2013.
The dollar volume for luxury homes hit $964.9 million year-to-date, a 9.2 percent increase from the first eights months of 2013.
The home expensive home to trade hands last month was a 7,166-square-foot, 4-bedroom, 8-bathroom house in Cherry Creek that sold for $2.7 million.
The downtown condominium market and the Cherry Creek market also were strong in October, shows Kentwood’s analysis.
There were 40 downtown condo sales last month, a 14.3 percent increase from the 35 in October 2013.
Downtown dollar volume was basically flat, with about $19.7 million in sales, up 1 percent from the $19.5 million in sales in October 2013.
Year-to-date, there have been 356 downtown condo sales, 8.2 percent more than the 329 in the first eight months of 2013.
However, the downtown dollar volume grew even more on a year-to-date basis showing a 13.6 percent gain from January through October of last year. Downtown condo sales volume hit $170.9 million in the first eight months of the year, compared with $150.5 million during the same period last year.
Meanwhile, in Cherry Creek there were 18 sales in October, 12.5 percent more than the 16 in October 2013.
Dollar volume, however, soared to $20.15 million, up 30.4 percent from $15.45 million in October 2013.
In the first eight months of the year, there have been 122 home sales in Cherry Creek, a 5.4 percent dip from 129 during the same period last year, according to Kentwood.
However, the year-to-date sales volume in Cherry Creek rose 9.5 percent to $114.6 million from $104.7 million last year, the residential real estate brokerage company reported.
Have a story idea or real estate tip? Contact John Rebchook at [email protected]. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee Co. and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.