The January 2023 Luxury Real Estate Market Report is a guide to the luxury real estate market in North America and Denver. Within this report are current monthly statistics for Denver luxury single-family and attached homes month over month as well as the 13-month trend.
The luxury benchmark price for Denver single-family homes is $1,050,000, set by The Institute for Luxury Home Marketing. LUXURY BENCHMARK PRICE is the price point that marks the transition from traditional homes to luxury homes.
After two and a half years of pandemic-driven buyer demand and historically low interest rates fueling record-breaking years, we have started to balance out from the extreme seller market over the past couple of years.
- The Denver single-family luxury market is a Seller's Market with a 36% Sales Ratio.
- Homes sold for a median of 97.52% of list price in December 2022.
- The most active price band is $1,600,000-$1,799,999, where the sales ratio is 74%.
- The median luxury sales price for single-family homes is $1,433,320.
- The median days on market for December 2022 was 26 days, up from 8 in December 2021
While there was a significant increase in the listing of properties in the market in the second quarter of 2022, this only served to bring the level back up to the point that gave buyers a little respite–the result of which was an increase in the number of sales.
We also examine the outside influences and their impacts on the luxury market. And why despite the impacts of various negative influences throughout the year the affluent are still eager to invest in luxury properties.
The luxury benchmark price for Denver attached homes is $650,000, set by The Institute for Luxury Home Marketing.
- The Denver attached luxury market is a Balanced Market with an 18% Sales Ratio.
- Homes sold for a median of 97.81% of list price in December 2022.
- The most active price band is $1,200,000-$1,399,999, where the sales ratio is 60%.
- The median luxury sales price for attached homes is $965,000.
- The median days on market for December 2022 was 38 days, up from 30 in December 2021
While there are more opportunities for negotiation by buyers as fierce competition became a thing of the past during 2022, we recognize why prices haven’t fallen to the level that some predicted.
We look at why the affluent are taking a longer-term view in their purchasing plans for property, whether it’s a primary residence, second home or investment property.
Finally, we summarize what to expect as we move further into 2023.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
For homeowners looking to sell or buy their Denver luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about the Denver market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.
It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the Denver luxury market effectively to achieve your goals. Contact us at barry@porchlightgroup.com or call 303.887.0588.
⁴ Data reported includes Active and Sold properties and does not include Pending properties.
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