The March 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.
- The Denver single-family luxury market is a Seller's Market with a 32% Sales Ratio. Overall inventory remains extremely low across a majority of price points
- Homes sold for a median of 97.37% of list price in February 2023.
- The most active price band is $1,300,000-$1,399,999, where the sales ratio is 69%.
- The median luxury sales price for single-family homes is $1,425,000.
- The median days on market for February 2023 was 27 days, up from 5 in February 2022. Homes may not sell in the first weekend, or even the first 30 days, but they are selling.
The state of the luxury real estate market has become one of the most hotly debated topics in news outlets, multi-media platforms, and within the industry itself over the last 2.5 years.
We discover and analyze the most talked-about story right now: falling sales volume.
We explain why there is room for more optimism in the spring market and what current February sales data suggests could be the start of a sales uptrend.
Only New York and San Francisco are reporting sales increases., but markets with higher affordability or potential for price growth are seeing increased demand.
Understand why inconsistency in demand, pricing, and sales should be expected this year, as well as why the return of some old favorite trends is likely to coexist with new preferences.
We look at the types of potential buyers who may be the main drivers of sales this year, and why it's important to understand how their needs will manifest themselves in their choice of locations and property types.
Understand why smart technology, along with sustainability and luxury amenities, is so highly valued, especially as the wealthy continue to seek homes that provide physical and mental well-being, as well as privacy and security.
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 Seller's Market with an 28% Sales Ratio.
- Homes sold for a median of 99.38% of list price in February 2023.
- The most active price band is $700,000-$799,999, where the sales ratio is 59%.
- The median luxury sales price for attached homes is $760,000.
- The median days on market for February 2023 was 21 days, up from 6 in March 2022. While homes are not flying off the market within a weekend, buyers are still in the market. They have wrapped their heads around higher interest rates, have factored in rate buydowns into their purchase costs and are simply taking their time to find the right home.
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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