Denver homes with price tags over $1 million see big jump in sales

staff photo
Stoiberhof, the historic mansion at 1022 Humboldt Street. (Kevin J. Beaty/Denverite)

denver; historic; residential real estate; mansion; kevinjbeaty; denverite; colorado;

Stoiberhof, the historic mansion at 1022 Humboldt Street. (Kevin J. Beaty/Denverite)

Nearly 38 percent more homes priced over $1 million sold this May than during May 2016, according to the latest trend report from the Denver Metro Association of Realtors. The total 179 homes that sold in that price range is a record, DMAR says. 

That’s an increase over 21 percent from April, DMAR notes. Plus, instead of the normal increase in the available homes costing over $1 million, the inventory fell.

Still, this doesn’t put Denver in the leagues of Vancouver or Toronto, cities famed for their red-hot luxury real estate markets. So let’s move on to the type homes that I’ve actually set foot in — the much cheaper ones.

DMAR says that 41 percent of residential real estate listings are priced under $500,000, but that range counts for 74 percent of sales. So buying a house in that range is particularly tough. No surprise that’s where some of the biggest overbids happened last week, too.

If even $500,000 sounds a little too expensive to you, DMAR says that the hottest price range is $300,000 to $399,999. Again, the median price for all overbids last week was $355,000, so this fits in with other Denverite coverage.

All this settles in for an median single-family home price of $418,000 during May. For condos, the median is $270,000. Good luck out there, buyers.

Hi! You’re like us!

Looks like you’re the type of person who reads to the ends of articles! Well, true believer, you might really like our morning newsletter. It’s quick, free and gets you up to speed on the important and delightful things happening right here in Denver.

Thanks for reading another Denverite story

Does Denverite help you feel more connected to what’s up in your area? Do you want to be a part of it?

Member donations are critical to our continued existence and growth.

You’re our superpower

Denverite supporters have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.

You’re our superpower

Denverite members have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.