Luxury Home Inventory Down in Denver

The number of residential luxury homes for sale in Denver dropped to 566 in December of last year, down from 650 available homes in November 2011. Year over year, the inventory level dropped 35% from 875 available homes, according to Dennis Huspeni of the Denver Business Journal.

The average sale price was $1.51 million in December, up from November's average sales price of $1.44 million These numbers were from the 11 county area surrounding Denver where most of the homes sold were in Douglas County. "There's a very limited inventory out there." said Gary Bauer a Littleton broker, who compiled the results from Metrolist data. "But I think in 2012, we'll see improvements in the number of transactions and the average sales price."

Statistics reported include:

502 luxury homes sold last year, compared to 505 in 2010.
Sales Volume is down 1 percent from $773 million in 2010 to $763 million in 2011.
The average sales price stayed the same, at $1.5 million, year over year.

Read the full story at Denver Business Journal

photo credit: wagneriteam