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Higher Better
The higher-end market in Northern Colorado, in terms of number of closings, is faring better than the overall market.
When we look at the number of homes selling today and the price point of those homes, properties priced above $1,000,000 are performing better than the market as a whole.
The number of closings occurring now compared to this same time last year is down 30% overall. But, the high-end market is only down 19%.
When we look further back in time, the data gets even more interesting.
Compared to 2021, Closings today are down 55% overall, but high-end sales are up 26%.
And compared to 2020, there are 59% fewer closings and 160% more high-end sales.
We believe there are two reasons for this dynamic.
First, because of price increases over the last few years, the stock of inventory today includes more $1,000,000- plus homes than the past.
Second, the high-end buyer is less affected by higher interest rates than the general population. And, certainly less affected than first-time buyers.
Luxury is Stronger
- Closed transactions are down 41% in the overall market and 26% in the luxury market over $1,000,000
- Pending transactions are down 44% overall and only 13% in the luxury market
- Closed transactions are down 40% overall and only 13% over $1,000,000
- Pending transactions are down 41% overall and only 17% in the luxury market
Million Plussing
The luxury market is very active right now. Buyers in the high-end are taking advantage of low interest rates and the equity they have built in their prior homes.
Closings of million-plus single family homes are up significantly along the Front Range.
When compared to this same time last year, sales of properties in this price range are up:
- 87% in Metro Denver
- 150% in Larimer County
- 67% in Weld County
Windermere Real Estate in Colorado recently hosted a private online event for our clients with our very own Chief Economist Matthew Gardner. We would be happy to send you the recording if you would like.
