Signature homes soar in September | Inside Real Estate News

This 5,489-square-foot home with five bedrooms and six bathrooms, last month sold for $835,000, close to the average price for the metro area.

The market for Denver-area ?Signature? homes ? those with a price level just below $1 million ? soared in September, as well as in the first three quarters of the year, according to a report released today by independent broker Gary Bauer.

Bauer, who defines Signature properties as those priced from $750,000 to $999,999, found that 61 single-family homes in that price category sold last month, a 38.6 percent jump from the 44 in September 2011.

The average price of a Signature home that sold last month was $836,848 and the median price was $835,000.?Overall, homes sold at 96.3 percent of the list price and 91.2 percent of the original asking price.

Sales did drop 30.7 percent from August, although much of that may have been for seasonal reasons.

Buyers paid $51 million for the more than five dozen Signature homes in September, a 36.9 percent increase in the dollar volume of $37.3 million a year earlier.

The report, based on Metrolist data, found that the average price per square foot was $263 in September, a 10 percent increase from $239 in September 2011. It included the 11 counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

In the first three quarters, 697 Signature homes for a total of $546.5 million closed, compared with 539 for $429.4 million in the first nine months of 2011, a 29.3 percent and a 27.3 percent increase, respectively.

Bauer believes tracking Signature homes is significant, because many of them would have sold for $1 million or more a the top of the market.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate.

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Source: http://insiderealestatenews.com/2012/10/signature-homes-soar-in-september/

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