COLORADO, USA — With record-breaking sales in both the luxury home and condo categories, there was no shortage of news from Denver's luxury market in 2019.
Data for the 11-county metro provided by the Denver Metro Association of Realtors in its January Market Trends report should help us understand the new territory that the luxury home market arrived at in the past year, and where the market might be headed in 2020.
> Slideshow: 25 most expensive homes sold in the area in 2019
First, it's important to note that overall home prices in the Denver metro remain on the rise, while inventory is low. 2019 marked the eight consecutive year of home price increases, and the median home price reached $420,000.
It would take only 1.13 months to sell all detached homes and 1.37 months to sell all attached homes in the Denver area, based on the average rate of sales. This indicates sellers remain in the driver's seat at the start of 2020, since anything less than four months of inventory points to a sellers' market.
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