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.
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