Numbers Show Many People In Denver Buying Expensive Houses

DENVER (CBS4) - At a time with record low interest rates, local housing numbers show many people in Denver buying expensive houses.

A few years ago high-end homeowners complained they couldn't give the houses away, now the complaint is far different.

With fewer houses being built and interest rates under 4 percent, houses in the million dollar plus market are selling, but buyers complain there aren't enough to choose from.

"One of the challenges in Cherry Creek is creating private space, outdoor space, that's not so hot," real estate agent Barb Perry of Perry and Company said.

Perry said the real estate market is heating up.

"Million and over, if you take year-to-date in just Denver southeast, we're up over 20 percent in the number of sales, we're up in average price," Perry said.

The sign on a $2.9 million home in Cherry Creek is going up any day and the seller expects a storm of interest. It has big spacious rooms, an open floor plan, and a luxurious outdoor living space.

CBS4 has been reporting on the fast-paced Denver market in houses under $500,000 as well.

"We had an offer in seven days," one seller said.

From Stapleton to Country Club, houses are selling. Buyers want homes that are in good condition and offer unique features and upgrades. Realtors and sellers agree there are a lot more sold signs than foreclosure signs these days.

While the high-end homes appeal to a small segment of the population, realtors agree high-end housing market is bouncing back.

Not only is the average price for a home sale up from a year ago, the length of time a house stays on the market is actually going down.