The Denver Metro Association of Realtors (DMAR) has released its most recent report which highlights Denver metro area real estate data from the month of October. According to the report, there has been a 28 percent increase in home prices in the Denver area from October 2005 to October 2015.

“October offered up plenty of interesting treats – some were sour and some were sweet,” said Anthony Rael, Chairman of the Denver Metro Association of Realtors Market Trends Committee. “The seasonal changes we’re seeing now and for the next few months will likely be short-lived and homebuyers will want to take advantage of continued low mortgage interest rates and prices that have settled down after the unprecedented summer.”

The DMAR report states that during October 5,407 new listings were placed on the market, 4,792 properties were placed under contract, and 4,332 homes sold and closed. There was a 9 percent decrease in listings compared to September. The average price of a sold single family home during October was $403,795– a 1.68 percent increase over the previous month.

A dip in condo listings was also observed as there was a 3.5 percent decrease in listings of condos compared to September. The average sale price of a condo in metro Denver in October was $263,362– four percent higher than the September price.

During October 87 homes sold for $1 million or more– a two percent increase over September and a 17.57 percent increase year-over-year.

The condo market for homes above $1 million witnessed an increase from September to October with the number of units sold over 57 percent.

“A new luxury condo development, 250 Columbine in Cherry Creek North, made a big impact in October’s high-end condo stats,” said Jill Schafer, member of the Denver Metro Association of Realtors. “Compared to September, there was a 228 percent increase in the number of condos sold in October between the $750,000 to $999,999 price range. About one-third of those sales were from 250 Columbine, the new luxury condo development that broke ground two years ago and had its first closings last week.”

Condo units at 250 Columbine are closing at an average price per square foot of $600.

“Expect to see 250 Columbine making an impact on condo sales stats in the over one million dollar price range in the coming months as well,” said Schafer.

The most expensive home sold in the month was a $7,250,000 5 bedroom, 8 bathroom home in Cherry Hills Village. The property has 9,577 square feet of above ground space. The most expensive condo sold went for $3,950,000. The condo features 4 bedrooms, 5 bathrooms, and 4,753 square feet of space and is located in River Front Park.