Denver Metro Area Luxury Sales and Price Climb in July, Coldwell Banker Residential Brokerage Reports
Denver, CO, August 20, 2011 –(PR.com)– Luxury home sales and the median sale price in the Denver Metro Area rose in July over the same period a year ago as the high-end housing market continued showing signs of strengthening, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
A total of 69 homes changed hands for more than $1 million last month, up 38 percent from the 50 sales in July 2010. The median sale price of a luxury home also jumped to $1,390,000, a 14 percent increase over last July’s median of $1,220,000.
On a monthly basis, sales in July fell just short of June’s 71 transactions but the median sale price rose 7 percent form the previous month’s level of $1.3 million.
Two other key indicators for the high-end market in the Denver Metro Area improved last month: A total of 15 homes sold for more than $2 million, up sharply from the seven multi-million-dollar sales last July and the 12 sales in June. And sellers received an average of 92.6 percent of their asking price, up from 90.8 percent a year ago.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
“July’s solid numbers on top of a good June give us reason to be optimistic about the luxury market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “The overall market has seen a steady decline in inventory of homes for sale, which should continue helping the housing market heal itself.”
Mygatt cautioned that the market will continue facing challenges, including the recent volatility in the stock market, slow economic growth, and geo-political issues both in the U.S. and overseas. But he stressed that with challenges come opportunities for buyers.
“While no one knows what the immediate future holds, if you intend to stay in a home for several years now is an outstanding time to buy,” he said. “Interest rates remain near historic lows and homes are priced very aggressively in many markets. That translates into an affordability level we haven’t seen in quite some time.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
* The most expensive sale in the Denver Metro Area last month was a five-bedroom, nine-bath 12,298-square-foot home in Cherry Hills Village that sold for $8.2 million;
* Boulder boasted the most million-dollar sales with 14, followed by Denver with 13, Cherry Hills Village with 11, and Greenwood Village with six;
* Homes sold in average of 178 days, up from 164 days the previous month and 124 days a year ago;
* Sellers on average received 92.6 percent of their asking price, the same as the previous month and up from 90.8 percent a year ago.
The Denver Metro Area Luxury Home Report is produced by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.