Luxury market flat

This house on Cook Street sold for more than $2.56 million in January.

Luxury home sales in the Denver area were essentially flat in January after strong year-end gains in December, according to an analysis released today by Coldwell Banker Residential Brokerage.

A total of 41 homes sold for more than $1 million last month, exactly the same number as December and one more than January 2011. There were five multi-million-dollar sales in January, down from six a year ago and nine in December, according to the report. An earlier report by Kentwood Real Estate showed the same trend.

Meanwhile, the median sale price for a luxury home dipped to $1.25 million last month, down 2.4 percent from a year ago and 7.4 percent from December. The median price is the midpoint in which half of the homes sold for more and half for less.

The figures were  from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver area.

“The luxury market in the Denver metro area continued to be fairly strong in January,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Once again, the challenge we’re facing in this market is a steady decline in inventory. We need more homes on the market to meet buyer demand.”

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in the Denver area last month was a four-bedroom, eight-bath 4,537-square-foot home in Denver that sold for $2,562,500.
  • Denver boasted the most million-dollar sales with 12, followed by Boulder with eight and Cherry Hills Village with five.
  • Homes sold in an average of 190 days, compared with 207 days in December and 144 days in January 2011.
  • Sellers on average received 91.6 percent of their asking price, up from 90.5 percent a year ago but down from 92.3 percent the previous month.
Contact John Rebchook at JRCHOOK@gmail.com.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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Comments

  1. Looks like the market is running out of sellers willing to sell their million dollar homes at 40%- 50% off the market highs of 2007. I can’t blame them. If everything I am told from real estate professionals is, the market has bottomed, why would I list my home? Until prices rise 10%, inventories might remain painfully low.

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