Luxury home sales soar

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Luxury home sales in the Denver metro area almost doubled in October compared with October 2011, according to a report released today by Coldwell Banker Residential Brokerage.

The figures are based on Multiple Listing Service data of all homes sold for more than $1 million in October the metro area. Earlier reports by Kentwood Real Estate and independent broker Gary Bauer showed similar trends.

A total of 73 homes sold for more than $1 million in October, up from 37 the same month a year ago and four more than September, Coldwell Banker reported.  The median sale price $1.31 million of a luxury home closed last month was off 4.8 percent from October 2011 and 3.9 percent from September

Other key indicators for the luxury market improved last month. There were eight multi-million-dollar sales last month compared to just two a year earlier. Homes also sold at a much faster pace year over year and sellers on average received a higher percentage of their asking price.

“The fact is that the high-end market continues to do extremely well,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Our challenge is still getting enough listings in the market to meet the strong demand from buyers.”

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

  • The most expensive sale was a four-bedroom, six-bath approximately 4,600-square-foot home in Boulder that sold for $3.9 million.
  • Denver boasted the most million-dollar sales with 20, followed by Cherry Hills Village with eight, and Boulder and Greenwood Village with seven each.
  • Homes sold in an average of 126 days, down from 196 days a year ago and 152 days in September.
  • Sellers received an average of 94 percent of their asking price, up from 89 percent a year ago and 92 percent in September.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

 

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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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