Luxury home sales soar 45%

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Highlights:

  • Coldwell Banker reports 45% jump in luxury sales.
  • Two earlier reports showed a similar trend.
  • Luxury sellers getting 96% of asking price.

Luxury home sales in the Denver area surged 45 percent in March compared to March 2012, 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 last month in the metro area. Earlier, independent broker Gary Bauer and Kentwood Real Estate released reports showing similar trends.

A total of 71 homes in the region sold for more than $1 million in March, up from 49 in March 2012, according to Coldwell Banker. Luxury sales last month were up 58 percent from the 45 transactions in February.

Meanwhile, the median sale price of a luxury home edged down slightly to $1.275 million in March, off 2.7 percent from the same period a year ago and 1.5 percent from the median sales price in February.

The high-end of the luxury market showed particular strength with 10 sales over $2 million, up from just four the previous month and year ago. Two other key market indicators also improved in March with homes selling faster on average and sellers receiving a higher percentage of their asking price.

“The Denver metro area’s luxury market has continued its upward momentum with the spring home buying season in full swing,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “We’re gradually getting more inventory on the market, but it’s still not enough to meet the strong buyer demand.”

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 six-bedroom, nine-bath approximately 13,000-square-foot home in Cherry Hills Village that sold for $7 million.
  • Denver boasted the most million-dollar sales with 25, followed by Boulder with 10, Cherry Hills Village with eight, and Castle Rock and Greenwood Village with four each.
  • Homes sold in an average of 133 days on the market, down from 186.8 days the previous month ago but up slightly from 129 days a year ago.
  • Sellers received an average of 96.1 percent of their asking price, up from 94.9 percent a year ago and 95.8 percent the previous month.

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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