Coldwell: Luxury sales up 12.7%

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Highlights:

  • Coldwell releases luxury housing report.
  • Luxury sales up 12.7% from August 2013.
  • Median price up slightly.
This 250-acre ranch in Parker, which includes a 2,700-square-foot home on the property, sold in August for just under $4 million.

This 250-acre ranch in Parker, which includes a 2,700-square-foot home on the property, sold in August for just under $4 million.

Luxury home sales in the Denver area rose 12.7 percent in August compared with August 2013, while the median sales price edged higher 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.

 A total of 115 luxury homes sold in August, compared with 102 transactions in August 2013. On a monthly basis, sales were off 12.2 percent from the 131 luxury sales in July.

Meanwhile, the median sale price of a luxury property last month reached $1.32 million, up 2.2 percent from a median price of $1.293 million in August. However, the median price in August was down 3.9 percent from July, when it stood at $1.375 million.

 The upper end of the luxury market was flat from a year ago with 15 homes selling for $2 million or more. Homes sold at a slightly slower pace than last year while sellers received a similar percentage of their asking price year over year.

 “Sales continue to be good year over year and we’re gradually starting to get a bit more inventory on the market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage Colorado.

  “In addition, buyer demand remains strong in many areas as we head into the fall home buying season, so there’s good reason for optimism as we move into the later part of the year,” Mygatt said.

 Some key findings from the August Coldwell Banker Residential Brokerage luxury report:

  • A 250-acre ranch in Parker that sold for $3.995 million, was the most expensive property to sell. The ranch includes a 5-bedroom, 2,700-square-foot home.
  • Denver boasted the most million-dollar sales with 25, followed by Boulder with 16, and Cherry Hills Village with nine;
  • Homes sold in an average of 85.9 days on the market, up from 82 days a year ago and 74 days in July;
  • And sellers received an average of 96 percent of their asking price, the same as a year ago and down slightly from 98 percent in July.

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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