Luxury home sales in the Denver area jumped 46.5 percent in February from February 2014, according to a report by Coldwell Banker Residential Brokerage.
A total of 63 luxury homes sold in February, up from 43 in February 2014. High-end home sales were also up from January’s 49 transactions.
Meanwhile, the median sale price of a luxury home last month was $1.39 million, up 2.6 percent from a year ago when it stood at $1.26 million.
The median price in February was also up from January’s $1.25 million level.
“We have started to see some more inventory gradually coming on the market, which is providing some welcome relief for buyers who have been frustrated by so few listings,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.
“February’s results are encouraging as we head into the spring home buying season,” Mygatt added.
Some key findings of the Coldwell Coldwell Banker report:
The most expensive sale was a 7,400-square-foot, 12-bedroom, six-bath home in Boulder that sold for $4.9 million;
Denver boasted the most million-dollar sales with 14, followed by Boulder with 10, and Cherry Hills Village, Greenwood Village and Longmont with three each;
Homes sold in an average of 123 days on the market, up from 117 days a year ago and 97.8 days the previous month;
Sellers received an average of 95 percent of their asking price, the same as a year ago and down from 96 percent the previous month.
Earlier reports by the Denver Metro Association of Realtors and Kentwood Real Estate, showed the same trend, but even bigger percentage gains.
All three of the reports are based on Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver area.
Reports primarily differ because they include sales from different geographic areas.
Interested in buying a luxury home? Please visit COhomefinder.com
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by 8z Real Estate. If you would like to be a sponsor of InsideRealEstateNews, please contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.