Luxury home sales up 36%

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Highlights:

  • Luxury home sales report released.
  • Luxury homes are those that sold for at least $1 million.
  • Luxury home sales up 36% from September 2014.
This luxury home in Cherry Hills Village sold for$5.395 million in September.

This luxury home in Cherry Hills Village sold for $5.395 million in September.

Luxury home sales in the Denver area jumped by almost 36 percent in September from September 2014, according to a report released on Thursday.

A total of 106 homes priced at $1 million or more sold last month, up 35.9 percent from 78 high-end sales in September 2014, according to an analysis of Multiple Listing System data by Coldwell Banker Residential Real Estate.

The Denver Metro Association of Realtors and Kentwood Real Estate earlier had released separate reports showing a similar trend.

Last month’s luxury sales also was a huge percentage jump from September 2014, when luxury sales increased a mere 5.5 percent from September 2013, according to a report released by Coldwell a year ago.

Luxury sales last month fell by 27.9 percent from the 147 million dollar-plus sales in August.

However, that is better than the 33 percent plunge in luxury home sales from August 2014 to September 2014. Seasonal drops in all home price categories from August to September are typical.

Last month, 17 homes sold for more $2 million, up from 14 in September 2014.

The median sale price of a luxury home last month rose to $1.33 million, up 6.8 percent from August and 1.1 percent from a year ago, when it stood at $1.32 million

“Fall is often one of our stronger home buying seasons and this year certainly is starting off on the right foot in the luxury market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

“We saw strong sales figures in September and hopefully this will continue through the fall and the end of the year.”

Some key findings:

  • The most expensive sale in the Denver Metro Area last month was 11,700-square-foot, five-bedroom, three-bath home in Cherry Hills Village that sold for $5.395 million.
  • Denver boasted the most million-dollar sales with 39, followed by Boulder with 15, Greenwood Village with nine, and Cherry Hills Village with six.
  • Luxury homes sold in an average of 68.5 days on the market, up from 55.7 days a year ago and 67.5 days in August.
  • Sellers received an average of 98 percent of their asking price, up from 97 percent a year ago and in August.

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. DenverRealEstateWatch.com is sponsored by 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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