Luxury home sales soar 40%

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Luxury home sales soar 40% in February.

Coldwell Banker releases luxury home sales report.

Luxury home sales above $2 million especially strong.

luxury home sales

The most expensive home to sell last month was a penthouse condo at 250 Columbine in Cherry Creek North.

Luxury home sales shot up almost 40 percent in February from February 2015, according to a report released on Tuesday by Coldwell Banker Residential Brokerage.

Two earlier reports, by the Denver Metro Association of Realtors and Kentwood Real Estate, showed similar spikes in homes that sold for $1 million or more.

There were 88 luxury homes sales in February, a 39.6 percent increase from the 63 sales in February 2015, according to an analysis of Multiple Listing Service data by Coldwell.

Luxury sales last month were down 3.3 percent from 91 closings in January.

The upper end of the luxury market was especially robust in February

There were 17 sales of more than $2 million in February, a 70 percent increase from the 10 in that price range in February 2015.

In other words, almost one out of every five luxury homes sold last month topped $2 million.

Meanwhile, the median sale price of a luxury home in February edged down 3.2 percent from a year ago to $1.345 miillion.

However, the median sale price last month rose 3.4 percent from January’s median of $1.3 million.

“The Denver metro area’s luxury market – like the overall market – remains red hot as we move towards the spring home buying season,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

“There are plenty of buyers out there ready to purchase, and now we’re starting to see a few more listings coming on to meet that demand,” Mygatt continued.

“So that could be good news for the market and for buyers in the coming months.”

Key findings from the report include:

  • The most expensive home to sell last month was a 4,600-square-foot penthouse condo in the 250 Columbine development in Cherry Creek North. The home has three bedrooms and two bathroom.
  • Denver boasted the most million-dollar sales with 29, followed by Boulder with 12, Castle Rock with six, and Cherry Hills Village and Littleton with four each.
  • Homes sold in an average of 101 days on the market, down from 123 days a year ago but up from 97.4 days in January.
  • Sellers received an average of 97 percent of their asking price, up from 95 percent a year ago and the same as the previous month.

 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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