Sizzling August luxury home sales

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Sizzling August luxury home sales.

3rd report released that shows sizzling sales of homes priced at $1 million or more.

While luxury sales were sizzling, overall market cooled, year-over-year.

Sizzling

With the luxury housing market sizzling, you can pick up this 4-bedroom, 4-bathroom home with 8,364 square feet in Evergreen for $2.4 million. For more information: Cindy Detlefs, 8z Real Estate.

Yet another report confirms that luxury home sales in the Denver were sizzling last month.

Sales of homes that cost at least $1 million jumped almost 13 percent in August, compared with luxury sales in August 2015, according to a report by Coldwell Banker Residential Brokerage.

Earlier reports by the Denver Metro Association of Realtors and Kentwood Real Estate showed the same trend.

By contrast, year-over-year sales for all homes dipped 1.4 percent in August, according to DMAR.

There were 168 luxury sales in August, up 12.8 percent from the 149 high-end sales in August 2015, according to Coldwell Banker’s analysis of REcolorado data. REcolorado is the largest MLS in the state.

Luxury sales dropped about 5 percent from the 177 closings in July.

However, it’s not unusual to see a seasonal decline between July and August.

Meanwhile, the median sale price of a luxury home last month rose 3.3 percent from a year ago, climbing to $1.291 million. August’s median sale price was down slightly from July level, when it stood at $1.315 million.

“Luxury home sales in the Denver metro area have been strong this summer due in part to a little more inventory in the high-end market for buyers to choose from,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

Sizzling

This view could be yours…for $2.4 million. The luxury home market has been sizzling. For more information: Cindy Detlefs, 8z Real Estate.

“Prices have leveled off as well in recent months and that’s been encouraging to buyers,” Mygatt continued.

“It will be interesting to see what the fall home-buying season brings this year,” he said.

Some key findings from the report:

  • The most expensive sale in the Denver Metro Area last month was a four-bedroom, two-bath approximately 9,300-square-foot home in Denver that sold for $5.321 million. Records indicate it was purchased by Ryan Wilson Ahrens.
  • Denver boasted the most million-dollar sales with 45, followed by Boulder with 33, Greenwood Village with 11, and Cherry Hills Village and Parker with nine each.
  • Homes sold in an average of 78.3 days on the market, up 16 percent from 67.5 days in August 2016 and up 21.2 percent from 64.6 days in July.
  • Sellers received an average of 96 percent of their asking price, down from 97 percent a year ago and 98 percent from July.

 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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