Million dollar home sales set September record

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Million dollar, and over, home sales set a record for a September.

Luxury homes, those over $1 million, climbed 22.6%, year-over-year.

Not biggest YOY percentage gain for a September.

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Sales of home sales of $1 million last month set a record for September. Source: Coldwell Banker, REcolorado.
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Buyers purchased 130 luxury homes in the Denver-area last month, making it the best September on record for sales of homes priced at $1 million or more.

A report released on Thursday by Coldwell Banker Residential Brokerage showed that the year-over-year luxury sales jumped 22.6 percent from 106 in September 2015.

Earlier reports by Kentwood Real Estate and the Denver Metro Association of Realtors, showed similar trends.

DMAR’s report showed that the luxury market was by far the best performing sector on a percentage basis, as the overall market saw a 5.5 percent decline, year-over-year. The Coldwell Banker report includes Boulder, while Kentwood did not track the sale of homes priced at $1 million or more in Boulder, but focused on the core Denver-area counties.

And while never have so many luxury homes sold in a September before, that small, high-end sector of the market has shown much bigger percentage gains in the past.

In 2012, for example, the number of luxury home sales jumped by 38 percent from 2011, according to Coldwell Banker.

The figures are based on data from REcolorado, the largest Multiple Listing Service in the state.

Sales last month were down 22.6 percent on a month-over-month basis from August, when there were 168 sales of $1 million or more.

However, it’s not unusual to see a seasonal decline in September from August.

The median sales price of a luxury home sold last month edged up 1.1 percent to $1.35 million, year-over-year, Coldwell Banker’s research showed.

On a month-to-month basis, the median price of a luxury home shot up 4.6 percent from $1.29 million in August.

“Ever so slowly, we’re starting to see a little more inventory come on the market and that’s resulting in improving sales of luxury homes in the Denver metro area,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.

“Inventory of homes for sale still is extremely low by historical standards, but it’s starting to inch up as we begin the fall home-buying season,” he continued.

“Denver remains one of the hottest markets in the country and demand for homes continues to be robust, thanks to our growing tech sector and overall strong economy,” Mygatt said.

“Now perhaps we’ll have a little more inventory for pent-up buyers to choose from,” he said.

Some key findings from the September report:

  • The most expensive sale was $6.25 million for a five-bedroom, six-bath approximately 8,000-square-foot home in Longmont.
  • Denver boasted the most million-dollar sales with 45, followed by Boulder with 17, Cherry Hills Village with eight, and Castle Rock with seven.
  • Homes sold in an average of 74 days on the market, up 7.2 percent from 69 days a year ago but down 5.12 percent from 78 days in August.
  • Sellers received an average of 97 percent of their asking price, compared to 98 percent a year ago and 96 percent in August.

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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