Coldwell confirms luxury home sale record

Coldwell Banker releases October luxury home sale report.

Report from Coldwell shows best October ever for luxury home sales.

Boulder home topped the market last month.

Coldwell

This Boulder home sold for $5.9 million last month.

Yet another report confirms that luxury home sales in the Denver-area last month soared to a record for an October.

There were 141 home sales of $1 million or more last month, a 17.5 percent increase from the 120 luxury home sales in October 2015, according to a report by Coldwell Banker Residential Broker.

A separate report by Kentwood Real Estate, as reported in Denver Real Estate Watch, showed a 37 percent year-over-year increase in luxury home sales, while a report from the Denver Metro Association of Realtors showed an 11.54 percent increase in luxury, single-family home sales in October from October 2015.

However, the Kentwood report did not include Boulder County, while the Boulder report did.

Indeed, the most expensive home to sell last month was in Boulder.

The Boulder home has four bedrooms, eight bathrooms and 9,079 square feet.

The list price was $6.5 million, so it sold for 91 percent of the asking price.

Coldwell

A snapshot of luxury home sales in October from 2011-2016.

Coldwell Banker bases its report on data from REcolorado , the largest multiple listing service in Colorado.

In addition to setting a record for October, luxury sales last month were 8.5 percent higher than in September, when 130 luxury homes traded hands.

The median sale price of a luxury home in October was $1.33 million, a 2.4 percent increase from October 2015.

However, the median price was down slightly from $1.35 million in September.

Well-heeled buyers hunting for a high-end home have a bit more choices, according to Chris Mygatt, president of Coldwell Banker in Colorado.

“We continue to see a gradual uptick in the number of homes for sale in the luxury segment of the market, and that is directly translating into an increase in high-end sales in the Denver metro area,” Mygatt said.

“Buyer demand remains very strong, so any increase in inventory has been quickly snapped up in recent weeks,” he added.

“Hopefully that trend continues through the rest of the year,” he said.

Coldwell

Another view of the Boulder home that sold for $5.9 million.

Key findings of the report include:

  •  Denver boasted the most million-dollar sales with 45, followed by Boulder with 28, Greenwood Village with nine, and Castle Rock, Lone Tree and Cherry Hills Village with eight each.
  • Homes sold in an average of 77 days on the market, up from 74 days in October 2015 and in September.
  •  Sellers received an average of 97 percent of their asking price, the same as a year ago and 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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