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Luxury market flat


This house on Cook Street sold for more than $2.56 million in January.

Luxury home sales in the Denver area were essentially flat in January after strong year-end gains in December, according to an analysis released today by Coldwell Banker Residential Brokerage.

A total of 41 homes sold for more than $1 million last month, exactly the same number as December and one more than January 2011. There were five multi-million-dollar sales in January, down from six a year ago and nine in December, according to the report. An earlier report by Kentwood Real Estate showed the same trend.

Meanwhile, the median sale price for a luxury home dipped to $1.25 million last month, down 2.4 percent from a year ago and 7.4 percent from December. The median price is the midpoint in which half of the homes sold for more and half for less.

The figures were  from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver area.

“The luxury market in the Denver metro area continued to be fairly strong in January,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Once again, the challenge we’re facing in this market is a steady decline in inventory. We need more homes on the market to meet buyer demand.”

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in the Denver area last month was a four-bedroom, eight-bath 4,537-square-foot home in Denver that sold for $2,562,500.
  • Denver boasted the most million-dollar sales with 12, followed by Boulder with eight and Cherry Hills Village with five.
  • Homes sold in an average of 190 days, compared with 207 days in December and 144 days in January 2011.
  • Sellers on average received 91.6 percent of their asking price, up from 90.5 percent a year ago but down from 92.3 percent the previous month.
Contact John Rebchook at JRCHOOK@gmail.com.