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Luxury home sales edge higher

Luxury home sales in the Denver metro area edged higher in February from a year ago, as the housing market continued the positive trend that began last year, according to Coldwell Banker Residential Brokerage, said in an analysis released today of homes priced at least $1 million.

Earlier reports by Kentwood Real Estate and independent broker Gary Bauer showed similar trends.

A total of 31 homes sold for more than $1 million last month, up from 27 transactions in February 2011.  There were four multi-million-dollar sales in February compared to five during the same period last year. Sales were down from January’s level of 41 units.

Meanwhile, the median sale price for a luxury home dipped to $1,214,284 last month, down from $1.25 million the previous month.  The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.

“The high-end market in the Denver metro area continued its gradual but steady improvement last month, along with the overall housing market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “We have gained momentum over the past year and probably would have greater sales gains if we had the inventory to meet buyer demand.”

Mygatt said the number of homes on the market overall has fallen by nearly 42 percent from a year ago at this time. The sharp drop has left many potential buyers frustrated in their search and has resulted in multiple offers on a number of homes. “I’m hoping the message gets out to home sellers who have been sitting on the sidelines that there are buyers out there pounding the pavement for a good, fairly priced home,” he said. “If you’ve been thinking about selling your home, now’s the time to jump in.”

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

  • The most expensive sale in the Denver Metro Area last month was a seven-bedroom, 10-bath 7,035-square-foot home in Cherry Hills Village that sold for $3.4 million.
  • Denver boasted the most million-dollar sales with nine, followed by Boulder and Cherry Hills Village with six.
  • Homes sold in average of 213 days compared to 190 days the previous month and 184 days a year ago.
  • Sellers on average received 91.3 percent of their asking price compared to 91.6 percent the previous month and 93.9 percent a year ago.

Contact John Rebchook at JRCHOOK@gmail.com