Luxury home sales in the Denver area shot up 19 percent in March from March 2011, according to a Coldwell Banker report released today.
The report by Coldwell Banker Residential Brokerage Colorado showed that there were 50 home sales of at least $1 million each in March, compared with 42 in March 2011. On a month-to-month basis, sales soared by 61 percent from the 31 sales in February.
Also, the median sale price for a luxury home also climbed 9.1 percent in March from the previous month to $1.325 million. However, the median price was down 7.8 percent from $1.44 million in March 2011.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver area. Earlier, Kentwood Real Estate released a report showing a similar trend.
“The Denver metro area’s luxury market continues to gain strength as the year progresses,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Not only have sales and prices increased, but homes are selling much faster and sellers are getting a higher percentage of the asking price. The only problem is we need more homes to sell.”
Homes that sold in March were on the market an average of just 129 days, down from 213 the previous month and 206 a year ago. Sellers on average received 95 percent of their asking price, up from 91.3 percent in both February and March 2011.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- Boulder boasted the most million-dollar sales with 11, followed by Denver with nine, Cherry Hills Village with seven and Greenwood Village with five.
- Homes sold in an average of 129 days compared to 213 days the previous month and 206 days a year ago.
- Sellers on average received 95 percent of their asking price compared to 91.3 percent the previous month and a year ago.