Sale prices of luxury homes in the Denver Metro Area rose in April, although property sales dropped from March and from April 2011, according to a report by Coldwell Banker Residential Brokerage.
The median sale price for a million-dollar-plus property climbed to just under $1.4 million in April, up 6.3 percent from March and April 2011, the report shows. Additionally, there were 10 sales for more than $2 million compared to just four in March and eight in April 2011. Earlier reports by Kentwood Real Estate and independent broker Gary Bauer showed similar trends.
A total of 44 properties sold for more than $1 million in April, down from 49 sales in March and 61 transactions during the same month a year ago, according to Coldwell Banker. But homes did sell faster – 172.6 days on average compared to 242.6 days a year ago.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver area.
“The real challenge for this market is a continuing shortage of homes to sell, and that’s reflected in the lower sales figures as well as the higher prices last month,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “We have buyers ready, willing and able to purchase a home in all segments of the market. But there just isn’t enough inventory to pick from.”
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 five-bedroom, eight-bath 8,894-square-foot home in Denver that sold for $5.25 million.
- Denver also boasted the most million-dollar sales with 14, followed by Boulder with six, and Castle Rock and Cherry Hills Village with four each.
- Homes sold in an average of 172.6 days compared to 242.6 days a year ago and 129.1 days in March.
- Sellers on average received 92.6 percent of their asking price compared to 94.9 percent the previous month and 92.2 percent a year ago.
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