This 7,264-square-foot, 5-bedroom and 7-bathroom home is on the market for $1.4 million, near the median price of a luxury home sold in April.
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.
So, wouldn’t a lack of supply tend to push up prices of $1 million-plus homes, rather than depress them? Especially if there are willing buyers?
The lack of supply and the lack of sales is a sign of falling demand. Remember when prices were rising in the early to mid 2000 we had 30,000 homes on the market and most of the seller were were buyer’s when there homes sold. We obviously don’t have many interested buyers or we would have more listings.
I don’t remember that and I am skeptical of the 30,000 home listings in 2000 number. Can you please site a source for that number
Sorry JohnD- I meant to say the early to mid 2000′s, but was typing on an iPhone.
2006-Active listings
April-29,045
May- 30,457
June-31,900
July-31,900
Aug-31,664
Sept-31,450
Oct-29,722
Source Metrolist
“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.”
Nice spin, Chris.
I would bet we have a 10 month+ supply of homes at this current absorption rate. Most experts would consider Denver’s MSA in the $1+M range a buyers market.
@John,
Funny that your headline says: “rise” when your example of 2380 S Adams St, Denver, CO 80210 just had a price drop of $50K on 09MAY2012 and the asking price is $25K less than it sold for in July 2006.