The luxury housing market in the Denver area soared in May, according to a Coldwell Banker Residential Brokerage of Colorado report released today.
A total of 76 homes sold for more than $1 million in May, up 73 percent from April’s 44 sales and up 61 percent from May 2011, when 47 properties changed hands above that price.
May marked the most luxury sales in nearly four years, surpassed only by August 2008, when 89 million-dollar properties changed hands.
The median sale price for a luxury home also rose 1.8 percent from a year ago to $1,272,000 in May, although last month’s median was down 8.7 percent from April’s level.
Other metrics also showed strength in the luxury market. Million-dollar homes sold faster last month at 155.8 days on average, down from 215.2 days a year ago and 172.6 days the previous month. Sellers also received 93.6 percent of their asking price, higher than both April’s 92.6 percent ratio and last May’s 91.3 percent.
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 Denver area is showing all of the signs of a traditional seller’s market with strong buyer demand, a severe shortage of home listings to choose from and multiple offers on many properties,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “With inventory levels remaining near record lows, I suspect we’ll continue to see this scenario play out, at least for the near term.”
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 six-bedroom, seven-bath 5,532-square-foot home in Denver that sold for $3.6 million.
- Denver also boasted the most million-dollar sales with 25, followed by Boulder with 17, Greenwood Village with seven, and Castle Rock with five. There were seven multi-million-dollar sales last month, the same as a year ago and down from 10 in May.
- Homes sold in an average of 155.8 days compared to 215.2 days a year ago and 172.6 days the previous month.
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For information about the $3.6 million home that sold in May, please visit this COhomefinder.com link.
We are also seeing an increase in luxury real estate sales here in sunny Florida and expect to continue to see it increase throughout the rest of 2012.