Luxury home sales in the Denver metro area edged higher in July compared with July 2011, and homes costing at least $1 million took less time to sell, according to a report released today by Coldwell Banker Residential Brokerage.
Previous reports by Kentwood Real Estate and independent broker Gary Bauer showed the same trend.
A total of 73 homes sold for more than $1 million in July, up 5.8 percent from July 2011, when 69 homes changed hands, according to Coldwell Banker. However, sales were off from June’s level of 108 transactions, which was the highest monthly total since Coldwell Banker Residential Brokerage began compiling the luxury report in 2007.
At the same time, the median sale price of a luxury home reached $1.3 million last month, up 4.4 percent from June. But it was down 6.5 percent from the median sale price of a year ago.
Other market indicators were positive for the luxury housing market. High-end homes sold faster in July, spending just 110 days on the market on average compared to 146 days the previous month and 178 days a year ago. And sellers received an average of 96.2 percent of their asking price, up from 93.2 percent the previous month and 92.6 percent last year.
“The upper end of the housing market in the Denver Metro Area continues to be strong,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “July came in below the previous month’s level, but that was due to June’s record amount of luxury sales so it was hard to top that. Nonetheless, the demand for premium properties remains quite robust.”
Mygatt said the biggest challenge for the luxury market – like the rest of the housing market – is the lack of inventory of homes for sale. “Listings are down more than 38 percent from where the market was a year ago,” he said. “Until more properties get on the market, it will be hard for sales to keep climbing at such a fast pace. The demand is there – the market just needs more homes.”
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 an five-bedroom, eight-bath 11,550-square-foot home in Cherry Hills Village that sold for $7.5 million.
- Denver also boasted the most million-dollar sales with 22, followed by Boulder with 15, Cherry Hills Village with nine, and Greenwood Village with seven.
- There were 10 multi-million-dollar sales last month, down from 15 a year ago but up from nine the previous month.