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Coldwell Banker: Luxury home sales rise

In August, this Denver home sold for $3.5 million,

Luxury home sales in the Denver metro area surged almost 38 percent in August compared with August 2011, as the region’s high-end market continued its rally, according to a report released today by Coldwell Banker Residential Brokerage.

Earlier, Kentwood Real Estate and independent broker Gary Bauer released reports showing similar trends.

All three reports are based Multiple Listing Service data of all homes sold for more than $1 million last month in the area.

A total of 73 homes sold for more than $1 million last month, up from last August when 53 homes changed hands. Sales were even with July’s total, Coldwell Banker reported. The median sale price of a luxury home closing in August dipped to $1.26 million  down 2.9 percent from July and 3.8 percent from last year.

Other market indicators were encouraging for the luxury housing market. Million-dollar homes sold faster in August with an average of 139.2 days on market versus 150.4 days last year. Sellers received an average of 95.4 percent of their asking price, up from 92.3 percent in August 2011.

“The Denver metro area’s luxury market continued its summer rally in August with strong sales in many parts of our region,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Buyers continue to recognize that there are some very good values out there and they’re taking advantage of the opportunity.”

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 four-bedroom, six-bath home in Denver with more than 7,300 square feet that sold for $3.5 million.
  • Denver also boasted the most million-dollar sales with 18, followed by Boulder with 15 and Greenwood Village and Cherry Hills Village with nine each.
  • There were six multi-million-dollar sales last month, down from 11 a year ago and 10 in July.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal LendingLand Title Guarantee and 8z Real Estate.