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Coldwell Banker: Luxury home sales up 33%

Highlights:

  • Coldwell Banker releases luxury report.
  • Sales of homes at $1 million or more up 33%.
  • Savvy buyers taking advantage of still low rates.

Luxury home sales in the Denver Metro Area jumped 33 percent in May from the same month last year, according to a report by Coldwell Banker Residential Brokerage.

The figures are based on Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro area.

A total of 101 luxury homes in the region sold in May, up from 76 transactions in May 2012. On a monthly basis, million-dollar sales were up 8.6 percent from the 93 transactions in April.

The median sale price of a luxury home also moved higher last month to $1.3 million, up 2.4 percent from the previous month and 2.2 percent from a year ago, when the median stood at $1,272,000.

The high-end of the luxury market was especially strong in May with 14 sales over $2 million, double the number of multi-million-dollar sales a year ago.

Two other key market indicators also moved higher in May with homes selling faster on average and sellers receiving a higher percentage of their asking price compared to a year ago.

“Denver Metro Area’s luxury housing market continues to gain momentum as the year moves along,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Well-qualified buyers remain determined to purchase while prices are still attractive and mortgage rates still quite low.”

Mygatt said that although interest rates have ticked up in recent weeks following the Federal Reserve’s announcement of plans to taper its bond-buying program, rates remain near 50-year lows.

“I think savvy homebuyers understand that the time to get into a home is now before rates go up any higher,” he said.

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 nine-bedroom, 11-bath approximately 13,000-square-foot home in Evergreen that sold for $8.69 million.
  • Denver boasted the most million-dollar sales with 31, followed by Boulder with 22, Cherry Hills Village with 11, and Greenwood Village with seven.
  • Homes sold in an average of 140 days on the market, down from 155.8 days a year ago but up from 120.6 days the previous month.
  • Sellers received an average of 94.4 percent of their asking price, up from 93.6 percent a year ago but off from 95.7 percent the previous month.

Earlier, Kentwood Real Estate and independent broker Gary Bauer released reports on luxury home sales in May.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.