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Luxury home sales up

Highlights:

  • Coldwell Banker releases luxury home sales report.
  • Sales up 11% from May.
  • New inventory making market less “feverish.”

Luxury home sales and the median sale price of homes priced at $1 million or more in the Denver area edged higher in June, according to a report released today by Coldwell Banker Residential Brokerage in Colorado.

A total of 112 luxury homes in the region sold in June, up 3.7 percent from a year ago when 101 high-end properties changed hands, according to Coldwell Banker, which uses Metrolist data for the basis of its analysis.

On a monthly basis, sales jumped 10.9 percent from the 101 transactions in May.

 

This 10,821-square-foot, 6-bedroom, 8-bathroom home in Longmont sold for $4.25 million.

This 10,821-square-foot, 6-bedroom, 8-bathroom home in Longmont sold for $4.25 million.

The median sale price of a luxury home also moved higher last month to $1.32 million, up 1.3 percent from May and 5.8 percent from a year ago, when the median stood at $1.245 million

The upper end of the luxury market continued to show strength as well with 16 sales over $2 million in June, up from nine multi-million-dollar sales a year ago and 14 the previous month.

Two other key market indicators improved as well with homes selling faster on average and sellers receiving a higher percentage of their asking price compared to a year ago.

“The luxury market in the Denver metro area continues to move ahead, although not quite at the feverish pace we saw earlier in the spring,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.

“Gradually we’re seeing a little more inventory coming on the market and while we’re still below normal, the new listings are helping to bring the pendulum between supply and demand back in balance a bit more.”

The Kentwood Co. earlier released its own report on luxury homes.

Some key findings from Coldwell Banker  report:

  • The most expensive sale in the Denver area in June was a month was a six-bedroom, eight-bath approximately 10,000-square-foot home in Longmont that sold for $4.25 million.
  •  Denver boasted the most million-dollar sales with 41, followed by Boulder with 21, Cherry Hills Village with eight, and Greenwood Village with six.
  • Homes sold in an average of 141 days on the market, down from 146 days a year ago but up slightly from 140.1 days in May.
  • Sellers received an average of 96.1 percent of their asking price, up from 93.2 percent a year ago and 94.4 percent the previous month.

Interested in buying a luxury home? Please visit COhomefinder.com.

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.