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Coldwell Banker: luxury home sales soar

Highlights:

  •  Coldwell Banker releases luxury report.
  • Home sales rally 34% from a year earlier in August.
  • Denver had the most luxury sales.
An aerial view of a 5-bedroom, 7-bathroom estate in Cherry Hills Village that sold in August for $3.4 million.

An aerial view of a 5-bedroom, 7-bathroom estate in Cherry Hills Village that sold in August for $3.4 million.

Luxury home sales in the Denver area continued their summer rally in August, with sales jumping 34 percent from August 2012, according to a report by Coldwell Banker Residential Brokerage  Colorado.

The figures are based on Metrolist data of all homes sold for more than $1 million last month in the Denver metro area.

A total of 98 luxury homes in the region sold in August, up from 73 high-end transactions in August 2012.

On a monthly basis, sales were down from July’s 139 transactions, with some of that can be attributed to a normal seasonal decline.

The median sale price of a luxury home last month was $1.29 million, up 2.4 percent from a year ago, but off fractionally from July’s median of $1.3 million.

The upper end of the luxury market continued to post solid year-over-year improvement with 14 sales of more than $2 million, more than double the six multi-million-dollar sales a year ago. But last month’s total trailed July’s 22 multi-million-dollar transactions.

Two other key market indicators improved last month with homes selling faster on average and sellers receiving a higher percentage of their asking price compared to both the previous month and a year ago.

“The Denver metro area’s luxury market did cool just a bit in August from July’s extremely hot pace, but when compared to a year ago the market remains very strong,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage Colorado. “We’re gradually starting to see a few more listings coming on the market to meet the strong buyer demand, and we’re hopeful this will continue into the fall to help balance out the market.”

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale last month was a Denver home with five bedrooms and bathrooms and about 4,000 square feet that sold for $3.5 million;
  • Denver boasted the most million-dollar sales with 26, followed by Boulder with 17, Cherry Hills Village with 10, Greenwood Village with nine, and Castle Rock with eight;
  • Homes sold in an average of 82.3 days on the market, down from 137 days a year ago and 108.7 days the previous month;
  • And sellers received an average of 96.1 percent of their asking price, up from 94 percent a year ago and 95.5 percent the previous month.

An earlier report by Kentwood Real Estate, which used MLS data to track a different geographic area that does not include Boulder, showed a similar trend.

Interested in buying a luxury home in the Denver area? 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.