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Coldwell Banker: Luxury market up 6%

Highlights:

  • Coldwell Banker releases September luxury home report.
  • Closings up almost 6% on a YOY basis.
  • Median home price also up.
Coldwell Banker is listing this 8,715-square-foot, 4-bedroom, 7-bathroom home in Cherry Hills Village for $2.995 million.

Coldwell Banker is listing this 8,715-square-foot, 4-bedroom, 7-bathroom home in Cherry Hills Village for $2.995 million.

Luxury home sales in the Denver metro area rose by almost 6 percent in September from September 2012, according to a report released on Thursday 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 area.

A total of 73 luxury homes sold in September, up 5.7 percent from the 69 high-end sales in September 2012. On a monthly basis, sales were down 25.5 percent from August, when 98 homes sold ; some of the decline can be attributed to a normal seasonal drop, according to Coldwell Banker.

The median sale price of a luxury home last month climbed 4.3 percent from a year ago to $1.369 million. The median price was up 5.9 percent August.

Two other key market indicators also improved last month from September 2012:  homes sold faster on average and sellers received a higher percentage of their asking price.

However the upper end of the luxury market did show signs of a slight cooling as the number of $2 million home sales declined from 15 in  September 2012 to 12 last month.

“The luxury housing market in the Denver metro area is still moving forward, although we are seeing signs that it is gradually easing a bit after a tremendous run-up earlier this year,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage Colorado.

“The challenge we continue to face is having enough inventory for sale to meet the steady demand of buyers out in the market,” he said.

“On top of that, the government shutdown is causing delays in getting deals closed as we wait for paperwork to be processed” Mygatt continued. “We’ll have to work through both of those issues in the coming weeks to keep the market moving ahead.”

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

  •  The most expensive sale in the Denver area in September was a four-bedroom, seven-bath approximately 8,800-square-foot home in Cherry Hills Village that sold for $5.3 million;
  •  Denver boasted the most million-dollar sales with 27, followed by Boulder with 13, Greenwood Village with eight, and Castle Rock with six;
  •  Homes sold in an average of 101 days on the market, down from 152 days a year ago but up from 82.3 days the previous month;
  • And sellers received an average of 93 percent of their asking price, up from 92 percent a year ago but down from 96 percent the previous month.

Excluding Boulder, the luxury market showed an even bigger increase in September than the Coldwell Banker analysis shows, according to an earlier report by Kentwood Real Estate.

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