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Coldwell Banker: 27% jump in luxury sales



  • Coldwell Banker releases luxury home sales report.
  • Report covers sales in October.
  • Median price is up.

Luxury home sales in October in the Denver area jumped by 27 percent from both October 2012 and September, according to a report by Coldwell Banker Residential Brokerage.

A total of 93 homes sold for at least $1 million in October, compared with 73 in September and in October of lsat year, according to an analysis of Mutliple Listing Service data.

There were 14 sales in October above $2 million, up from eight in October 2012 and 12 in September.

The median sale price of a luxury home last month was $1.36 million, up 7.3 percent from a year ago levels and off fractionally from the $1.369 million median price in September.

Other market indicators were mixed.

Sellers received a higher percentage of their asking price on average than in September and October 2012. But homes took a little longer to sell on average than the previous month and a year ago.

“The Denver metro area’s luxury market remains quick healthy as we continue through the fall selling season and approach year-end,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

“There still is strong buyer demand for well-appointed and well-priced homes in the upper end of the market.”

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 six-bedroom, six-bath approximately 7,400-square-foot home in Boulder that sold for $3.4 million;
  • Denver boasted the most million-dollar sales with 27, followed by Boulder with 15, Cherry Hills Village with nine, Greenwood Village with eight, and Castle Rock with five;
  • Homes sold in an average of 105.4 days on the market, up from 101.3 days a year ago and 87.7 days in September;
  • And sellers received an average of 96.5 percent of their asking price, up from 94.7 percent a year ago and 94.3 in September.

An earlier report on luxury homes by Kentwood Real Estate showed a slight drop in October. But the Kentwood report does not include Boulder.

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.