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Coldwell Banker: Luxury home sales up 18%

Highlights:

  • Coldwell Banker releases luxury housing report.
  • Report is based on Metrolist data.
  • Report shows big increase in sales activity.
This home in Longmont sold for $1.465 million.

This home in Longmont sold for $1.465 million.

Denver-area luxury home sales jumped 18.3 percent in March from March 2013, according to a report by Coldwell Banker Residential Brokerage.

Homes priced at $1 million or more also doubled from February, Coldwell Banker reported on Wednesday.

A total of 84 luxury homes changed hands in March, up from 42 in February and 71 in March 2013.

The median sale price last month was $1.26 million,fractionally from February and down 1.4 percent from last March.

The figures are based on Multiple Listing Service data.

An earlier report by Kentwood Real Estate showed a similar trend. The Kentwood report, however, focused on the core-areas around Denver and did not include Boulder.

The upper end of the luxury market last month recorded 13 sales over $2 million, up from 10 a year ago and just three in February, according to Coldwell Banker.

Homes took slightly more time to sell on average in March than they did in March 2013.

“The luxury market turned in a solid month in March, due in part to a gradual increase in inventory,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

”We still don’t have enough good listings in the market to meet the strong buyer demand, but we’re moving in the right direction,” Mygatt continue

That could be changing, though.

“Word is finally getting out to homeowners that this is a great market to sell your home,” Mygatt said. “Hopefully we’ll see more inventory as spring continues.”

Some key findings from the report:

  • The most expensive sale in the Denver area last month was a seven-bedroom, five-bath approximately 10,700-square-foot home in Denver that sold for $4.65 million;
  • Denver boasted the most million-dollar sales with 23, followed by Boulder with 21, Greenwood Village and Longmont with five each, and Highlands Ranch with four;
  • Homes sold in an average of 143 days on the market, up from 133 days a year ago and 117 days the previous month;
  • And sellers received an average of 95 percent of their asking price, down from 96.1 percent a year ago and even with the previous month.

Interested in finding 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.