About Us

Inside Real Estate News is Denver's best local resource for all things real estate.

Categories

Luxury home sales flat in April

Highlights:

  • Coldwell releases luxury home study
  • Report finds luxury sales held their own in April.
  • Upper-end inventory woes remain.
This 12,161-square-foot, 6-bedroom, 8-bathroom home sold last month for $4.45 million.

This 12,161-square-foot, 6-bedroom, 8-bathroom home sold last month for $4.45 million.

Luxury home sales in the Denver metro area in April were flat when compared with April 2013, according to a report by Coldwell Banker Residential Brokerage.

There were 93 homes that sold for $1 million or more las month, down only one from the 94 luxury home transactions in April 2013, shows Coldwell Banker’s analysis of Multiple Listing Service data.
However, month-over-month, luxury homes sales rose by 10.7 from the 84 sales in March.
Meanwhile, the median sale price climbed higher last month to just under $1.3 million, up 3.2 percent from March and 1.9 percent from April 2013.

Homes also sold at a much faster rate on average, and sellers received a higher percentage of their asking price on average.
“The story of the luxury market – as with the overall market – comes down to inventory, and we just don’t have enough of it to meet the needs of buyers and drive sales much higher,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.
“Those homeowners who are venturing into the market are finding that they’re getting good prices and selling very quickly,” he said. “But too many homeowners are staying on the sidelines right now.”

Mygatt said one reason for the hesitancy may be that unless a seller plans to leave the area, they’re likely to face the same seller’s market when they go to buy their next home.
Fear of having to compete with other buyers for a property may be keeping them from moving.
“We’re trying to get the word out to those homeowners that there are options available to them, including seller contingencies on finding another home, cross-collateral loans, and other ways to make the move work for them,” he said.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in the Denver area last month was a six-bedroom, four-bath approximately 12,000-square-foot home in Cherry Hills Village that sold for $4.45 million;
  •  Denver boasted the most million-dollar sales with 24, followed by Boulder with 19, and Cherry Hills Village with 12;
  •  Homes sold in an average of 96.1 days on the market, down from 122 days a year ago and 143 days the previous month;
  • And sellers received an average of 97 percent of their asking price, up from 96 percent a year ago and 95 percent the previous month.

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.