Denver Metro Area Luxury Home Sales Soar in June, Coldwell Banker Residential Brokerage Reports
The million-dollar housing market in the Denver Metro Area took a big jump last month as sales of luxury homes soared 51 percent from the previous month, according to Coldwell Banker Residential Brokerage, the region's top luxury real estate company.
- Denver, CO (1888PressRelease) July 16, 2011 - Luxury home sales in the Denver Metro Area soared in June from the previous month and were also up from a year ago as high-end buyers took advantage of attractive property values in many areas, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
A total of 71 homes changed hands for more than $1 million last month, up sharply from May's total of 47 sales. June's transactions also outpaced June 2010 when 67 luxury homes were sold. Additionally, the ultra luxury market gained momentum with 11 multi-million-dollar homes selling last month, up from seven in May.
The median sale price of million-dollar homes moved higher in June, reaching $1.3 million from $1.25 million in May. However, the median was off from last June's $1.34 million price.
Other indicators also provided encouragement for the high-end market in the Denver Metro Area: Homes also sold at a faster rate on average at 164 days vs. 215 for those closing the previous month. And sellers received an average of 92.6 percent of their asking price, up from 91.3 percent in May and 90.4 percent last June.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
"The strong performance of the luxury market in June was certainly welcome news," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "It seems like we are seeing a seasonal increase as we did the same time last year. June usually marks the high water mark of luxury home sales each year. High-end buyers are taking advantage of a well-priced luxury home market with nice - but limited - selection."
Mygatt said the Denver metro area, like other markets, is dealing with macro-economic issues as well as its own housing market factors. On the positive side, the financial markets remain strong, corporate earnings are robust, and consumer confidence is trending higher.
But at the same time, Mygatt noted, the job market remains sluggish with unemployment levels relatively high. And the economy has been growing at a much slower pace than normal for this stage of a recovery cycle. "Until we see the economy gaining traction and the jobs picture improving, the housing market will continue to face economic headwinds," he said.
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 eight-bed, nine-bath 16,793-square-foot home in Littleton that sold for $6.18 million;
* Boulder boasted the most million-dollar sales with 17, followed by Denver with 15, Littleton with 10, and Cherry Hills Village with six;
* Homes sold in average of 164 days, down from 215 days the previous month but up from 116 days a year ago;
* Sellers on average received 92.6 percent of their asking price, up from 91.3 percent the previous month and 90.4 percent a year ago.
The Denver Metro Area Luxury Home Report is produced by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925.275.3085.