Luxury Home Sales in Denver Area Soar to Two-Year High, Coldwell Banker Residential Brokerage Reports
The high-end housing market in Denver continues to pick up with million-dollar home sales in August reaching their highest level in two years, according to Coldwell Banker Residential Brokerage, the region's leading luxury brokerage company.
- Denver, CO (1888PressRelease) September 25, 2010 - Luxury home sales in the Denver metro area soared to a two-year high last month and the median sale price edged higher as well, providing more indications that that local housing market is on the mend, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
A total of 71 homes sold for more than $1 million in the Denver Metro Area in August, up 48 percent from August 2009 when 48 units changed hands and up 42 percent from July's total of 50 sales. Luxury home sales were at the highest level since August 2008, before the peak of the financial crisis. The median sale price of million-dollar homes also was up last month to $1.25 million, up 2 percent from July and 3.2 percent from August 2009.
Two other measurements showed improvement last month: It took 98 days to sell a million-dollar home in the area, down from 142 last year and 124 the previous month; and sellers received 92.1 percent of their asking price on average, up from 90.8 percent in July and 90.7 percent in August 2009.
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 high-end housing market in the Denver Metro Area continues to rebound from its recessionary level and move back toward a more normal market," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Like the economy itself, the recovery in the housing market is coming in fits and starts. But the numbers show we're significantly ahead of where we were a year or two ago, and that's reason for encouragement."
However, Mygatt cautioned that the Denver Metro Area's high-end market - as other housing markets - will continue to face economic headwinds in the months ahead as long as the nation's economic recovery remains fragile and the unemployment numbers high.
"The Denver area certainly has a stronger economic base than most regions in the country and unemployment here is lower than many other areas," he said. "That's kept our housing market relatively stable. But until the overall economy and the jobs market improves we'll continue to see challenges to the housing market."
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
* The most expensive sale in the Denver Metro Area in August was a five-bedroom, eight-bath 8,346-square foot home in Cherry Hills Village that sold for $5.25 million;
* Denver boasted the most million-dollar sales with 20, followed by Boulder with 16, and Cherry Hills Village and Littleton with five each;
* It took an average of 98 days to sell a million-dollar home in the area, down from 142 days a year ago and 124 days the previous month.
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.