The Denver Metro Area’s luxury housing market continued to be hot in October as sales climbed more than 24 percent from a year ago and prices edged higher as well, according to a new report by Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
The figures are based on Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
A total of 117 luxury homes sold in October, up 24.4 percent from 94 high-end sales in October 2014. High-end transactions were also up last month from September’s 106 sales. The upper end of the luxury market was particularly strong last month with 18 sales over $2 million, compared to 11 a year ago, and seven sales over $3 million.
The median sale price of a luxury home last month rose to $1,295,000, up 2.2 percent from a year ago, when it stood at $1,267,677.
“October was a very good month for the Denver Metro Area’s luxury market with both strong sales and good valuations,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “Buyers continue to be out there ready to purchase the right home, and we’re finally starting to get a few more listings for them to choose from.”
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 12,000-square-foot, five-bedroom, three-bath home in Cherry Hills Village that sold for $7.25 million;
- Denver boasted the most million-dollar sales with 39, followed by Boulder with 30, and Greenwood Village with nine;
- Homes sold in an average of 75.3 days on the market, down from 98.2 days a year ago but up from 68.5 days the previous month;
- Sellers received an average of 97 percent of their asking price, up from 96 percent a year ago but down from 98 percent 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, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
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Pictured: 1100 Humboldt Street, Denver, CO 80218. Offered at $3,275,000.