Denver Metro Luxury Home Prices Edge Higher While Sales Dip

Denver Metro Area luxury home prices edged higher last month while a shortage of homes on the market kept a lid on sales, 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.

The median sale price of a luxury home in November rose to $1,353,000, up 3.4 percent from a year ago, when it stood at $1,308,450. The median sale price last month was also up 4.5 percent from October’s $1,295,000 level.

Meanwhile, limited inventory kept home sales in check last month. There were 77 sales over $1 million, down 6 percent from the 82 sales at that level a year ago. Sales were also off from October, when there were 117 transactions, although it’s not unusual to see a seasonal decline from October to November.

Other key market indicators were positive with 10 homes selling for more than $2 million in November, up from seven a year ago, and homes selling faster last month than they did a year ago.

“After a strong October, home sales took a bit of a breather in November, in part because of a limited inventory for buyers to choose from,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “As we approach the end of the year, it’s customary to see a slowdown in listings and sales. Hopefully we’ll see inventory start to grow once again after New Year’s.”

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 5,500-square-foot, four-bedroom, six-bath home in Boulder that sold for $6.3 million;
Denver boasted the most million-dollar sales with 23, followed by Boulder with 14, and Lone Tree and Cherry Hills Village with four each;
Homes sold in an average of 73.7 days on the market, down from 103 days a year ago and 75.3 days the previous month;
Sellers received an average of 97 percent of their asking price, the same as a year ago and 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.

Click here to view current homes for sale in Colorado.

 

Our featured property, 43405 Cottonwood Creek Road, is listed by Mandy Nadler for $5,750,000.

By | 2016-01-25T15:20:48+00:00 December 17th, 2015|

About the Author:

A real estate veteran with more than two decades of experience, Chris Mygatt is the President and Chief Operating Officer of Coldwell Banker Residential Brokerage in Colorado. When not overseeing the daily operations of Colorado’s largest real estate and relocation company, Chris enjoys Colorado’s active outdoor lifestyle including cycling, skiing and hiking, and is an avid pilot, sea captain and scuba diver. Chris is also a strong supporter of Habitat for Humanity, Angel Flight, Up with People, Bike Denver and regularly participates in actively helping many other non-profit organizations in Colorado.

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