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.
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