Sales of luxury homes in the Denver Metro Area soared in December after a slow November with high-end sales up more than 50 percent from a year ago, according to a new report by Coldwell Banker Residential Brokerage.
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.
There were 152 luxury sales last month, up 50.5 percent from 101 sales last December. Sales last month were also up sharply from the 77 transactions in November. The upper end of the market continued to do well with 20 sales over $2 million, up from 18 last year.
Meanwhile, the median sale price of a luxury home in December edged up 1.5 percent from a year ago to $1,319,000. However, the median was down from November’s level of $1,353,000.
Other key market indicators were positive with homes selling faster on average in December 2015 than they did a year before, and sellers receiving a higher percentage of their asking price compared to the previous year.
“After a bit of a slowdown in November, the luxury segment of Denver Metro’s housing market was back up to full speed in December with some really strong sales numbers,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “Demand was especially robust from buyers who wanted to close on their home before year-end. We’re hoping that momentum carriers over into the new year.”
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 six-bedroom, five-bath 9,500-square-foot home in Cherry Hills Village that sold for $5.96 million;
- Denver boasted the most million-dollar sales with 45, followed by Boulder with 21, Cherry Hills Village with nine and Golden with eight.
- Homes sold in an average of 86.6 days on the market, down from 103 days a year ago and 73.7 days the previous month;
- Sellers received an average of 96 percent of their asking price, up from 95 percent a year ago but down from 97 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.
Click here to view stats for the overall Metro Denver market.