The Denver Metro Area’s luxury housing market jumped out to a fast start to the new year in January with million-dollar sales nearly doubling from the same month a year before, 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.
There were 91 luxury sales last month, up 85.7 percent from the 49 sales in January 2015. Luxury sales last month were down sharply from the 152 transactions in December, but a significant drop from December to January isn’t unusual as many buyers try to close escrow before year-end.
The upper end of the luxury market was especially strong in January with 14 sales over $2 million, nearly five times the three sales at that price the previous year.
Meanwhile, the median sale price of a luxury home in January edged up 4 percent from a year ago to $1.3 million. The median price was down slightly from December’s median of $1,319,000.
“The Denver metro area’s luxury market has been one of the hottest in the country, and it looks like it’s off to a fast start again this year,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “We’re gradually starting to see inventory levels creep up, and that’s helping with sales. Traditionally we start to see even more inventory come onto the market after the Super Bowl, so it will be interesting to see what happens in the coming weeks.”
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 seven-bedroom, six-bath approximately 21,000-square-foot home in Cherry Hills Village that sold for $6.53 million;
- Denver boasted the most million-dollar sales with 31 followed by Boulder with 17;
- Homes sold in an average of 97.4 days on the market, down from 97.8 days a year ago but up from 86.6 days the previous month;
- Sellers received an average of 97 percent of their asking price, up from 96 percent 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.