Luxury home sales in the Denver Metro Area jumped more than 23 percent in April from the same month last year and the median sale price 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.
There were 131 luxury sales in April, up 23.6 percent from the 106 sales in April 2015. Sales last month were up even more sharply on a monthly basis, climbing nearly 30 percent compared to March. The upper end of the market was especially strong with 19 sales over $2 million last month, up from 11 in March.
Meanwhile, the median sale price of a luxury home in April edged up 1.3 percent from a year ago to $1,340,000 from $1,325,000 in April 2015. April 2016’s median sale price was also up 1.4 percent from March.
“The Denver Metro Area remains one of the hottest housing markets in the country, and that includes the luxury segment,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “There’s never been any questions about demand from buyers, but now we’re gradually seeing some more listings coming on the market to meet that demand and it’s pushing sales figures much higher.”
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, four-bath approximately 12,000-square-foot home in Cherry Hills Village that sold for $3.95 million;
- Denver boasted the most million-dollar sales with 37, followed by Boulder with 32, Greenwood Village with 10, Englewood with nine, and Cherry Hills Village with seven;
- Homes sold in an average of 93.6 days on the market, up from 85.6 days a year ago and 86.4 days the previous month;
- Sellers received an average of 98 percent of their asking price, up from 97 percent a year ago and 96 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.