Luxury home sales in the Denver Metro Area surged nearly 25 percent in June from the same month last year led by sales in the upper end of the luxury market, 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 223 luxury sales in June, up 24.6 percent from the 179 high-end sales in June 2015. Sales last month were up even more sharply from May 2016, when there were 168 transactions. However, some of that increase is due to normal seasonal moves in the market.
The biggest catalyst in the spike in sales was the upper end of the luxury market, which saw 35 sales over $2 million last month, more than double 14 sales at that level last June. There were also nine sales over $3 million, up from just four in June 2015.
Meanwhile, the median sale price of a luxury home last month increased as well, climbing 2.3 percent from a year ago to reach $1.33 million. June’s median sale price was also up 2.6 percent from the previous month, when it was $1,296,000.
“Things really picked up in June for the Denver Metro Area’s luxury market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “We’ve started seeing a few more listings coming on the market this spring, and those are turning into more closed sales this summer as they work their way through the pipeline.”
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, three-bath approximately 11,500-square-foot home in Cherry Hills Village that sold for $5,275,000;
- Denver boasted the most million-dollar sales with 68, followed by Boulder with 57, Greenwood Village with 15, and Castle Rock with 10;
- Homes sold in an average of 65.6 days on the market, down from 68.6 days a year ago and 84.3 days the previous month;
- Sellers received an average of 98 percent of their asking price, up from 97 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.