Denver, CO, December 18, 2011 --(PR.com
)-- Luxury home sales in the Denver Metro Area rose in November from the previous month and a year ago, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
A total of 45 homes changed hands for more than $1 million last month, up from 37 in October and 44 from the same month last year. The median sale price was $1,245,000, up 1.2 from November 2010 but down 6 percent from the previous month.
Most other key indicators showed improvement in the high-end market. There were five multi-million-dollar sales last month, up from two in October but slightly slow from the six sales of $2 million or more a year ago.
Sellers received 94 percent of their asking price on average compared to 89 percent last year and 88 percent in October. And homes sold in an average of 167 days, down from 196 days on the market the previous month but shy of the 151 days for sales last year.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
“The Denver Metro Area’s luxury market continues to be steady despite the challenges from the slow economy and volatile stock market,” said Chris Mygatt, President of Coldwell Banker Residential Brokerage in Colorado. “The problem isn’t lack of buyers; they’re out there looking for the right home. The problem is not enough homes on the market right now.”
Mygatt said many homeowners have put off selling for fear of getting a lower price than they’d like. “But this really is creating a shortage of well-appointed, well-priced homes on the market,” he said. “We need many more listings to meet the demand out there. Sellers might be surprised to know that this is really a good time to list their home. There isn’t as much competition for buyers’ attention.”
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, nine-bath 8,025-square-foot home in Boulder that sold for $3.2 million;
* Denver boasted the most million-dollar sales with 15, followed by Boulder with eight, and Greenwood Village with four;
* Homes sold in average of 167 days, down from 196 days the previous month but up from 151 days a year ago;
* Sellers on average received 94 percent of their asking price compared to 88 percent the previous month and 89 percent a year ago.
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, the company is recognized around the world for its expertise in the luxury housing market.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,115 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.ColoradoHomes.com or call 925.275.3085.