Denver, CO, January 27, 2012 --(PR.com
)-- Luxury home prices in the Denver Metro Area jumped 8 percent in December as the region’s high-end market remained strong at year-end, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
The median sale price for a million-dollar-plus home reached $1.35 million last month, up 8 percent from a year ago when it stood at $1.25 million and 8.4 percent higher than November of 2011 when it was $1,245,000.
While prices moved higher, luxury sales did taper off as the year came to a close. Some 41 homes sold for more than $1 million, down from 45 in November and 51 in December 2010. But the number of multi-million-dollar sales edged higher to nine, up from five in November and eight a year ago.
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.
“There continues to be solid demand for homes priced above $500,000 and $1 million,” said Chris Mygatt, President of Coldwell Banker Residential Brokerage in Colorado. "We've seen really good activity in the upper end of the market for the better part of the past year. That’s a healthy sign for the overall market because history has shown that sustainable recoveries in the housing market typically begin with the luxury segment.”
Mygatt said the challenge for the market continues to be a shortage of homes for sale, not lack of buyers. “I think it’s important for sellers to get the message that the market is getting better in many areas and there are buyers willing to pay competitive prices for homes,” he said. “If you’ve been thinking about putting your home on the market, you shouldn’t wait any longer. It’s time to jump in.”
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 three-bedroom, five-bath 3,800-square-foot home in Denver that sold for $3.25 million;
* Denver boasted the most million-dollar sales with 11, followed by Castle Rock with five and Boulder with four;
* Homes sold in average of 207 days, up from 167 days the previous month and 148 days a year ago;
* Sellers on average received 92.3 percent of their asking price compared to 94 percent the previous month and 90.3 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.