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Luxury Home Sales Jump 52% in Denver Metro Area, Coldwell Banker Residential Brokerage Reports


Million-dollar home sales in the Denver Metro Area soared to their highest level since the pre-recession peak, according to a new report by Coldwell Banker Residential Brokerage, the region's leading luxury real estate company.

Denver, CO, July 20, 2012 --(PR.com)-- Luxury home sales jumped sharply again last month in the Denver Metro Area, sending million-dollar sales to their highest level since the pre-recessionary peak of the housing market, according to a new report by Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 108 homes sold for more than $1 million in June, up a whopping 52 percent from last June's 71 sales and 42 percent higher than May, when 76 properties changed hands above the million-dollar mark. June's sales were the highest since Coldwell Banker began compiling the luxury report in 2007.

While luxury sales spiraled last month, the median sale price for a million-dollar home eased a bit, falling 2.1 percent from May and 4.2 percent from the same period a year ago.

Other market indicators were encouraging as well. Luxury homes sold faster last month, with properties spending an average of 146 days on market, down from 156 in May and 164 last June. Sellers also received 93.2 percent of their asking price on average, up from 92.6 percent 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.

“The luxury housing market in the Denver Metro Area really has been on fire," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "We saw it began last year and it continues to build as we go through 2012."

Mygatt added that demand for luxury properties hasn't slowed down despite the choppy stock market or uncertain economy.

"It really comes down to the fact that there are many qualified buyers out there who still see good values in the market," he said. "They have the ability to take advantage of opportunities when the right property comes along, and they continue to do just that."

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 an eight-bedroom, seven-bath 11,200-square-foot home in Denver that sold for $3.49 million;

* Denver also boasted the most million-dollar sales with 31, followed by Boulder with 18, Cherry Hills Village with 13, and Greenwood Village with 12;

* There were nine multi-million-dollar sales last month, down from 11 a year ago but up from seven the previous month;

* Homes sold in an average of 146.3 days compared to 164.4 days a year ago and 155.8 days 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, 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.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
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