Denver, CO, April 18, 2014 --(PR.com
)-- After dipping in February, luxury home sales in the Denver Metro Area rebounded strongly in March with sales doubling from the previous month and jumping 18.3 percent from a year ago, 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.
A total of 84 luxury homes changed hands in March, up from just 42 in February and 71 in March 2013. The median sale price last month was $1,257,000, up fractionally from February and down 1.4 percent from last March.
The upper end of the luxury market last month recorded 13 sales over $2 million, up from 10 a year ago and just three in February. But homes took a little longer to sell on average in March than they did in March 2013.
"The luxury market turned in a solid month in March, due in part to a gradual increase in inventory," said Chris Mygatt, president of Coldwell Banker Residential Brokerage. "We still don't have enough good listings in the market to meet the strong buyer demand, but we're moving in the right direction. Word is finally getting out to homeowners that this is a great market to sell your home. Hopefully we'll see more inventory as spring continues."
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 seven-bedroom, five-bath approximately 10,700-square-foot home in Denver that sold for $4,650,000;
* Denver boasted the most million-dollar sales with 23, followed by Boulder with 21, Greenwood Village and Longmont with five each, and Highlands Ranch with four;
* Homes sold in an average of 143 days on the market, up from 133 days a year ago and 117 days the previous month;
* Sellers received an average of 95 percent of their asking price, down from 96.1 percent a year ago and even with 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.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 16 offices with nearly 1,000 sales associates serving the communities along Colorado's Front Range. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.coloradohomes.com or call 303.880.5020.