Denver Metro Area Luxury Home Sales Dip But Prices Increase, Coldwell Banker Residential Brokerage Reports

Denver, CO, September 30, 2011 --(PR.com)-- Luxury home sales in the Denver Metro Area dipped in August but the median sale price rose over the same period a year ago, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 53 homes changed hands for more than $1 million last month, down from the 69 sales in July and 71 in August 2010. However, the median sale price of a luxury home jumped 5.4 percent year over year to $1,313,000. The median was off from July’s $1.39 million level.

Two other key indicators showed the high-end market is starting to return to normalcy: There were 11 multi-million-dollar sales last month, up from nine a year ago. And sellers received 92 percent of their asking price on average, about the same as a year ago. But it did take longer to sell a luxury home last month, 150 days on average versus 98 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 market continues to firm up in the Denver Metro Area along with the overall housing market,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Sales have been up and down on a monthly basis, but generally trending in the right direction and prices appear to be gradually improving.”

Mygatt noted that overall million-dollar sales this summer from June through August totaled 193 properties, up nearly 3 percent from last summer and a robust 17 percent from the same period in 2009 when homebuyer tax credits were impacting the overall housing market.

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 6,729-square-foot home in Greenwood Village that sold for $3.5 million;

* Denver boasted the most million-dollar sales with 16, followed by Boulder with 10, and Cherry Hills Village with five;

* Homes sold in average of 150 days, down from 178 days the previous month but up from 98 days a year ago;

* Sellers on average received 92 percent of their asking price compared to 92.6 percent the previous month and 92.1 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.

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