Luxury Home Prices in Denver Metro Area Up in April, Coldwell Banker Residential Brokerage Reports

Denver, CO, May 26, 2012 --(PR.com)-- Sale prices of luxury homes in the Denver Metro Area rose again last month, although property sales eased from the previous month and year ago levels, according to a new report by Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

The median sale price for a million-dollar-plus property climbed to $1,392,500 in April, up 6.3 percent from March and April 2011. Additionally, there were 10 sales in excess of $2 million compared to just four in March and eight last April.

Meanwhile, a total of 44 properties sold for more than $1 million in April, down from 49 sales in March and 61 transactions during the same month a year ago. But homes did sell faster, 172.6 days on average compared to 242.6 days 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 real challenge for this market is a continuing shortage of homes to sell, and that's reflected in the lower sales figures as well as the higher prices last month,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "We have buyers ready, willing and able to purchase a home in all segments of the market. But there just isn't enough inventory to pick from."

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 five-bedroom, eight-bath 8,894-square-foot home in Denver that sold for $5.25 million;

* Denver also boasted the most million-dollar sales with 14, followed by Boulder with six, and Castle Rock and Cherry Hills Village with four each;

* Homes sold in an average of 172.6 days compared to 242.6 days a year ago and 129.1 days the previous month;

* Sellers on average received 92.6 percent of their asking price compared to 94.9 percent the previous month and 92.2 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.