Median sale price of luxury homes rises from August level but falls year over year

After hitting a two-year high in August, luxury home sales in the Denver metro area came back down to Earth in September. Million-dollar property sales fell from the previous month and a year ago, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 36 homes sold for more than $1 million in the Denver Metro Area in September, down from 46 a year ago and 71 last month. However, the median sale price did climb more than 14 percent from August to reach $1,422,500 in September. The median price was off 2.9 percent from 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 end of the Denver Metro Area housing market, like the overall market, experienced an adjustment downward last month,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “We’ll be looking to the next month or two to see if this was an anomaly or part of a trend.”

Mygatt said that although the local housing market has improved overall the depths of the recession, it still faces challenges. “There are still economic headwinds the market has to contend with, both in terms of the job market and consumer sentiment,” he said. “We’re moving in the right direction I think, but improvement in the housing market will probably come in fits and starts until more of the macro economic issues improve.”

However, Mygatt noted that despite the drop in sales last month, there are still buyers looking for high-end properties. “Luxury properties that are priced appropriately, are well maintained and in desirable areas are still selling in a reasonable amount of time,” he said.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in the Denver Metro Area in September was a six-bedroom, seven-bath 10,473-square foot home in Cherry Hills Village that sold for $7 million;
  • Denver boasted the most million-dollar sales with 11, followed by Boulder with 5, Greenwood Village with four and Cherry Hills Village with three;
  • It took an average of 157 days to sell a million-dollar home in the area, down from 124 days a year ago and 98 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.

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