From Inside Real Estate News by John Rebchook

This 6,748-square-foot home in Boulder County sold for $3.2 million in April.

The Denver-area market for homes costing at least $1 million is relatively steady, shows a report released today.
There were a total of 57 sales – 51 single-family homes and six condos – in April, compared with 58 in April 2010, according to the report released by independent broker Gary Bauer. Single-family home sales were down by four from April 2010, when 55 traded hands, while condo sales doubled.
By the numbers In the first four months of the year, 156 homes sold – 143 single-family homes and 13 condos, compared with a total of 147 during the same period in 2010.
The total dollar volume for luxury homes in the first four months of the year was $235.9 million, compared with $232.9 million through April 2010.
The number of single-family home sales in April rose by 54.5 percent on a month-to-month basis, but that was for seasonal reasons, Bauer said. In March, 33 luxury homes sold. In April 2010, luxury single-family home sales rose by almost 90 percent from March 2010, when only 29 homes in that price range closed.
Luxury market proxy for entire market “What is happening in the luxury market is an example of what is happening in the overall market,” Bauer said. “We’re going to see a little up and little down for the next month or two. When we hit the prime season, we’ll see some upward movement.”
While the upper-end activity may not be “exciting,” Bauer said it still remains positive.
“It is beneficial to have $236 million in transactions,” Bauer said. “That is good for the economy.”
Edie Marks, a broker with the Kentwood Co., said Bauer’s data reflects what she is seeing.
“There’s nothing huge; nothing saying that there is a huge upward trend, but just kind of a steady market,” she said.
Low-ball offers abound What she is seeing, however, is a lot of low-ball offers.
“I’m seeing a lot of buyers out there who want to steal properties,” Marks said. “I’m seeing some really bad offers. They definitely want to steal the properties before they go up in value. But in most of the cases, the sellers are holding the line, which is appropriate.” In one case, she said she has received five offers from one potential buyer. The seller first listed the house at $1.35 million and has dropped the asking price to $1.150 million. The seller isn’t willing to accept a super-low offer, feeling he has come down enough in price.
“The seller is not going into the $900,000s,” or even $1 million, Marks said. The persistent prospective buyer, she said, “moves $15,000 and expects us to jump.”
She said just about every one of her 7-figure listings has received offers that have been rejected by the sellers.
“That’s what I am hearing from other brokers, too,” Marks said. “If people were accepting these low-ball offers, the (sales) numbers would be double.”

Bauer’s analysis of Metrolist data found that for single-family home sales:

  • 13 were in Denver

Bauer’s analysis of Metrolist data found that for single-family home sales:

  • 13 were in Denver
  • 11 in Arapahoe and Douglas counties
  • 9 in Boulder County
  • 6 in Jefferson County
  • 1 in Adams County
For condos, three were Denver, two in Boulder county and one in Arapahoe County.

This Cherry Hills home, listed at $2.85 million, sold for $2.55 million.

Single-family home prices ranged from $1 million to $3.2 million. The 51 home sales in April represented $76.6 million in sales volume, compared with $83.5 million in April 2010.

The median list price last month was $1.425 million and the median sold price was $1.3 million. In April 2010, the median list was $1.375 million, an the median sales price was $1.2 million, Bauer’s report shows.
There are currently 1,157 single-family homes priced at $1 million or more on the market, down 16.6 percent from the 1,212 in April 2010, but up 14.4 percent from the 1,011 on the market in March.
There are 106 condos in that price range on the market, down 23.4 percent from the 137 a year ago, and up 0.95 percent from the 105 in March.
Bauer’s report covers 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.