Luxury home prices in the Denver Metro Area surged last month compared to March and year-ago levels, although sales declined during the same period, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services. 

The median sale price of million-dollar homes climbed to $1,436,355 in April, up 19.7 percent from a year ago when the median stood at $1.2 million. Last month’s level was also up 7 percent from March, when the median was $1,342,500.

Sales declined in April to 26 units, down from 34 in March and 58 in April 2010. But there were more high-end sales last month as seven homes sold for more than $2 million compared to just three in March. Sellers also received more than 91 percent of their asking price on average, up from 90 percent in March and 89.8 percent last year.

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 overall housing market, including the high-end of the market, has been gradually improving,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “It’s encouraging to see median prices increasing, which is an indication that the market is gaining strength. But as the sales figures show, the recovery will continue to come in fits and starts.”

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 four-bedroom, six-bath 6,748-square-foot home in Boulder that sold for $3.2 million;
  • Boulder boasted the most million-dollar sales with eight, followed by Denver with four;
  • Sellers on average received 91.2 percent of their asking price, up from 89.8 percent a year ago and 90 percent the previous month;
  • It took an average of 224 days to sell a million-dollar home in the area, up from 141 days a year ago and 181 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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