Sales and median sale price of million-dollar homes up in October from year ago

After pausing in September, luxury home sales in the Denver metro area resumed their upward march in October with both the number of properties and the median sale price jumping from year-ago levels, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 49 homes sold for more than $1 million in the Denver Metro Area in October, up from the 36 in September and 44 in October 2009. The median sale price also climbed 7.5 percent from a year ago to $1,315,000. But the median was off 7.6 percent from September’s price of $1,422,500.

Two other key indicators demonstrated an improving market: It took an average of 109 days to sell a million-dollar home in the region in October, down sharply from 157 in September and 131 a year ago; and sellers received an average of 93 percent of their asking price, up from 91.6 percent the previous month and 89.7 percent 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 has steadily improved over the past year, but as we saw in September, there will be setbacks along the way,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “It was encouraging to see the market bounce back last month, but there will continue to be challenges until the economic recovery picks up steam.”

For the entire market, sales of existing homes fell 28 percent last month from October 2009, according to Metrolist. One of the reasons for the drop in overall sales, Mygatt said, was that the federal tax credit, which was in effect last year, expired earlier this year.

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

  • The most expensive sale in the Denver Metro Area in October was a four-bedroom, six-bath 5,918-square foot home in Dillon that sold for $2.59 million;
  • Denver boasted the most million-dollar sales with 10, followed by Boulder and Greenwood Village with eight each, and Cherry Hills Village with four;
  • It took an average of 109 days to sell a million-dollar home in the area, down from 131 days a year ago and 157 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.