Sales of million-dollar homes up 15.8% in November from last year, prices down

Luxury home sales in the Denver metro area climbed again in November compared to a year ago, but the median sale price dropped over the same period, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 44 homes sold for more than $1 million in the Denver Metro Area in November, up 15.8 percent from the 38 that changed hands in November 2009. However, sales dipped from October when 48 luxury properties sold.

The median sale price of million-dollar homes, which was up in October, dropped in November to $1.23 million, off 5.9 percent from the previous month and 10.2 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 upper-end market has been improving, but very tentatively in the second half of the year,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “The reason is because buyers are being patient and selective. They want to see what’s on the market and they don’t feel a sense of urgency to buy.”

Mygatt added, “Once high-end buyers feel confident that the Colorado economy is steadily improving and employment is improving, they are going to move first.” Historically, he said, the luxury buyer is the first to jump back into the market following a recession because they have the means to move forward with large investments. “Once the high-end truly rebounds, that usually pulls the rest of the market back up with it,” 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 November was a four-bedroom, five-bath 4,586-square-foot home in Denver that sold for $3,050,000;
  • Denver boasted the most million-dollar sales with 12, followed by Boulder with 10 and Cherry Hills Village with four;
  • Sellers on average received 89 percent of their asking price, up from 88 percent a year ago but down from 93 percent the previous month;
  • It took an average of 151 days to sell a million-dollar home in the area, up from 119 days last year and 111 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.