Sales of million-dollar homes up 48% from last year

Luxury home sales in the Denver Metro Area rose sharply once again last month compared to January 2010 as the upper end of the market continued to gain traction in the new year, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.

A total of 40 homes sold for more than $1 million in the Denver Metro Area in January, up 48 percent from the 27 that changed hands during the same period a year ago. However, sales were short of December’s total of 51 units.

Other market indicators were encouraging. Homes also sold at a faster pace with the average days on market dropping to 144 from 169 last year. And sellers received more than 90% of their asking price on average, up from 87% in January 2010.

The median sale price of million-dollar homes edged 3.5 percent lower in January from the previous year to $1,284,000. But the median was up 2.7 percent from December. 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 new year is off to a good start for the luxury market with a lot of interest by buyers who have been sitting on the fence over the past couple of years,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Consumers are feeling more confident every day that the economy is picking up and the job market is improving. That translates into greater confidence in real estate investments.”

Mygatt added that buyers of high-end homes are also greatly influenced by the financial markets, and with the stock market continuing to gain strength, many investors have the capital to move ahead with larger real estate purchases.

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

  • The most expensive sale in the Denver Metro Area in January was a seven-bedroom, nine-bath 9,591-square-foot home in Cherry Hills Village that sold for $4.8 million;
  • Denver boasted the most million-dollar sales with 11, followed by Boulder with seven, Cherry Hills Village with five, and Castle Rock and Greenwood Village with four apiece;
  • Sellers on average received 90.46 percent of their asking price, up from 87 percent a year ago and 90.32 percent the previous month;
  • It took an average of 144 days to sell a million-dollar home in the area, down from 169 days last year and 148 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.