Luxury home sales and the median sale price in the Denver Metro Area were flat last month compared to year-ago levels, although sales were up from February, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services. 

A total of 34 homes changed hands for more than $1 million last month, exactly the same number as in March 2010. The median sale price of million-dollar homes was slightly lower, down 1.6 percent from a year ago to $1,342,000.

On a monthly basis, sales were up from February, when 27 luxury properties were sold. But the median sale price was off 7 percent from the previous month.

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 market has gradually been stabilizing over the past year, as evidenced by the March sale figures as well as median price,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “The end of the federal tax credit last year appears to have slowed the overall market, but the good news is that inventory levels are declining and that should help bolster prices in the months ahead.”

Mygatt noted that the overall inventory of unsold homes in the Denver metro area is at its lowest level since 2002. “It’s encouraging to see inventory finally dropping after rising most of last year,” he said. “We’ll be watching the inventory numbers closely to see if this is the beginning of a trend that could provide a solid foundation for the market.”

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 six-bedroom, eight-bath 7,334-square-foot home in Cherry Hills Village that sold for $2,575,000;
  • Denver County boasted the most million-dollar sales with 10, followed by Boulder with seven, and Cherry Hills Village with four;
  • Sellers on average received 90 percent of their asking price, down from 91.7 percent a year ago and 94 percent the previous month;
  • It took an average of 181 days to sell a million-dollar home in the area, up from 101 days a year ago but down from 184 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.