Luxury home sales and the median sale price in the Denver Metro Area dipped in May from the previous month and the same period a year ago, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services. 

A total of 47 homes changed hands for more than $1 million last month, down from 55 in May 2010 and 61 in April of this year. The median sale price of million-dollar homes also edged lower to $1.25 million, down 2.3 percent from last year and 4.5 percent from the previous month.

Other indicators showed a mixed housing picture: Seven multi-million-dollar homes sold last month, up from five a year ago but down from eight in April. Homes on average sold faster last month at 215 days, down from 243 days the previous month but up sharply from 122 days 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 market, like the overall housing market, has been searching for direction as the year progresses,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “We’ve seen some positive improvement in some months and then the market softens the next month.”

Mygatt said comparisons with a year ago are difficult because the market last May was still benefitting from the federal tax credit, which has since expired. Although the credit wasn’t aimed at the upper priced homes, the tax break indirectly helped fuel sales for move-up buyers who sold their entry-level and mid-priced homes.

One encouraging trend, Mygatt noted, is that the inventory of unsold homes on the market has been falling this year, which is good for the overall health and the long-term prospects of the market. “After rising much of last year, the steady drop in inventory could bode well for better months ahead,” he added.

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 five-bed, six-bath 7,023-square-foot home in Boulder that sold for $3,125,000;
  • Denver County boasted the most million-dollar sales with 13, followed by Boulder with eight, Cherry Hills Village with seven, and Parker with five;
  • Sellers on average received 91.3 percent of their asking price, down from 93 percent a year ago and 92.2 percent 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.