Denver-area luxury home sales increase

Denver Business Journal – by Dennis Huspeni

Date: Friday, August 19, 2011, 7:00am MDT

More luxury homes sold in the metro Denver area in July, and for a higher median price, than in the same month of 2010, according to a new report from Coldwell Banker Residential Brokerage  .

Deals closed on 69 homes, each priced more than $1 million, according to the report, which is culled from Multiple Listing Service data. While that number was up 38 percent from the 50 homes sold in July of 2010, it fell slightly from June’s 71 sold.

The median price rose to $1.39 million, up from July 2010’s price of $1.22. That number also climbed 7 percent from June’s median price of $1.3 million.

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“July’s solid numbers on top of a good June gives us reason to be optimistic about the luxury market,” Coldwell’s President Chris Mygatt said in a statement. “The overall market has seen a steady decline in inventory of homes for sale, which should continue helping the housing market heal itself.”

The report also shows 15 homes sold for more than $2 million, up both year-over-year and month-over-month. Sellers received an average of 92.6 of their asking price, up from 90.8 percent in July 2010.

The most expensive home sold in July was in Cherry Hills Village: a five-bedroom, nine-bath, 12,298-square-foot home for $8.2 million.

Boulder had the highest number of luxury home sales with 14, followed by Denver’s 13.

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About dherries
Dave and Sally Herries and The RealtyColorado Team - Real Estate Broker serving the metro-Denver area. Offering properties in urban, sub-urban and rural areas. Our mission statement is "Enriching lives through real estate."

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