Denver luxury home sales on upswing

Dennis Huspeni Reporter – Denver Business Journal

More luxury homes in metro Denver sold in September than in the prior month and compared to the same month last year, according to a report analyzing Metrolist Inc.’s sales data released Friday.

Forty seven homes, costing more than $1 million, sold last month, which is a slight increase from the 45 sold in August and the 35 sold in September 2010, according Gary Bauer, an independent, Littleton-based real estate broker and Metrolist analyst.

Another report released Friday from Coldwell Banker Residential Brokerage, analyzing multiple listing service data, showed 50 luxury homes sold in September, up from 36 in the same month last year but down slightly from the 53 sold in August.

Both reports covered residential homes and condos.

Bauer’s report showed the average sales price at $1.48 million for residential homes, down from $1.53 million in August and from $1.81 million year-over-year.

The Coldwell report showed a median sales price of $1.34 million, down 5.9 percent year-over-year but up slightly, 1.8 percent, from August.

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Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado said in a news release one of the reasons for the jump in luxury home sales so far this year is a strong interest from international buyers seeking a second home close to ski resorts.

“Investors are taking advantage of the extremely affordable home prices and the historically low interest rates available right now,” Mygatt said in the news release.

The average days on the market for luxury condos jumped considerably month-over-month, from 111 days in August to 278 last month, Bauer’s report shows. Both numbers are way down from the 573 average days on the market for condos in September of 2010.

Residential homes’ average days on the market was 197 last month, up from 142 days in August and down slightly from 218 days in September of 2010, according to Bauer’s report.

Highlights form the Coldwell luxury report:

• The most expensive sale in metro Denver last month was a four-bedroom, seven-bath 9,694-square-foot home in Denver that sold for $3,815,000;

• Denver had the most million-dollar sales with 17, followed by Boulder with seven, and Cherry Hills Village with five.

• Homes sold in average of 202 days, up from 150 days the previous month and 157 days a year ago;

• Sellers on average received 91.7 percent of their asking price, compared to 92.4 percent the previous month and 91.6 percent a year ago.

Metrolist Inc. of Greenwood Village is metro Denver’s Multiple Listing Service, a database of home sales activity for real estate professionals.

Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Email: Phone: 303-803-9232.

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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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