Denver-area luxury home sales up in November


Denver Business Journal by Dennis Huspeni, Reporter

Date: Friday, December 16, 2011, 2:15pm MST

Dennis Huspeni Reporter – Denver Business Journal

The luxury home market in metro Denver improved slightly last month from October year-over-year, according to a report Friday from Coldwell Banker    .

Forty-five local homes with a price tag of more than $1 million sold in November, up eight from the 37 sold in October and up one from November 2010, the report shows.

A similar report from independent Littleton broker Gary Bauer using Metrolist data shows an inventory of 650 residential homes listed for more than $1 million in November, and 74 condos.

Bauer’s statistics show an average residential home sales price of $1.44 million, with a median price of $1.3 million.

The Coldwell report indicates sellers received 94 percent of their asking price in November, up from the 89 percent in November 2010 and the 88 percent in October. Those homes stayed on the market an average of 167 days, down from October’s 196 days but up from the 151-day average set in November 2010.

“The Denver metro area’s luxury market continues to be steady despite the challenges from the slow economy and volatile stock market,” Coldwell President Chris Mygatt said in the report. “The problem isn’t lack of buyers; they’re out there looking for the right home. The problem is not enough homes on the market right now.”

Other highlights from the Coldwell report:

• The most expensive home in November sold in Boulder for $3.2 million. It was 8,025 square feet with six bedrooms and nine baths.

• Denver had 15 sales; Boulder eight and Greenwood Village had four.

Year-to-date highlights from Bauer’s Metrolist report:

• That inventory of 650 residential homes was down 34 percent from the same level in 2010, and down 22 percent for condos.

• The number of sold homes was flat year-over-year at 463. Condo sales rose 10 percent in that same time period, from 31 in 2010 to 34 this year.

• Sales volume for homes dropped slightly from $712 million in 2010 to $704 million this year. Volume for condos rose from $46 million last year to $48 million this year.

• The average sales price for homes stayed flat at $1.5 million, with condos dropping slightly from $1.5 million in 2010 to $1.4 million this year.

“We need many more listing to meet the demand out there,” Mygatt said in the report. “Sellers might be surprised to know that this is really a good time to list their home. There isn’t as much competition for buyers attention.”

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


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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