DENVER, COLO. - January 27, 2010 -
Sale prices for luxury homes in the Denver metro area rose in December from a year ago, but the number of property sales declined, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
A total of 33 homes in the metro area sold for more than $1 million last month, down from 39 the previous month and 48 a year ago. However, the median sale price climbed to $1.35 million, up 9.5 percent from the same period in 2008.
Other measurements indicate that the high-end market is still trying to stabilize. It took 145 days to sell a million-dollar home, up from 119 days the previous month and 106 days a year ago. Sellers received approximately 84 percent of their average asking price compared to 88 percent in November and also December 2008.
"The housing market has come a long way in a past year, but it's too early to say that we’re seeing a turnaround," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "We've made progress, but given the high unemployment rate and another possible wave of foreclosures, we still have some challenges ahead."
The Denver metro area's high-end market echoes the overall housing market. MetroList, metro Denver's multiple listing service, earlier this month reported that sales of existing homes in the region were down 8.5 percent in December from the same month a year ago, and down 12 percent on the full year. However, the average sale price was up 13.6 percent.
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report: * The most expensive sale in the region in December was a five-bedroom, nine-bath home in Cherry Hills Village that sold for $4.1 million;
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. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with more than 1,180 sales associates serving the communities of the Denver area. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visit www.ColoradoHomes.com or call 888.322.9378. # # #
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