First report shows median price of $1.5 million for luxury homes in November
DENVER, Colo. - December 18, 2008 - Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, has launched a new monthly luxury housing market report for the Denver metro area with the first report finding a median price of $1.5 million and 34 property sales in excess of $1 million last month.
November's median price was up nearly 12 percent from October’s median of $1.34 million and up 1 percent from November 2007. Sales of million-dollar homes, however, fell to 34 properties in November from 52 in October and 78 a year ago.
The average sale price of luxury homes last month reached $1.67 million, up from $1.63 million in October but down from $1.73 million in November 2007. The new report includes all sales over $1 million that closed escrow during the month, as reported by the Multiple Listing Service.
Luxury home prices and sales in the Denver metro area have held up relatively well considering the pressures on the overall housing market, Coldwell Banker Residential Brokerage reported. The median sale price of all single-family homes sold in November, for example, fell 15 percent from last year, while the median price for condos was off more than 6 percent.
"The Denver metro area certainly is not immune from the challenging housing market we're seeing in the rest of the country," said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage in Colorado. "But compared to many other regions, our local economy remains relatively strong and the upper end of our housing market continues to be in demand by well-healed buyers."
One sign of that strength is that million-dollar homes are selling faster than they have in recent months. It took an average of 80 days to sell a luxury property last month, down from 125 days a year ago.
Mygatt said Coldwell Banker Residential Brokerage decided to launch the monthly Denver Metro Area Luxury Housing Report because the company has a special expertise in marketing high-end properties through its internationally renowned Previews® program.
"This was a natural fit for us as a high-end, luxury brokerage, and it was something no one else was doing," he said. "We see this as a useful tool for Colorado homeowners and buyers, and we think this will serve as a key barometer of the local housing market in the future."
Some other findings from the November luxury report:
· The most expensive sale was $3.1 million for a four-bedroom, five-bath 5,361-square-foot home in Greenwood
· Denver boasted the most multi-million-dollar sales in October with 10, followed by Boulder, Cherry Hills and Greenwood with five apiece
· Homes sold for 92 percent of their average list price of $1.85 million.
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