DENVER, COLO. - February 22, 2010 -
Sales of million-dollar homes in the Denver metro area dipped in January from December and from a year ago, although the median sale price rose year over year, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
A total of 27 homes in the metro area sold for more than $1 million last month, down from 33 the previous month and 38 a year ago. This marked the seventh consecutive monthly drop in million-dollar property sales. However, the median sale price was $1.33 million, up 11.5 percent from the same period in 2009 but down 1.5 percent from December.
The figures were derived from Multiple Listing Service data of all million-dollar-plus homes sold market wide.
"While we've seen definite improvement in the housing market over the past year, it's still going to take some time for the market to fully recover and return to normal," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "But the end of January and the beginning of this month have been strong, which could translate into closed sales in the coming weeks and months."
Mygatt said he expects to see a much earlier spring selling season this year due to the upcoming deadline for the home buyer tax credit. The season typically runs from March through May, but buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.
"One of the challenges we're facing the Denver metro area is that there aren't enough properties on the market, including the high end on the market, which slows down the number of sales," he said. "We have almost three years of declining inventory, which is good for bringing the market back into balance. But it's putting pressure on pricing and unit sales."
Like the luxury market, the overall housing market in the Denver metro area saw sales down but prices up last month. MetroList, metro Denver's multiple listing service, reported that sales of existing homes in the region declined 4.7 percent in January from a year ago. But the median sale price of single-family homes and condos were up 16 and 15 percent, respectively.
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
* The most expensive sale in the region in January was a four-bedroom, five-bath home in Boulder that sold for $4.2 million;
* Denver boasted the most million-dollar sales with eight, followed by Boulder with five;
* It took an average of 169 days to sell a million-dollar home in the region, up from 145 the previous month and 150 days a year ago;
* Homes sold for an average price of $1.64 million or 87 percent of their average asking price compared to 84 percent the previous month and 91 percent last year.
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.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 14 offices with 1,180 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. 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 925.275.3085.
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