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Denver Metro Area’s Luxury Home Sales Dip Slightly in March, Coldwell Banker Residential Brokerage Reportscbwesternregion | April 28, 2010 at 10:09 pm | Categories: Uncategorized | URL: http://wp.me/pLh36-4r
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However, high-end properties selling faster than last year
Sales of million-dollar homes in the Denver metro area dipped slightly last month while the median sale price was up fractionally month over month, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
A total of 34 homes sold for more than $1 million in March, down from 37 in February and 36 during the same period a year ago. Meanwhile, the median sale price of luxury homes was $1,350,000, up fractionally from $1,346,000 the previous month but down 2.7 percent from $1,387,000 a year ago.
While the latest report showed a leveling off of the high-end market, encouraging sign in March was that million-dollar homes are selling faster with properties taking an average of 101 days to sell compared to 184 the previous month and 130 a year ago.
The figures were derived from Multiple Listing Service data of all million-dollar-plus homes sold market wide.
“The housing market has been moving in the right direction, but the rebound isn’t going to happen overnight,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “It’s important to remember that any road to recovery has its share of obstacles. There are still challenges ahead for the market, including high unemployment. Still, I’m encouraged by the improvement we’ve seen this year.”
Mygatt said the impending deadline for first-time homebuyer and repeat-buyer federal tax credits indirectly played a role in the surge in home sales last month. 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.
“Although expiration of the first-time buyer credit hasn’t directly had a big impact on the luxury market, the heightened activity at the entry level has helped push trade-up buyers into the higher end market,” he said. “The overall confidence in the luxury market has improved to some degree as a result of these programs.”
Mygatt added that, in general, consumer confidence appears to be on the rise in all segments of the housing market. “I think buyers are becoming more confident about purchasing a home now as the economy continues to show positive signs of a recovery and the stock market moves higher,” he said.
Some key findings from the latest Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in the Denver metro area in March was a six-bedroom, nine-bath 9,148-square foot home in Cherry Hills Village that sold for $3.585 million;- Denver boasted the most million-dollar sales in March with nine, followed by Greenwood Village and Littleton with four apiece;
- It took an average of 101 days to sell a million-dollar home in the area, down from 184 days the previous month and 130 days a year ago;
- Homes sold for an average of 91.7 percent of their list price, up from 85.6 percent the previous month and 89 percent a year ago.
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.