Denver Metro Area Luxury Home Prices Climb in February, Coldwell Banker Residential Brokerage Reports

The median sale price of million-dollar homes in the Denver Metro Area climbed last month, according to a new report by Coldwell Banker Residential Brokerage, but unit sales dropped off. End Quote

Denver, CO (1888PressRelease) March 11, 2011 - Luxury home prices in the Denver Metro Area rose in February compared to the previous month and year-ago levels, but sales of million-dollar properties declined, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.

The median sale price of million-dollar homes climbed to $1,443,000 last month, up 12.4 percent from January and 7.2 percent from February 2010. Sellers also received nearly 94 percent of their asking price on average, up from 85.6 percent a year ago and 90.5 percent the previous month.

However, luxury sales dipped in February after a sharp rise in January. A total of 27 homes sold for more than $1 million in the Denver Metro Area last month, down from 40 in January and 37 during the same period a year ago.

The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.

"The luxury market has gradually been improving, but we may continue to see some volatility in sales from month to month as the economic recovery takes hold," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "The good news is that prices are firming up and sellers are getting more of their asking price. It will be interesting to see how the market evolves as we head into the spring home-buying season."

Mygatt said the recent uptick in mortgage interest rates could get buyers off the fence and convince them to move ahead with purchases while rates are still near historic lows. "We're hearing from more buyers who realize that rates are heading higher before long," he said. "And with home prices still very attractive and the economy improving, I think potential buyers are realizing this might be a good moment in time to pull the trigger on a purchase."

Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:

* The most expensive sale in the Denver Metro Area in February was a six-bedroom, seven-bath 10,060-square-foot home in Boulder that sold for $4.15 million;

* Denver County and Boulder County boasted the most million-dollar sales with six apiece, followed by Cherry Hills Village with three;

* Sellers on average received 93.9 percent of their asking price, up from 85.6 percent a year ago and 90.5 percent the previous month;

*It took an average of 184 days to sell a million-dollar home in the area, the same as last year but up from 144 days the previous month.

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 1,115 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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