Denver Metro Area Luxury Home Sales Increase, Coldwell Banker Residential Brokerage Reports

Luxury home sales in the Denver Metro Area jumped sharply last month from year ago levels, according to a new market report by Coldwell Banker Residential Brokerage, the region's leading real estate company. End Quote

Denver, CO (1888PressRelease) October 15, 2011 - Luxury home sales in the Denver Metro Area rose in September from a year ago, although the median sale price dipped year-over-year, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.

A total of 50 homes changed hands for more than $1 million last month, up from just 36 last September but down slightly from the 53 sales this August. The median sale price was $1,337,500, down 5.9 percent from the same period last year but up 1.8 percent from the previous month.

Three other key indicators showed a fairly level high-end market: There were five multi-million-dollar sales last month, the same as a year ago. Sellers received 91.7 percent of their asking price on average compared to 91.6 percent last year. But it took longer to sell a luxury home - 202 days on average versus 157 days 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.

One of the reasons for the jump in luxury home sales so far this year is strong interest from international buyers seeking a second home that is close to skiing and other mountain recreational activities, according to Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.

"Denver and the surrounding area are attracting lots of attention from second home buyers who want to enjoy all the activities that this metropolitan area has to offer while still being in close proximity to Rocky Mountain ski resorts," he said. "Investors are taking advantage of the extremely affordable home prices and the historically low interest rates available right now."

Mygatt said there's reason to be optimistic about the future of the Denver luxury market. "No one knows for sure what the immediate future holds, but if you intend to stay in your home for a number of years now really is a great time to buy," he said.

Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
o The most expensive sale in the Denver Metro Area last month was a four-bedroom, seven-bath 9,694-square-foot home in Denver that sold for $3,815,000;
o Denver boasted the most million-dollar sales with 17, followed by Boulder with seven, and Cherry Hills Village with five;
o Homes sold in average of 202 days, up from 150 days the previous month and 157 days a year ago;
o Sellers on average received 91.7 percent of their asking price compared to 92.4 percent the previous month and 91.6 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.

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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