DENVER - The Denver Metro Area's luxury housing market finished out 2013 with a 15.6 percent increase in sales over the prior year, according to a new report by Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
The figures are based on Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
A total of 74 luxury homes in the region sold in December, up from 64 sales in December 2012. Sales last month were also up 12 percent from November, when 66 high-end homes changed hands.
The median sale price of a luxury home last month dipped to $1,336,894, down 4.5 percent from the same period a year ago. But the median price was fractionally higher than November, when it stood at $1,325,000.
Other key market indicators were fairly positive last month. Homes sold faster on average than the previous month and year ago levels and sellers received a slightly higher percentage of their asking price. But there were fewer sales over $2 million - eight last month compared to 13 in November.
"The strongest single market segment for 2013 was clearly the luxury home market," said Chris Mygatt, president of Coldwell Banker Residential Brokerage. "If you include sales of properties priced at over $500,000 - the top 10% of the market - we saw an increase of 44 percent year over year."
Mygatt said that despite a dip in sales of ultra-high end homes last month, industry experts are expecting another strong year in Colorado's luxury home market.
"We're desperately in need of quality high-end properties in iconic neighborhoods that are priced sensibly," he said. "Buyers have been frustrated by the lack of inventory of good, high-end homes along the Front Range."
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the Denver Metro Area last month was a six-bedroom, four-bath approximately 10,000-square-foot home in Denver that sold for $4,375,000
- Denver boasted the most million-dollar sales with 24, followed by Boulder with 10, and Cherry Hills Village and Castle Rock with four
- Homes sold in an average of 112.6 days on the market, down from 157.1 days a year ago and 133.8 days the previous month
- Sellers received an average of 95.5 percent of their asking price, up from 94.2 percent a year ago and 95 percent 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, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
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