Denver metro area luxury-home sales rebound

DENVER – After dipping in February, luxury-home sales in the Denver metro area rebounded in March with sales doubling from the previous month and jumping 18.3 percent from a year ago, according to a report released Wednesday by Coldwell Banker Residential Brokerage.

Denver had the most million-dollar sales with 23, followed by Boulder with 21, Greenwood Village and Longmont with five each, and Highlands Ranch with four.

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.

Eighty-four luxury homes changed hands in March, up from 42 in February and 71 in March 2013. The median sale price last month was $1,257,000, up fractionally from February and down 1.4 percent from last March.

The upper end of the luxury market last month recorded 13 sales of more than $2 million, up from 10 a year ago and just three in February. But homes took a little longer to sell on average in March than they did in March 2013. Homes sold in an average of 143 days on the market, up from 133 days a year ago and 117 days the previous month.

“The luxury market turned in a solid month in March, due in part to a gradual increase in inventory,´ said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “We still don’t have enough good listings in the market to meet the strong buyer demand, but we’re moving in the right direction. Word is finally getting out to homeowners that this is a great market to sell your home. Hopefully we’ll see more inventory as spring continues.”

Sellers received an average of 95 percent of their asking price, down from 96.1 percent a year ago and even with the previous month.

The most expensive sale in the Denver metro area in March was a seven-bedroom, five-bath approximately 10,700-square-foot home in Denver that sold for $4,650,000.

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