Denver metro luxury home sales climb 20 percent in July

DENVER — The number of luxury-home sales in the Denver metro area climbed more than 20 percent, while the median sale price dipped 7 percent during July compared with the same month a year ago, according to a report released Monday by Coldwell Banker Residential Brokerage.

“Inventory is gradually picking up, and that’s finally giving buyers a little more to choose from as we move toward the end of the summer season,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.”

Denver recorded the most million-dollar sales with 46, followed by Boulder with 36, Greenwood Village, 13, and Cherry Hills Village 10.

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In all, 163 luxury homes in the metro area sold in July, up 20.7 percent from 135 high-end sales in July of last year. Luxury sales in July fell short of June’s 177 transactions, although a seasonal decline from June to July isn’t unusual, according to the report.

The median sale price of a luxury home in July dipped to $1,292,000, down 6.7 percent from last July’s median of $1,385,000. The median sale price in July was fractionally lower than June’s $1.3 million level.

The most expensive sale in the Denver metro area in July was a 7,500-square-foot, seven-bedroom, six-bath home in Cherry Hills Village that sold for $11 million.

Homes sold in an average of 73.7 days on the market, down from 74.7 days a year ago but up from 68.6 days the previous month.

Sellers received an average of 97 percent of their asking price, down from 98 percent year ago and the same as last month.

The figures are based on multiple-listing service data of all homes sold for more than $1 million.