Luxury home sales down in July, prices up slightly

Luxury homes sales are down 7.7 percent across the Denver metro area in July compared to last year, according to a new report by ColdWell Banker Residential Brokerage, though the median sales price rose 5.4 percent, to $1.375 million, thanks in part to low inventories.

The highest priced home sold during the period was in Boulder, where a three-bedroom, two-bath 5,300-square foot residence sold for $5.3 million.

Despite the annual drop in sales, month-over-month sales rose 7.7 percent from June, and sellers received about 98 percent of their asking price, up from 96 percent during the same time last year.
Homes continue to move quickly, with days-on-the-market now at an average of 74, down dramatically from last July when it took an average of 107 days for a luxury home to sell.

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“There are still an ample number of interested buyers who are ready, willing and able to purchase a luxury home, but more homes are needed to meet the demand,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.