Sales down, prices up for luxury homes

BOULDER – January luxury-home prices in the Denver metro area increased 9.6 percent year over year and nearly 4 percent compared with December thanks in part to a shortage of such listings on the market.

The figures come from a report released Wednesday by Coldwell Banker Residential Brokerage, and are based on Multiple Listing Service data of homes sold for $1 million or more.

The median sale price of a luxury home in the region last month increased to $1,389,300. But only 42 million-dollar homes sold in the region, down from 46 a year ago and 74 last month.

Still, those homes sold in an average of 123 days on the market versus 158 a year ago. And sellers received an average of 95 percent of their asking price, up from 94 percent a year ago but down from 95.5 percent in December.

There were also eight $2 million-plus home sales in January compared with two a year ago.

“The inventory shortage is obviously having a big impact on the number of sales, as well as pushing prices higher for those homes that are being listed,” Chris Mygatt, president of Coldwell Banker Residential Brokerage, said in a press release. “We’re hoping for more listings in the weeks ahead, but so far inventory has been as tight or even tighter than it was last year – and it was extremely scarce back then.”

Denver boasted the area’s most million-dollar sales in January with 13, followed by Boulder and Cherry Hills Village with five each. The most expensive sale in the metro area last month was an eight-bed, six-bath, 14,600-square-foot home in Cherry Hills Village that went for $5.9 million.

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