Luxury home sales taper off in August

DENVER – Luxury homes sales in the Denver metro area dropped 31 percent from July to August but increased year over year, according to the latest report from Coldwell Banker Residential Brokerage.

The report is based on Multiple Listing Service data of all area homes sold for $1 million or more in the month of August.

Ninety-eight luxury homes sold in the region in August, up from 73 for the same month a year ago. The sales were down from 139 in July, a drop partially due to seasonal decline.

Seventeen luxury homes in Boulder were sold in August, second only to Denver with 26. Cherry Hills Village had 10.

The median sale price of a luxury home in August was $1,292,618, up 2.4 percent from a year ago. There were 14 sales that eclipsed $2 million, eight more than a year ago but eight fewer than last month.

Where sellers did fare better in August than July was in average days on the market and asking price. August homes sold in an average of 82.3 days, compared to 108.7 for July. Sellers also received 96.1 percent of asking price, up from 95.5 percent the previous month.

The most expensive sale in the region was a five-bedroom, five-bath, 4,000-square-foot home in Denver at $3.5 million.

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