Luxury Home Sales Jump 62% in Denver Area
June 28, 2010 by Brian Kinkade
Filed under Denver Real Estate
Sales in the Denver area of homes priced at $1 million or more jumped 61.8 percent in May from a year earlier, the Denver Business Journal reported, based on Coldwell Banker Residential Brokerage’s monthly report on high-end sales. The median price of Denver luxury homes sold in May was $1.28 million.
The Coldwell Banker report also stated the following luxury home comparisons of May 2010 to May 2009:
- 55 homes priced at $1 million or more sold in the metro area, up from 34
- Average of 122 days to sell, down from 131
- Average 93 percent of seller’s asking price, up from 83 percent
“The increase in million-dollar sales in the Denver area is an encouraging sign that the mid- and upper-end of the local housing market continues to recover from last year’s sharp downturn,” Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in a statement.
The federal homebuyer tax credit deadline probably helped boost sales of luxury homes last month, he said. The improving U.S. economy, rising consumer confidence and mortgage rates at historic lows also seem to be encouraging many buyers to get into the market.
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