Denver, CO, Aug. 20, 2011 --(PR.com)-- Luxury home sales and the median sale price in the Denver Metro Area rose in July over the same period a year ago as the high-end housing market continued showing signs of strengthening, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
A total of 69 homes changed hands for more than $1 million last month, up 38 percent from the 50 sales in July 2010. The median sale price of a luxury home also jumped to $1,390,000, a 14 percent increase over last July’s median of $1,220,000.
On a monthly basis, sales in July fell just short of June’s 71 transactions but the median sale price rose 7 percent form the previous month’s level of $1.3 million.
Two other key indicators for the high-end market in the Denver Metro Area improved last month: A total of 15 homes sold for more than $2 million, up sharply from the seven multi-million-dollar sales last July and the 12 sales in June. And sellers received an average of 92.6 percent of their asking price, up from 90.8 percent a year ago.
The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million last month in the Denver Metro Area.
“July’s solid numbers on top of a good June give us reason to be optimistic about the luxury market,” said Chris Mygatt (top right photo) president of Coldwell Banker Residential Brokerage in Colorado. “The overall market has seen a steady decline in inventory of homes for sale, which should continue helping the housing market heal itself.”
Mygatt cautioned that the market will continue facing challenges, including the recent volatility in the stock market, slow economic growth, and geo-political issues both in the U.S. and overseas. But he stressed that with challenges come opportunities for buyers.
“While no one knows what the immediate future holds, if you intend to stay in a home for several years now is an outstanding time to buy,” he said. “Interest rates remain near historic lows and homes are priced very aggressively in many markets. That translates into an affordability level we haven’t seen in quite some time.”
For a complete copy of the company’s news release, please contact
Stephen Maita
510.739.0620
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