Median price and sales of million-dollar homes jump last month

DENVER, Colo. - April 23, 2009 - The Denver metro area luxury housing market showed some signs of improvement in March, with both home sales and median prices of million-dollar properties bouncing back from February lows, according to a new report by Coldwell Banker Residential Brokerage, Colorado's leading provider of real estate services.

The median price of a luxury home in the region jumped to $1.39 million last month, up 10 percent from the February median of $1.26 million and about even with last year's median. In addition, a total of 36 homes sold for more than $1 million in March, up from just 28 in February. However, sales were off from the March 2008 level of 73 units.

"While we're not out of the woods yet when it comes to the nation's economy or the housing market, we are beginning to see some very encouraging signs in the local real estate market, including the upper end," said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage in Colorado. "We've been seeing more serious buyers at open homes, more offers being written on properties, and for the first time in quite a while, sales are moving higher."

Mygatt said it appears that buyers are becoming more confident that the housing market is beginning to bottom out, and they are feeling more positive about the overall direction of the economy, including real estate. He added that the recent rebound in the stock market has also been encouraging to home buyers, especially in the higher end market.

"I think people are finally realizing that this is a unique window of opportunity when mortgage rates are at historic lows and home prices are lower than they have been in many, many years," he said. "That combination has created some outstanding values for buyers. It's prompting a lot of people to get off the fence and jump into the market before prices and interest rates start heading higher again as they inevitably do."

As with the luxury end of the market, the overall housing market in the Denver area has recently been showing some signs of life. MetroList, the Greenwood Village Multiple Listing Service, reported that total sales of existing homes, including single-family houses and condominiums, for March were up 29 percent from February to 3,206 units. Average sale prices were also up 6.6 percent from February to $232,395. However, both sales and prices were off from the same period a year ago.

Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:

• The most expensive sale in the Denver metro area in March was a five-bedroom, seven-bath, 9,241-square-foot home in Castle that sold for $3,767,413;
• Denver boasted the most million-dollar sales in March with 11, followed by Castle with six;
• It took an average of 130 days to sell a million-dollar home in the Denver metro area, the same as a year ago;
• Homes sold for an average of 89 percent of their asking price, up from 86 percent in February but down from 94 percent a year ago.

The March Denver Metro Area Luxury Home Report is the fourth monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Colorado, operates 19 offices with more than 1,970 sales associates serving the communities of the Denver area. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at www.ColoradoHomes.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information please visitwww.ColoradoHomes.com or call 888.322.9378.