High-end home prices also improve from last month and year ago levels
DENVER, Colo. - March 23, 2010 -
Sales of million-dollar homes in the Denver metro area jumped last month as the high-end housing market continued to show encouraging signs of bouncing back from its recessionary lows, according to Coldwell Banker Residential Brokerage, Colorado's leading provider of luxury real estate services.
A total of 37 homes sold for more than $1 million in February, up from just 27 last month and 28 a year ago. Meanwhile, the median sale price of luxury homes rose 6.6 percent from last year to $1.35 million.
The figures were derived from Multiple Listing Service data of all million-dollar-plus homes sold market wide.
"The Denver metro area's housing market is getting off to a much stronger start in 2010 than it did a year ago when we were approaching the bottom of the recession," said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. "Our offices are seeing a lot more buyers willing and able to take advantage of some good values out there in the market."
Mygatt said a number of factors seem to be bolstering the local market, including improvement in the overall economy, a strong rebound in the stock market, improved consumer confidence, and the upcoming deadline for the home buyer tax credit. Buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.
"The financial markets have made a tremendous recovery when compared to last March when the Dow was sitting at 6,500 and the S&P was at 600-plus," Mygatt said. "Unlike a year ago, people aren't afraid to open their 401K statements each month. An improving net worth is bolstering consumer confidence among buyers, especially high net worth buyers. Consumer confidence is critical for the housing market recovery."
Improvement in luxury home sales and prices echoed an uptick in the overall housing market. According to figures released last week by Metrolist, Denver's multiple listing service, the median sale price of single-family homes rose 15 percent year over year. Sales were up 3.5 percent from the previous month, but down 1.9 percent from February 2009.
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the Denver metro area in February was a six-bedroom, nine-bath 5,265-square foot home in Castle Rock that sold for $2.825 million;
- Denver boasted the most million-dollar sales in February with 11, followed by Greenwood Village with seven and Bolder with 6;
- It took an average of 184 days to sell a million-dollar home in the area, up from 169 days the previous month and 147 days a year ago.
The Denver Metro Area Luxury Home Report is produced 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
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