Luxury home sales up 20.7%

Highlights:

Coldwell Banker releases luxury home report.
Report shows luxury home sales are up almost 21%.
Median price of a luxury home dipped.
This 5,912-square-foot home with 5 bedrooms and 6 bedrooms is listed by 8z in Parker.

Luxury home sales in the Denver area climbed more than 20 percent in July from July 2014, according to a report released on Monday.

The jump is the latest sign that the area’s housing market is continuing its strong performance, according to the report by Coldwell Banker Residential Brokerage in Colorado.

The report shows that 167 homes priced at $1 million or more sold in July, a 20.7 percent increase from the 135 luxury homes that sold in July 2014.

Luxury home sales did drop 7.9 percent in July from the 177 sales in June.

However, a seasonal decline in July from June isn’t unusual.

Also, the upper end of the luxury home market was solid

The upper end of the luxury market was solid in July with 24 home sales above $2 million, a 14.3 percent jump from 21 sales in July 2014.

Meanwhile, the median sale price of a luxury home last month dipped to $1.29 million, down 6.7 percent from $1.385 million, on a year-over-year basis.

Last month’s median was also slightly lower than June’s $1.3 million level.

“The luxury segment of the Denver metro area’s housing market – much like the overall market – continues to be very strong with a solid increase in sales year over year,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.

“Inventory is gradually picking up, and that’s finally giving buyers a little more to choose from as we move toward the end of the summer season,” Mygatt added.

A dramatic home is one of the features of this home at 5323 Shade Tree Lane in Parker, which 8z Real Estate is listing for $1.2 million.

Some key from the report:

The most expensive sale was $11 million for a 7,500-square-foot, seven-bedroom, six-bath home on 14 acres Cherry Hills Village;
Denver boasted the most million-dollar sales with 46, followed by Boulder with 36, Greenwood Village with 13, and Cherry Hills Village with 10;
Homes sold in an average of 73.7 days on the market, down from 74.7 days in July 2014,  but up from 68.6 days in June;
And sellers received an average of 97 percent of their asking price, down from 98 percent year ago and the same as in June.
The Denver Metro Association of Realtors and Kentwood Real Estate earlier released their own luxury housing reports. Coldwell Banker is owned by NRT LLC, a subsidiary of Realogy Holdings Corp., which has a $6.4 billion market cap.

Interested in buying a luxury home? Please visit COhomefinder.com

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com.DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal