Luxury home sales flat over last year

Luxury home sales in metro Denver were flat in May compared to the same month last year, but the number of high-end sales last month was higher than April's totals, according to the latest report from Coldwell Banker Residential Brokerage.

There were 168 luxury sales in May, exactly the same number as May 2015, according to the report based on Multiple Listing Service data of all homes sold for more than $1 million last month in metro Denver. But sales were up 282 percent from April's 131 transactions, and the upper end of the market saw 22 sales of more than $2 million and six sales over $3 million.

"The Denver metro area's luxury market is starting to come back into a bit more balance between supply and demand as a few more listings come on the market," says Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “Although sales were flat from a year ago, overall the luxury market continues to be quite healthy."

Some key findings from the report include:
 

• The most expensive sale in the metro area last month was a five-bedroom, five-bath 15,500-square-foot home in Highlands Ranch that sold for $6.7 million.
• Denver boasted the most million-dollar sales with 51, followed by Boulder with 35 and Cherry Hills Village with 11
• Homes sold in an average of 84.2 days on the market, down from 89.5 days a year ago and 93.6 days the previous month
• Sellers received an average of 97 percent of their asking price, the same as a year ago but down from 98 percent the previous month

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.