Denver area luxury home sales slip in 2009 but median price rises

Date: Feb. 1st, 2010
Phone: Denver Business Journal

Luxury home sales in metro Denver ended 2009 with a 9.5 percent boost in median sales price from 2008, but a decrease in sales, according to Metrolist Inc. data released Mon.

The house selling for the highest price in 2009’s final month was a five-bedroom, nine-bath home in Cherry Hills Village that sold for $4.1 million.

For December 2009, 33 homes in the Denver area sold for $1 million and more — down from 48 sales in December of the previous year and from 39 sales in November of last year.

Median sales price for December increased 9.5 percent to $1.35 million year over year.

Median sales price is the midpoint between highest and lowest price. Some real estate experts consider median a better indicator of price than average, because it’s not skewed by price extremes.

The Metrolist data was released by Coldwell Banker Residential Brokerage of Denver, one of the metro area’s largest residential real estate brokerage firms. Metrolist is the Denver area’s Multiple Listing Service (MLS), supplying residential brokers and agents with home-sale information.

Other key points in Coldwell Banker Residential’s luxury housing report for December:

  • Boulder had the most $1 million-plus home sales at 13, followed by Denver with eight and Cherry Hills Village with six.
  • Million-dollar homes were on the market an average of 145 days, up from 119 in November and from 106 days in December 2008.
  • High-end homes’ average selling price was $1.6 million, which was nearly 84 percent of their average asking price.
  • Coldwell Banker Residential has 14 offices and more than 1,180 agents serving the Denver area. The company is part of NRT LLC, owner of residential real estate brokerage firms and a subsidiary of real estate and relocation conglomerate Realogy Corp. of Parsippany, N.J.
  • Realogy is owned by affiliates of Apollo Management LP of Purchase, N.Y., a private equity investor founded by ex-Drexel Burnham Lambert exec Leon Black.
  • Apollo formerly was a principal shareholder in Broomfield-based Vail Resorts Inc. (NYSE: MTN), owner of the Vail, Breckenridge, Beaver Creek and Keystone ski areas, and Vail Resorts’ current CEO/chairman, Rob Katz, formerly was a senior partner at Apollo.