06/16/2010 01:14 pm ET Updated May 25, 2011

Denver Real Estate: Luxury Home Purchases On The Rise

The sale of Denver-area luxury homes experienced a dramatic increase of 61.8% last month, according to Coldwell Banker Residential Brokerage's May Report. Of these homes, priced at $1 million or more, fifty-five sold in the Denver metro area, including 18 homes in Denver and 11 homes in Boulder.

This upturn is likely a result of low mortgage rates, but also coincides with encouraging reports on the economic recovery in the Denver/Boulder area. The median price for the homes was $1.28 million and the homes on average sold for 93% of their asking price, up 10% from last year.

The priciest metro-area sale last month was a four-bedroom, seven-bathroom, 8,000-square-foot Boulder home that sold for $4.45 million. Nestled in the foothills, this luxury home includes an outdoor kitchen and direct access to several South Boulder Creek hiking trails.