LIV
RESIDENTIAL LUXURY REPORT Year-End 2015
PORTRAIT OF AN AFFLUENT AMERICAN CONSUMER Many affluent American consumers, defined as those with $2 million or more in investable assets, own MULTIPLE PROPERTIES. On average, affluent consumers in the U.S. currently own 3 homes.
Affluent American consumers are not only investing in property– they consider themselves part of the investor class. When asked what best described them, a majority said “AN INVESTOR.”
INVESTOR
INNOVATOR
TRENDSETTER
PHILANTHROPIST
PURCHASING MOTIVATIONS AT A GLANCE A survey of Sotheby’s International Realty network members revealed the following factors influenced a real estate purchase:
FAMILY NEEDS
LOCATION
RETURN ON INVESTMENT
LIFESTYLE
LUXURY MARKET AT A GLANCE The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2015 year-end statistics (January through December), to that of 2014, for single family homes and condos priced $1M and above. The luxury home market continues to steadily rise in Colorado. As one of the fastest growing states, Colorado’s growing popularity, combined with a surging local economy, was the cause for a strong luxury sector in 2015. Inventory decreased the last quarter, however experienced an upward trend the first three quarters of the year. Luxury home prices were up the first three quarters, then leveled off and were stable the last quarter of the year. Demonstrating the trend of upward growth, property sales from January through December within the Denver metro area rose 25.6% over 2014 statistics; average price per square foot increased slightly by 6.3% and recent numbers indicate that days on market have decreased, from 115 to 107 days, a 7.0% decrease. Total dollar volume sold continued to increase by 24.5%.
LUXURY METRICS - DENVER METRO AREA January through December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
January through December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2009
2010
2011
2012
2013
355
405
411
560
729
$340
$343
$329
$312
$335
206
260
206
243
159
$6,700,000
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$554,520,472
$620,478,980
$613,454,515
$867,041,368
$1,108,017,120
2014
2015
% Change
813
1,021
25.6%
$349
$371
6.3%
115
107
-7.0%
$5,850,000
$11,000,000
88.0%
$1,239,644,618
$1,543,174,810
24.5%
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT YEAR-END 2015 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. This representation is based in whole or in part on data supplied by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS may not reflect all real estate activity in the market.
LUXURY MARKET | MARKETS BY COUNTY
DENVER COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
138
139
156
217
297
322
449
39.4%
Average Price per Sq. Ft.
$376
$389
$365
$382
$415
$416
$455
9.4%
Average Days on Market
260
185
179
153
94
70
71
1.4%
$4,100,000
$5,700,000
$3,815,000
$5,400,000
$4,375,000
$4,925,000
$4,550,000
-7.6%
$206,207,578
$215,501,345
$220,147,191
$324,704,119
$439,762,640
$466,936,127
$661,047,704
41.6%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
101
130
115
183
213
212
246
16.0%
Average Price per Sq. Ft.
$337
$323
$322
$352
$359
$380
$398
4.7%
Average Days on Market
240
230
193
178
201
124
116
-6.5%
$6,700,000
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,850,000
$11,000,000
88.0%
$176,949,346
$206,414,081
$194,859,212
$318,370,455
$367,820,375
$381,605,285
$432,852,929
13.4%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
70
88
87
103
152
180
186
3.3%
Average Price per Sq. Ft.
$348
$342
$325
$317
$326
$363
$344
-5.2%
Average Days on Market
70
315
295
239
184
141
134
-5.0%
$3,450,000
$3,630,000
$3,150,000
$3,050,000
$3,400,000
$4,000,000
$3,075,000
-23.1%
$105,543,541
$128,228,729
$124,924,511
$140,088,435
$208,232,028
$255,955,232
$258,038,249
0.8%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
JEFFERSON COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
34
37
48
52
56
77
118
53.2%
Average Price per Sq. Ft.
$335
$333
$298
$318
$319
$331
$356
7.6%
Average Days on Market
340
248
332
267
253
193
149
-22.8%
Highest Price
$4,175,000
$2,200,000
$2,575,000
$3,900,000
$3,200,000
$2,755,000
$3,350,000
21.6%
Total Dollar Volume
$49,611,159
$52,011,250
$66,623,601
$77,288,359
$78,054,845
$105,595,665
$159,990,825
51.5%
January through December Number of Properties Sold
RESIDENTIAL LUXURY REPORT YEAR-END 2015 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in part on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
LUXURY MARKET | MARKETS BY COUNTY
BOULDER COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
120
135
136
184
239
273
352
28.9%
Average Days on Market
212
198
203
153
126
119
87
-26.9%
$2,900,000
$4,450,000
$2,790,000
$4,750,000
$6,432,495
$5,300,000
$6,300,000
18.9%
$187,596,527
$207,387,975
$200,477,180
$262,971,526
$364,644,490
$416,463,461
$542,659,432
30.3%
January through December
Highest Price Total Dollar Volume
BROOMFIELD COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
5
6
1
2
7
14
6
-57.1%
Average Price per Sq. Ft.
$343
$399
$365
$235
$306
$340
$386
13.5%
Average Days on Market
10
244
2
580
57
67
58
-13.4%
$2,264,303
$3,480,000
$1,700,000
$1,220,000
$1,610,200
$2,550,000
$2,900,000
13.7%
$7,595,919
$11,409,320
$1,700,000
$2,420,000
$9,127,232
$19,174,309
$11,095,103
-42.1%
2009
2010
2011
2012
2013
2014
2015
% Change
7
5
4
3
4
8
16
100.0%
Average Price per Sq. Ft.
$298
$274
$296
$265
$283
$266
$287
7.9%
Average Days on Market
318
340
236
43
165
97
115
18.6%
Highest Price
$1,555,000
$2,400,000
$1,675,000
$2,000,000
$1,741,000
$1,750,000
$1,750,000
0.0%
Total Dollar Volume
$8,612,929
$6,914,255
$5,200,000
$4,170,000
$5,020,000
$10,378,000
$20,150,000
94.2%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
ADAMS COUNTY January through December Number of Properties Sold
GROWING WEALTH Yielding a RETURN ON INVESTMENT is a key driver in the purchase of a property for affluent consumers. Compared to 5 years ago, a majority are more confident in the strength of the housing market in their country of primary residence.
RESIDENTIAL LUXURY REPORT YEAR-END 2015 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in part on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
RESORT LUXURY MARKET In the resort mountain area of Eagle County and the Vail Valley, the luxury market remains vibrant and healthy. Price increases indicate that as the economy gets stronger, people are more willing to spend extra dollars to purchase the homes they desire, and that suit their lifestyle needs. In 2015, Eagle County saw an especially high volume of activity, due to an increased number of visitors and second home owners in town during winter and summer months, which tend to be popular times for home buying in the luxury sector. In the resort mountain area of Summit County and Breckenridge, increased homeowner equity and property values demonstrated a strong residential luxury market in 2015. The proximity to the famous Colorado Rocky Mountains continues to position Summit County as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market in Summit County will continue to rise.
EAGLE COUNTY Vail, Beaver Creek, Avon, Edwards, Eagle, Gypsum 2009
2010
2011
2012
2013
2014
2015
% Change
187
331
241
283
277
329
348
5.8%
Average Price per Sq. Ft.
$688
$853
$793
$792
$728
$818
$797
-2.6%
Average Days on Market
248
278
357
318
309
298
298
0.0%
$15,950,000
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
-17.1%
$475,249,980
$890,295,382
$640,649,775
$799,893,595
$671,350,199
$912,487,293
$921,337,439
1.0%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2009
2010
2011
2012
2013
2014
2015
% Change
134
118
100
111
131
144
196
36.1%
Average Price per Sq. Ft.
$411
$560
$411
$365
$426
$442
$498
12.7%
Average Days on Market
365
438
483
442
329
285
256
-10.2%
$8,285,000
$3,950,000
$2,849,000
$5,570,130
$3,400,000
$3,640,593
$3,900,000
7.1%
$214,923,500
$186,819,214
$154,136,121
$177,679,817
$193,137,198
$224,953,302
$320,441,416
42.4%
January through December Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT YEAR-END 2015 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. This representation is based in whole or in part on data supplied by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors速 and SAR MLS may not reflect all real estate activity in the market.
COLORADO LUXURY REAL ESTATE EXPERTS BOULDER
CASTLE PINES
1050 Walnut Street Boulder, CO 80302 303.443.6161
858 W. Happy Canyon Road, Suite 100 Castle Rock, CO 80108 303.660.8800
DENVER TECH CENTER
31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200
BEAVER CREEK
EDWARDS
26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400
292 E. Meadow Drive, Suite 101 Vail, CO 81657 970.476.7944
101 South Main Street Breckenridge, CO 80424 970.453.0550
EVERGREEN
1512 Larimer Street, #46R Denver, CO 80202 303.893.3200
VAIL
BRECKENRIDGE
255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200
100 Saint Paul Street, Suite 200 Denver, CO 80206 303.893.3200
DOWNTOWN DENVER
8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200
CHERRY CREEK (Clayton)
CHERRY CREEK (St. Paul)
34253 Highway 6, #2A Edwards, CO 81632 970.748.5150
34
36
LIV Sotheby’s International Realty Locations
BOULDER COUNTY BOULDER
|
CASTLE PINES VILLAGE
DOWNTOWN DENVER
|
EVERGREEN
BRECKENRIDGE
|
|
|
CHERRY CREEK
GREENWOOD VILLAGE
Boulder
25
VAIL VALLEY
DENVER 70
Downtown Denver Cherry Creek
VAIL VALLEY Beaver Creek
Denver Tech Center
Evergreen
Edwards Vail
24
70
SUMMIT COUNTY 85
Breckenridge
285
25
Castle Pines
RESIDENTIAL LUXURY REPORT YEAR-END 2015 | COLORADOMARKETREPORTS.COM Based on $1,000,000+ sales in Metropolitan Denver, Boulder, Eagle County and Summit County. Based on information from REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. This representation is based in whole or in part on data supplied by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS. REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES, LLC, Vail Board of Realtors® and SAR MLS may not reflect all real estate activity in the market.
24
The life you love.
coloradomarketreports.com | livsothebysrealty.com