LIV
RESIDENTIAL LUXURY REPORT Mid-Year 2017
PURCHASING CONFIDENCE AMONG EMERGING LUXURY CONSUMERS Many emerging affluent consumers, defined as those with $250K USD - $1M USD in investable assets, have increasing confidence in the housing market and plan to purchase a home within the next three years.
EMERGING LUXURY CONSUMERS’ LIFESTYLE PREFERENCES Emerging luxury consumers have their eyes set on these property lifestyles for their luxury home purchase:
LUXURY MARKET AT A GLANCE - $1M+ In the first six months of 2017, the luxury home market has witnessed a tremendous response in luxury sales since the presidential election. The trajectory of growth is evidenced by both local and global buyers’ continued confidence in purchasing and investing in luxury real estate, and increasing confidence in the rallying stock market and vibrant economy. LIV Sotheby’s International Realty’s Residential Luxury Report compares mid-year 2017 (January - June) statistics, to that of 2016, for single family homes and condos priced $1M and above in the areas we service; Denver Metro (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Jefferson) and the Resort communities of Eagle (Vail Valley, Avon, Beaver Creek, Bachelor Gulch, Cordillera, etc.) and Summit County (Breckenridge, Frisco, Copper, Dillon, Silverthorne). Within the seven counties of Denver metro represented in this report, luxury property sales rose 26.5% year-over-year, from 774 homes sold in January through June 2016, to 979 homes sold during the same time period in 2017. Total dollar volume demonstrated a 25.6% increase year-over-year, reaching nearly $700M in January through June 2017, and average price per square foot increased 2.3%, to $384. Luxury home prices appreciated beyond expectations and mortgage rates remain low, despite market perceptions that these rates will continue to rise. The Front Range of Colorado continues to gain notoriety internationally as an excellent investment opportunity, fueling demand in the luxury market even more. Additionally, a ‘flight from coastal markets’ trend is emerging, where Colorado is competing as one of the most desirable places to live in the country, along with coastal metropolises including San Francisco, Boston and New York. The remainder of the summer selling season within the luxury real estate market is projected to demonstrate continued growth, as buyers continue to seek the Colorado lifestyle in a region they believe to be a sound investment. *Enjoy a full analysis of the performance of the resort luxury market at the end of the report.
DENVER METRO (INCLUDING BOULDER) January through June Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
January through June Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2011
2012
2013
2014
2015
277
350
467
502
646
$262
$266
$317
$343
$366
215
316
167
117
111
$6,180,000
$5,250,000
$8,691,000
$5,950,000
$4,650,000
$420,043,872
$520,806,242
$703,219,812
$785,025,622
$967,880,809
2016
2017
% Change
774
979
26.5%
$375
$384
2.3%
ARAPAHOE
98
124
26.1%
BROOMFIELD
$6,705,000
$6,700,000
-0.1%
$1,182,107,321
$1,484,704,896
25.6%
INCLUDED COUNTIES: ADAMS BOULDER DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT MID-YEAR 2017 | 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 January through June
2011
2012
2013
2014
2015
2016
Number of Properties Sold
76
102
144
142
201
249
337
35.3%
Average Price per Sq. Ft.
$344
$367
$403
$432
$444
$451
$467
3.4%
Average Days on Market
201
182
122
70
85
75
85
13.3%
$2,500,000
$5,250,000
$4,100,000
$4,925,000
$4,550,000
$5,439,000
$5,850,000
7.6%
$103,537,099
$150,638,022
$211,095,072
$214,887,454
$295,360,948
$369,507,709
$495,860,762
34.2%
Highest Price Total Dollar Volume
2017 % Change
ARAPAHOE COUNTY January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
62
76
98
109
114
124
143
15.3%
Average Price per Sq. Ft.
$327
$339
$341
$385
$381
$408
$412
1.0%
Average Days on Market
187
188
244
125
125
103
103
0.0%
$6,180,000
$4,500,000
$7,000,000
$5,950,000
$4,650,000
$6,530,000
$6,000,000
-8.1%
$101,832,498
$126,167,747
$161,378,148
$209,477,016
$191,195,514
$222,674,759
$253,882,779
14.0%
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through June
2011
2012
2013
2014
2015
2016
2017 % Change
Number of Properties Sold
42
50
72
78
89
108
151
39.8%
Average Price per Sq. Ft.
$309
$298
$324
$336
$341
$364
$379
4.0%
Average Days on Market
348
325
225
147
167
138
149
8.0%
Highest Price
$3,050,000
$3,000,000
$2,550,000
$4,000,000
$2,750,000
$6,705,000
$3,600,000
-46.3%
Total Dollar Volume
$61,191,450
$69,326,568
$95,258,704
$110,900,422
$124,816,315
$160,954,591
$211,963,193
31.7%
JEFFERSON COUNTY January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
26
21
30
41
55
61
91
49.2%
Average Price per Sq. Ft.
$312
$315
$333
$323
$354
$332
$390
17.2%
Average Days on Market
353
280
283
187
141
188
165
-12.2%
$2,575,000
$2,600,000
$8,691,000
$2,755,000
$3,350,000
$2,914,000
$5,400,000
85.3%
$35,595,903
$30,043,105
$51,320,622
$56,291,250
$74,952,720
$80,444,626
$129,748,352
61.3%
Highest Price Total Dollar Volume
RESIDENTIAL LUXURY REPORT MID-YEAR 2017 | COLORADOMARKETREPORTS.COM
LUXURY MARKET | MARKETS BY COUNTY
BOULDER COUNTY January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
69
100
118
122
178
221
238
7.7%
216
156
135
128
78
104
86
-17.3%
$4,150,000
$3,100,000
$4,400,000
$4,000,000
$4,495,000
$3,950,000
$6,700,000
69.6%
$114,861,922
$143,430,800
$177,697,066
$180,830,421
$268,651,312
$332,940,786
$369,766,210
11.1%
Average Days on Market Highest Price Total Dollar Volume
BROOMFIELD COUNTY January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
0
1
4
5
2
7
9
28.6%
Average Price per Sq. Ft.
-
$276
$262
$309
$391
$393
$317
-19.3%
Average Days on Market
-
1,084
5
60
75
51
112
119.6%
Highest Price
-
$1,200,000
$1,610,000
$1,310,099
$2,900,000
$2,100,000
$1,975,000
-6.0%
Total Dollar Volume
-
$1,200,000
$5,450,200
$5,721,059
$4,050,000
$10,300,000
$12,123,100
17.7%
January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
2
0
1
5
7
7
10
42.9%
Average Price per Sq. Ft.
$279
-
$237
$274
$287
$301
$337
12.1%
Average Days on Market
198
-
155
105
107
74
165
123.0%
Highest Price
$1,675,000
-
$1,020,000
$1,750,000
$1,429,000
$1,376,000
$1,250,000
-9.2%
Total Dollar Volume
$3,025,000
-
$1,020,000
$6,918,000
$8,854,000
$9,634,850
$11,360,500
17.9%
ADAMS COUNTY
KEY PURCHASING MOTIVATORS FOR EMERGING LUXURY CONSUMERS
I am at the right stage in my life for this type of purchase.
I want a home to fit a particular lifestyle.
I am doing well in my job currently.
I want to make a purchase like this for the benefit of my family.
U.S. U.K. INDIA
U.S. CHINA U.K. INDIA
U.S. U.A.E
CHINA
RESIDENTIAL LUXURY REPORT MID-YEAR 2017 | COLORADOMARKETREPORTS.COM
RESORT LUXURY MARKET - $1M+ The resort luxury market remained robust at the mid-year point of 2017, with the higher end of the market demonstrating a strong surge in activity since the election, which resulted in a very busy winter selling season dotted with record sales. The momentum from a strong winter sales season has carried over into the summer, with sales expected to rise- a direct result of a rallying stock market and a vibrant Denver economy. The Vail Valley saw a higher volume of activity in the luxury market, with the number of properties sold increasing 21.8% from 156 properties sold in January through June 2016, to 190 properties sold in January through June 2017. A majority of sales activity took place in the 1 to 4 million dollar range, with primarily domestic and Front Range buyers. Average price per square foot held at $841, and average days on the market decreased 2.9% from 274 days on market in January through June 2016 to 266 days in 2017, an improved average time for the resort luxury market. In Summit County, luxury sales demonstrated significant increase with the number of properties sold increasing 21.8% from 81 properties sold in January through June 2016, to 149 properties sold in January through June 2017. Average price per square foot increased 11.5%, to $480 in January through June 2017, and average days on the market decreased 20% from 230 days in January through June 2016, to only 184 days in January through June 2017, an excellent timeframe for the resort luxury market. The proximity to the urban offerings of Denver metro, which is less than two hours away from Summit County, continues to position the area as a highly sought after resort destination, specifically for those seeking close travel time between Denver and the recreational opportunities the mountain areas offer. In summary, this report concludes that the luxury resort markets of Vail Valley and Summit County remain robust and competitive, with growth projected as we continue into the rest of the summer and fall selling season.
EAGLE COUNTY (VAIL VALLEY, AVON, BEAVER CREEK, BACHELOR GULCH, CORDILLERA, ETC.) January through June
2011
2012
2013
2014
2015
2016
Number of Properties Sold
108
124
119
161
163
156
190
21.8%
Average Price per Sq. Ft.
$901
$872
$703
$833
$856
$850
$841
-1.1%
Average Days on Market
250
285
270
296
288
274
266
-2.9%
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$14,000,000
$23,000,000
64.3%
$325,725,275
$382,528,751
$268,389,100
$459,530,231
$454,338,449
$354,880,454
$539,492,173
52.0%
Highest Price Total Dollar Volume
2017 % Change
SUMMIT COUNTY (BRECKENRIDGE, COPPER MOUNTAIN, FRISCO, DILLON, KEYSTONE, ETC.) January through June
2011
2012
2013
2014
2015
2016
2017
% Change
Number of Properties Sold
46
40
52
58
81
81
149
84.0%
Average Price per Sq. Ft.
$404
$342
$452
$440
$496
$431
$480
11.5%
Average Days on Market
340
269
280
244
202
230
184
-20.0%
$2,685,000
$3,742,500
$3,400,000
$3,640,593
$3,700,000
$5,675,000
$4,200,000
-26.0%
$71,882,294
$61,654,928
$79,314,236
$89,713,292
$130,900,012
$134,930,773
$248,395,497
84.1%
Highest Price Total Dollar Volume
RESIDENTIAL LUXURY REPORT MID-YEAR 2017 | COLORADOMARKETREPORTS.COM
Dream it. Find it. LIV it.
Pictured: 223 Beaver Dam Road, Vail
The life you love.
The life you love.
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