LIV
RESIDENTIAL LUXURY REPORT Quarter 1 2016
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 2016 Quarter 1 statistics (January through March), to that of 2015, for single family homes and condos priced $1M and above. The luxury home market continues to rise steadily in Colorado. As one of the fastest growing states, Colorado’s popularity, combined with a surging local economy, is the cause for a strong luxury sector in 2016. With an increase in inventory during the first quarter, luxury home prices have also climbed slightly. Demonstrating the trend of upward growth, property sales from January through March within the Denver metro area rose 21.1% over 2015 statistics; average price per square foot increased by 9.3% and recent numbers indicate that days on market have held at 124. Total dollar volume sold continued to increase by 25.8%.
LUXURY METRICS - DENVER METRO AREA January through March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
January through March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2010
2011
2012
2013
2014
88
99
126
153
163
$342
$203
$244
$320
$347
292
206
305
180
152
$4,950,000
$4,800,000
$4,500,000
$7,000,000
$5,800,000
$143,049,287
$150,698,272
$189,936,271
$224,061,018
$251,909,786
2015
2016
% Change
218
264
21.1%
$378
$414
9.5%
122
124
1.6%
$4,115,000
$6,530,000
58.7%
$326,555,395
$410,887,545
25.8%
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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 2010
2011
2012
2013
2014
2015
2016
% Change
24
31
33
44
51
68
93
36.8%
Average Price per Sq. Ft.
$382
$366
$345
$400
$420
$433
$475
9.7%
Average Days on Market
261
238
215
122
100
118
91
-22.9%
Highest Price
$3,500,000
$2,150,000
$3,100,000
$4,100,000
$4,925,000
$3,522,019
$5,438,873
54.4%
Total Dollar Volume
$36,817,323
$43,547,000
$45,126,908
$64,740,735
$78,332,715
$98,522,988
$147,524,280
49.7%
January through March Number of Properties Sold
ARAPAHOE COUNTY 2010
2011
2012
2013
2014
2015
2016
% Change
24
24
29
36
27
43
37
-14.0%
Average Price per Sq. Ft.
$349
$311
$341
$348
$372
$377
$404
7.2%
Average Days on Market
362
158
182
177
98
125
119
-4.8%
Highest Price
$4,950,000
$4,800,000
$4,500,000
$7,000,000
$5,850,000
$4,115,000
$6,530,000
58.7%
Total Dollar Volume
$43,075,977
$38,614,686
$55,203,449
$60,390,657
$47,514,476
$68,006,970
$71,390,129
5.0%
January through March Number of Properties Sold
DOUGLAS COUNTY 2010
2011
2012
2013
2014
2015
2016
% Change
10
10
18
29
25
27
46
70.4%
Average Price per Sq. Ft.
$399
$284
$277
$326
$349
$364
$344
-5.5%
Average Days on Market
397
481
180
321
161
178
139
-21.9%
$2,825,000
$2,300,000
$2,150,000
$1,776,186
$3,525,000
$2,650,000
$2,875,000
8.5%
$16,045,000
$14,958,000
$23,812,514
$37,325,522
$34,257,272
$40,658,037
$63,565,405
56.3%
January through March Number of Properties Sold
Highest Price Total Dollar Volume
JEFFERSON COUNTY 2010
2011
2012
2013
2014
2015
2016
% Change
8
9
6
6
12
18
22
22.2%
Average Price per Sq. Ft.
$396
$257
$228
$349
$340
$321
$354
10.3%
Average Days on Market
181
312
287
324
162
166
236
42.2%
Highest Price
$2,200,000
$1,546,200
$1,455,000
$2,500,000
$2,755,000
$1,425,000
$2,650,000
86.0%
Total Dollar Volume
$12,425,000
$11,235,003
$7,692,500
$9,095,122
$16,382,000
$21,838,400
$31,467,397
44.1%
January through March Number of Properties Sold
RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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 2010
2011
2012
2013
2014
2015
2016
% Change
19
25
39
35
44
58
61
5.2%
252
253
185
152
179
107
104
-2.8%
Highest Price
$4,200,000
$4,150,000
$3,100,000
$2,300,000
$4,000,000
$3,400,000
$3,100,000
-8.8%
Total Dollar Volume
$30,997,412
$42,343,583 $56,900,900
$48,853,782
$69,703,363
$90,979,000
$87,893,256
-3.4%
January through March Number of Properties Sold Average Days on Market
BROOMFIELD COUNTY 2010
2011
2012
2013
2014
2015
2016
% Change
1
0
1
2
2
1
1
0.0%
Average Price per Sq. Ft.
$301
-
$275
$261
$318
$477
$313
-34.4%
Average Days on Market
1
-
1084
6
113
6
115
1,816.7%
Highest Price
$1,624,320
-
$1,200,000
$1,610,200
$1,170,960
$2,900,000
$1,260,000
-56.6%
Total Dollar Volume
$1,624,320
-
$1,200,000
$2,635,200
$2,220,960
$2,900,000
$1,260,000
-56.6%
2010
2011
2012
2013
2014
2015
2016
% Change
2
0
0
1
2
3
4
33.3%
Average Price per Sq. Ft.
$226
-
-
$237
$282
$293
$594
102.7%
Average Days on Market
588
-
-
155
253
151
67
-55.6%
Highest Price
$1,064,255
-
-
$1,020,000
$1,750,000
$1,385,000
$3,773,078
172.4%
Total Dollar Volume
$2,064,255
-
-
$1,020,000
$3,499,000
$3,650,000
$7,787,078
113.3%
January through March Number of Properties Sold
ADAMS COUNTY January through March 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 QUARTER 1 2016 | 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 has shown signs of slight decrease during the first quarter of 2016 when compared to 2015. The current real estate climate has created a savvier buyer who is not just interested in value, but is learning to determine their actual wants and needs. With a good understanding of neighborhood area market conditions and buyer preferences, sellers can do very well but should not take the market for granted by expecting to achieve an unreasonable price. In the resort mountain area of Summit County and Breckenridge, increased homeowner equity and property values demonstrated a strong residential luxury market in the first quarter of 2016. 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 2010
2011
2012
2013
2014
2015
2016
% Change
77
56
60
51
72
83
61
-26.5%
Average Price per Sq. Ft.
$764
$899
$921
$723
$784
$842
$881
4.6%
Average Days on Market
276
381
322
279
361
310
307
-1.0%
Highest Price
$10,000,000
$10,500,000
$14,100,000
$13,550,000
$11,200,000
$10,250,000
$6,735,000
-34.3%
Total Dollar Volume
$199,197,230
$160,659,775
$188,097,500
$120,407,850
$168,822,249
$203,788,606
$135,883,337
-33.3%
January through March Number of Properties Sold
SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2010
2011
2012
2013
2014
2015
2016
% Change
17
20
24
24
29
34
35
2.9%
Average Price per Sq. Ft.
$353
$448
$231
$528
$462
$500
$471
-5.8%
Average Days on Market
313
314
268
178
198
225
316
40.4%
$2,445,000
$2,685,000
$3,421,123
$2,700,000
$3,640,593
$3,500,000
$5,675,000
62.1%
$27,824,250
$28,236,544
$36,155,928
$40,945,989
$47,325,542
$55,676,797
$60,487,040
8.6%
January through March Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING The top home feature affluent American consumers are willing to pay more for is location, followed by size, historical significance and famous former owners, such as a celebrity. LOCATION, LOCATION, LOCATION – still rings true.
LOCATION
SIZE
HISTORICAL SIGNIFICANCE
FAMOUS FORMER OWNERS
RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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.
COLORADO LUXURY REAL ESTATE EXPERTS BOULDER
CASTLE PINES
1050 Walnut Street Suite 100 Boulder, CO 80302 303.443.6161
EVERGREEN
DOWNTOWN DENVER
31955 Castle Court Unit #1 South Evergreen, CO 80439 303.674.3200
1512 Larimer Street #46R Denver, CO 80202 303.893.3200
8000 E. Belleview Avenue Suite 200 Greenwood Village, CO 80111 303.893.3200
VAIL
VAIL
292 E. Meadow Drive Suite 101 Vail, CO 81657 970.476.7944
101 S. Main Street Breckenridge, CO 80424 970.453.0550
255 Clayton Street Unit 100 North Denver, CO 80206 303.893.3200
100 Saint Paul Street Suite 200 Denver, CO 80206 303.893.3200
DENVER TECH CENTER
BRECKENRIDGE
CHERRY CREEK (Clayton)
CHERRY CREEK (St. Paul)
858 W. Happy Canyon Road Suite 100 Castle Rock, CO 80108 303.660.8800
BEAVER CREEK
28 Bridge Street Suite 100 Vail, CO 81657 970.476.7944
EDWARDS
26 Avondale Lane #119 Beaver Creek, CO 81620 970.845.0400
34253 Highway 6 #2A Edwards, CO 81632 34 970.748.5150
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LIV Sotheby’s International Realty Locations
BOULDER COUNTY BOULDER
|
CASTLE PINES VILLAGE
DOWNTOWN DENVER
|
EVERGREEN
BRECKENRIDGE
|
|
|
CHERRY CREEK Boulder
GREENWOOD VILLAGE
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 QUARTER 1 2016 | 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.
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The life you love.
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