LIV
RESIDENTIAL LUXURY REPORT January-September 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 data (January through September), to that of 2014, for single family homes and condos priced $1M and above. The luxury home market is on the rise in Colorado. As one of the fastest growing states, Colorado’s growing popularity, combined with the surging local economy, is cause for a continued strong luxury sector in 2015. Inventory has increased and the number of new luxury listings within the Denver metro area is up 12%, making for more choices for buyers than what previously existed. Demand remains high, however, prices are still on an upward trend. Demonstrating the trend of upward growth, property sales from January through September within the Denver metro area rose 28.6% over 2014 statistics; average price per square foot increased slightly by 1.1% and recent numbers indicate that days on market have decreased, from 111 to 103 days, a 7.2% decrease. Total dollar volume sold continued to increase by 24.9%.
LUXURY METRICS - DENVER METRO AREA January through September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
January through September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2009
2010
2011
2012
2013
347
405
432
552
758
$347
$357
$269
$310
$325
238
213
204
309
155
$6,700,000
$7,000,000
$8,200,000
$7,500,000
$8,691,000
$541,853,243
$628,497,406
$661,697,294
$829,936,415
$1,156,560,711
2014
2015
% Change
809
1,040
28.6%
$348
$352
1.1%
111
103
-7.2%
$5,950,000
$11,000,000
84.9%
$1,256,677,175
$1,569,293,444
24.9%
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 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
106
105
122
166
225
230
324
40.9%
Average Price per Sq. Ft.
$381
$387
$357
$376
$416
$420
$442
5.2%
Average Days on Market
290
196
180
155
102
62
76
22.6%
$4,100,000
$5,700,000
$3,815,000
$5,400,000
$4,100,000
$4,925,000
$4,550,000
-7.6%
$161,010,978
$163,956,184
$172,312,852
$244,276,077
$330,062,207
$335,685,794
$479,563,780
42.9%
January through September Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
75
95
99
126
173
167
191
14.4%
Average Price per Sq. Ft.
$339
$332
$326
$348
$359
$389
$394
1.3%
Average Days on Market
262
231
198
196
204
124
116
-6.5%
$6,700,000
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,950,000
$11,000,000
84.9%
$128,666,785
$153,885,010
$171,009,212
$221,838,139
$302,242,666
$314,383,011
$328,112,156
4.4%
January through September Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
48
64
66
78
121
135
151
11.9%
Average Price per Sq. Ft.
$346
$354
$328
$299
$325
$366
$344
-6.0%
Average Days on Market
314
320
294
271
194
128
129
0.8%
Highest Price
$3,450,000
$3,630,000
$3,150,000
$3,000,000
$3,400,000
$4,000,000
$3,075,000
-23.1%
Total Dollar Volume
$70,476,405
$94,732,912
$94,529,437
$106,165,713
$163,759,623
$193,809,099
$210,724,298
8.7%
January through September Number of Properties Sold
JEFFERSON COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
26
30
36
34
46
61
91
49.2%
Average Price per Sq. Ft.
$344
$337
$308
$309
$330
$329
$339
3.0%
Average Days on Market
321
207
312
253
258
188
155
-17.6%
$4,175,000
$2,200,000
$2,575,000
$3,500,000
$8,691,000
$2,755,000
$3,350,000
21.6%
$39,714,500
$41,321,250
$49,705,601
$50,357,236
$73,740,845
$85,056,204
$122,037,020
43.5%
January through September Number of Properties Sold
Highest Price Total Dollar Volume
RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 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 January through September Number of Properties Sold Average Days on Market Highest Price Total Dollar Volume
2009
2010
2011
2012
2013
2014
2015
% Change
82
103
105
145
187
201
269
33.8%
205
186
209
152
119
112
83
-25.9%
$5,317,780
$4,450,000
$4,313,200
$4,050,000
$4,550,000
$5,300,000
$4,900,000
-7.5%
$128,028,727
$161,353,475
$168,940,192
$203,079,250
$279,045,170
$308,346,008
$407,300,757
32.1%
BROOMFIELD COUNTY 2009
2010
2011
2012
2013
2014
2015
% Change
4
3
0
1
5
9
2
-77.8%
Average Price per Sq. Ft.
$369
$460
-
$276
$280
$309
$391
26.5%
Average Days on Market
3
12
-
1,084
51
65
75
15.4%
$2,264,303
$3,480,000
-
$1,200,000
$1,610,200
$1,868,000
$2,900,000
55.2%
$6,587,919
$6,334,320
-
$1,200,000
$6,690,200
$11,229,059
$4,050,000
-63.9%
2009
2010
2011
2012
2013
2014
2015
% Change
6
5
4
2
1
6
12
100.0%
Average Price per Sq. Ft.
$303
$274
$296
$251
$237
$272
$203
-25.4%
Average Days on Market
274
340
236
55
155
98
85
-13.3%
Highest Price
$1,555,000
$2,400,000
$1,675,000
$2,000,000
$1,020,000
$1,750,000
$3,696,633
111.2%
Total Dollar Volume
$7,367,929
$6,914,255
$5,200,000
$3,020,000
$1,020,000
$8,168,000
$17,505,633
114.3%
January through September Number of Properties Sold
Highest Price Total Dollar Volume
ADAMS COUNTY January through September 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 JANUARY-SEPTEMBER 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. The price increase indicates that as the economy gets stronger, people are more willing to spend extra dollars to purchase the homes they desire. From January through September 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 demonstrate a continued 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
130
234
157
195
192
231
261
13.0%
Average Price per Sq. Ft.
$728
$860
$828
$794
$707
$808
$796
-1.5%
Average Days on Market
209
280
359
321
334
309
274
-11.3%
Highest Price
$15,950,000
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
-17.1%
Total Dollar Volume
$339,144,619
$638,094,547
$423,261,275
$561,655,751
$438,207,382
$639,055,893
$701,669,289
9.8%
January through September Number of Properties Sold
SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2009
2010
2011
2012
2013
2014
2015
% Change
85
86
74
82
95
102
138
35.3%
Average Price per Sq. Ft.
$400
$617
$379
$360
$428
$433
$507
17.1%
Average Days on Market
256
481
350
291
238
255
247
-3.1%
$3,375,000
$2,700,000
$3,275,000
$5,570,130
$3,400,000
$3,640,593
$3,825,000
5.1%
$136,964,400
$134,632,664
$114,470,061
$130,105,416
$138,432,704
$156,483,670
$225,023,334
43.8%
January through September Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 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
858 W. Happy Canyon Road, Suite 100 Castle Rock, CO 80108 303.660.8800
DENVER TECH CENTER
EVERGREEN
1512 Larimer Street, #46R Denver, CO 80202 303.893.3200
31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200
BEAVER CREEK
VAIL
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
255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200
400 S. Colorado Blvd., Suite 400 Denver, CO 80246 303.893.3200
DOWNTOWN DENVER
8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200
BRECKENRIDGE
CHERRY CREEK
CHERRY CREEK
CASTLE PINES
1050 Walnut Street Boulder, CO 80302 303.443.6161
34253 Highway 6, #2A Edwards, CO 81632 970.748.5150
34
LIV Sotheby’s International Realty Locations 36
BOULDER
|
CASTLE PINES VILLAGE
DOWNTOWN DENVER
|
EVERGREEN
BRECKENRIDGE
|
|
|
CHERRY CREEK
GREENWOOD VILLAGE
Boulder
25
VAIL VALLEY
DENVER Downtown Denver
70
Cherry Creek
VAIL VALLEY Beaver Creek
Denver Tech Center
Evergreen
Edwards Vail
24
70 85
Breckenridge
285
25
Castle Pines
RESIDENTIAL LUXURY REPORT JANUARY-SEPTEMBER 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.
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The life you love.
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