LIV
RESIDENTIAL LUXURY REPORT January - September 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 - $1M+ The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2016 January - September statistics, to that of 2015, for single family homes and condos priced $1M and above in the areas the brokerage services; Denver Metro (including Boulder) and the Resort communities of Eagle and Summit County. The luxury home market continues to grow in Colorado. As one of the fastest growing states, Colorado’s growing popularity and fortified economy is cause for an increase in activity within the luxury sector. Demonstrating the trend of upward growth, January - September 2016 property sales, within the seven counties of Denver metro (including Boulder) represented in this report, rose 18.7% over January - September 2015 statistics; average price per square foot jumped 7% and recent numbers indicate that days on the market have dropped 7.8%. Total dollar volume sold increased by 20.7%.
DENVER METRO (INCLUDING BOULDER) January through September
2010
2011
2012
2013
2014
405
432
552
758
809
$357
$269
$310
$325
$348
213
204
309
155
111
$7,000,000
$8,200,000
$7,500,000
$8,691,000
$5,950,000
$628,497,406
$661,697,294
$829,936,415
$1,156,560,711
$1,256,677,175
January through September
2015
2016
% Change
Number of Properties Sold
1,040
1,234
18.7%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
INCLUDED COUNTIES: ADAMS
$352
$377
7.0%
ARAPAHOE
103
95
-7.8%
BROOMFIELD
$11,000,000
$6,705,241
-39.0%
$1,569,293,444
$1,894,534,695
20.7%
BOULDER DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT JANUARY - SEPTEMBER 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 January through September
2010
2011
2012
2013
2014
2015
2016
% Change
105
122
166
225
230
324
394
21.6%
Average Price per Sq. Ft.
$387
$357
$376
$416
$420
$442
$461
4.2%
Average Days on Market
196
180
155
102
62
76
71
-6.6%
$5,700,000
$3,815,000
$5,400,000
$4,100,000
$4,925,000
$4,550,000
$5,600,000
23.1%
$163,956,184
$172,312,852
$244,276,077
$330,062,207
$335,685,794
$479,563,780
$591,674,711
23.4%
Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY January through September
2010
2011
2012
2013
2014
2015
2016
% Change
95
99
126
173
167
191
200
4.7%
Average Price per Sq. Ft.
$332
$326
$348
$359
$389
$394
$408
3.5%
Average Days on Market
$231
198
196
204
124
116
110
-5.2%
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,950,000
$11,000,000
$6,530,000
-40.6%
$153,885,010
$171,009,212
$221,838,139
$302,242,666
$314,383,011
$328,112,156
$353,799,451
7.8%
2010
2011
2012
2013
2014
2015
64
66
78
121
135
151
169
11.9%
Average Price per Sq. Ft.
$354
$328
$299
$325
$366
$344
$365
6.0%
Average Days on Market
320
294
271
194
128
129
134
3.9%
Highest Price
$3,630,000
$3,150,000
$3,000,000
$3,400,000
$4,000,000
$3,075,000
$6,705,241
118.1%
Total Dollar Volume
$94,732,912
$94,529,437
$106,165,713
$163,759,623
$193,809,099
$210,724,298
$246,398,380
16.9%
Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through September Number of Properties Sold
2016 % Change
JEFFERSON COUNTY January through September
2010
2011
2012
2013
2014
2015
30
36
34
46
61
91
116
27.5%
Average Price per Sq. Ft.
$337
$308
$309
$330
$329
$339
$341
0.6%
Average Days on Market
207
312
253
258
188
155
153
-1.3%
Highest Price
$2,200,000
$2,575,000
$3,500,000
$8,691,000
$2,755,000
$3,350,000
$3,000,000
-10.4%
Total Dollar Volume
$41,321,250
$49,705,601
$50,357,236
$73,740,845
$85,056,204
$122,037,020
$154,936,051
27.0%
Number of Properties Sold
2016 % Change
RESIDENTIAL LUXURY REPORT JANUARY - SEPTEMBER 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 January through September
2010
2011
2012
2013
2014
2015
2016
% Change
Number of Properties Sold
103
105
145
187
201
269
334
24.2%
Average Days on Market
186
209
152
119
112
83
103
24.1%
$4,450,000
$4,313,200
$4,050,000
$4,550,000
$5,300,000
$4,900,000
$6,250,000
27.6%
$161,353,475
$168,940,192
$203,079,250
$279,045,170
$308,346,008
$407,300,757
$518,203,002
27.2%
Highest Price Total Dollar Volume
BROOMFIELD COUNTY January through September
2010
2011
2012
2013
2014
2015
2016
% Change
3
-
1
5
9
2
10
400.0%
Average Price per Sq. Ft.
$460
-
$276
$280
$309
$391
$392
0.4%
Average Days on Market
12
-
1,084
51
65
75
37
-50.7%
Highest Price
$3,480,000
-
$1,200,000
$1,610,200
$1,868,000
$2,900,000
$2,100,000
-27.6%
Total Dollar Volume
$6,334,320
-
$1,200,000
$6,690,200
$11,229,059
$4,050,000
$14,250,250
251.9%
2010
2011
2012
2013
2014
2015
2016
% Change
5
4
2
1
6
11
11
0.0%
Average Price per Sq. Ft.
$274
$296
$251
$237
$272
$290
$293
1.2%
Average Days on Market
340
236
55
155
98
92
58
-37.0%
$2,400,000
$1,675,000
$2,000,000
$1,020,000
$1,750,000
$1,429,000
$1,880,000
31.6%
$6,914,255
$5,200,000
$3,020,000
$1,020,000
$8,168,000
$17,505,633
$15,272,850
-12.8%
Number of Properties Sold
ADAMS COUNTY January through September Number of Properties Sold
Highest Price Total Dollar Volume
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 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 - $1M+
The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2016 January - September statistics, to that of 2015, for single family homes and condos priced $1M and above. In the resort mountain area of Eagle County and Vail Valley, the luxury market remains competitive with a steady influx of buyers seeking lifestyle-inspired home purchases, just in time for the upcoming ski season. Average price per square foot held at $789, indicating that as the economy gets stronger people are more willing to spend extra dollars to purchase the homes in the location they truly desire. Eagle County saw a higher volume of activity, with number of properties sold up 5.7%. Average days on the market increased slightly to 295, demonstrating an average time on market for home buying in the resort luxury sector. In the resort mountain area of Summit County, increased homeowner equity and property values demonstrate a balanced residential luxury market. The proximity to both the urban offerings of Denver metro (less than two hours away), and the famous Colorado Rocky Mountains, position Summit County as one of the most sought after resort destinations worldwide. With the increasing desire for lifestyleinspired home purchases, the resort luxury market in Summit County will continute to grow. Year-over-year, number of properties sold was up 7.4% at 276, and total dollar volume increased 5%.
EAGLE COUNTY (VAIL VALLEY, AVON, BEAVER CREEK, BACHELOR GULCH, CORDILLERA, ETC.) January through September
2010
2011
2012
2013
2014
2015
2016
% Change
234
157
195
192
231
261
276
5.7%
Average Price per Sq. Ft.
$860
$828
$794
$707
$808
$796
$789
-0.9%
Average Days on Market
280
359
321
334
309
274
295
7.7%
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$14,692,500
-6.7%
$638,094,547
$423,261,275
$561,655,751
$438,207,382
$639,055,893
$701,669,289
$644,636,924
-8.1%
Number of Properties Sold
Highest Price Total Dollar Volume
SUMMIT COUNTY (BRECKENRIDGE, COPPER MOUNTAIN, FRISCO, DILLON, KEYSTONE, ETC.) January through September
2010
2011
2012
2013
2014
2015
2016
% Change
92
84
93
102
110
148
159
7.4%
Average Price per Sq. Ft.
$593
$382
$354
$424
$427
$493
$489
-0.8%
Average Days on Market
265
307
240
174
197
172
166
-3.5%
2,700,000
3,275,000
5,570,130
3,400,000
3,640,593
3,825,000
5,675,000
48.4%
$140,132,664
$123,310,311
$140,397,916
$145,061,254
$164,123,170
$235,128,434
$246,785,540
5.0%
Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT JANUARY - SEPTEMBER 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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