RESIDENTIAL LUXURY REPORT |
January-September 2018
RESIDENTIAL LUXURY REPORT introduction As the Colorado luxury real estate market continues to evolve, LIV Sotheby’s International Realty continues to help consumers make sound financial decisions by providing a luxury-based market report. LIV Sotheby’s International Realty’s 3rd Quarter Residential Luxury Report compares January through September 2018 statistics, to the same time frame of 2017, for single family homes and condos priced $1,000,000 and above. Luxury sales are analyzed by county, including Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Jefferson Counties of Denver Metro, and the resort communities of Eagle County (Vail Valley, Avon, Beaver Creek, Bachelor Gulch, etc.) and Summit County (Breckenridge, Frisco, Copper Mountain, Dillon, Silverthorne, etc.). In addition to the analysis of local, county-wide luxury market data, this report also includes statistics on emerging luxury consumers’ lifestyle preferences and purchasing confidence from around the world. *Enjoy an analysis of the resort luxury market, located at the end of this report.
coloradomarketreports.com
The Denver Metro (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson), including Boulder, sustains as a high-performing real estate market. The 300 days of sunshine, companies relocating, and a healthy economy are a few of the reasons many are looking to invest in the Denver Metro/Boulder area. The 3rd Quarter Report by LIV Sotheby’s International Realty shows continued growth throughout 2018. The number of properties sold increased a notable 24.7% to 1,839 sold in 2018. In addition, total dollar volume increased a similar 25.8% compared to 2017. While prices are increasing, average days on market are still decreasing, resulting in a high-demand market. Average days on market dropped 26.7% to 85 days in 2018. Interestingly, the Denver Metro including all price points did not result in as high of performance as the luxury market. Total dollar volume sold and number of properties sold increased dramatically for the luxury market while showing slight-to-no increase for all price points. The luxury market in Denver Metro and Boulder is seeing more attraction this year and will continue to increase in popularity.
DENVER METRO (INCLUDING BOULDER) January - September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2012
2013
2014
2015
2016
2017
2018
% Change
552
758
809
1,040
1,234
1,475
1,839
24.7%
$310
$325
$348
$352
$377
$388
$379
-2.4%
309
155
111
103
95
116
85
-26.7%
$7,500,000
$8,691,000
$5,950,000
$11,000,000
$6,705,241
$8,116,000
$8,137,400
0.3%
$829,936,415
$1,156,560,711
$1,256,677,175
$1,569,293,444
$1,894,534,695
$2,260,574,605
$2,842,939,494
25.8%
INCLUD ED COUNTIES:
A DA MS
A RA PA H OE
BOU L D E R
B ROOMF IE L D
DENVER
D OUG L AS
J E F F E RSO N
RESIDENTIAL LUXURY REPORT livsothebysrealty.com
JANUARY- SEPTEMBER 2018 • COLORADOMARKETREPORTS.COM
DENVER
January - September
2012
2013
2014
2015
2016
2017
2018
% Change
166
225
230
324
394
508
591
16.3%
$376
$416
$420
$442
$461
$468
$482
2.9%
155
102
62
76
71
81
60
-25.9%
$5,400,000
$4,100,000
$4,925,000
$4,550,000
$5,600,000
$5,850,000
$8,000,000
36.8%
$244,276,077
$330,062,207
$335,685,794
$479,563,780
$591,674,711
$749,262,413
$889,665,993
18.7%
2012
2013
2014
2015
2016
2017
2018
% Change
126
173
167
191
200
212
266
25.5%
$348
$359
$389
$394
$408
$411
$409
-0.6%
196
204
124
116
110
103
84
-18.4%
$7,500,000
$7,000,000
$5,950,000
$11,000,000
$6,530,000
$6,000,000
$7,500,000
25.0%
$221,838,139
$302,242,666
$314,383,011
$328,112,156
$353,799,451
$377,476,874
$462,747,525
22.6%
2012
2013
2014
2015
2016
2017
2018
% Change
78
121
135
151
169
234
301
28.6%
$299
$325
$366
$344
$365
$377
$378
0.3%
271
194
128
129
134
134
136
1.5%
Highest Price
$3,000,000
$3,400,000
$4,000,000
$3,075,000
$6,705,241
$8,116,000
$6,750,000
-16.8%
Total Dollar Volume
$106,165,713
$163,759,623
$193,809,099
$210,724,298
$246,398,380
$348,516,272
$436,872,499
25.4%
2012
2013
2014
2015
2016
2017
2018
% Change
34
46
61
91
116
129
186
44.2%
$309
$330
$329
$339
$341
$384
$361
-6.0%
253
258
188
155
153
151
104
-31.1%
Highest Price
$3,500,000
$8,691,000
$2,755,000
$3,350,000
$3,000,000
$5,400,000
$6,490,000
20.2%
Total Dollar Volume
$50,357,236
$73,740,845
$85,056,204
$122,037,020
$154,936,051
$181,434,602
$247,501,952
36.4%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price
ARAPAHOE
Total Dollar Volume
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
JEFFERSON
DOUGLAS
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market
coloradomarketreports.com
BROOMFIELD
BOULDER
January - September
2012
2013
2014
2015
2016
2017
2018
% Change
Number of Properties Sold
145
187
201
269
334
364
455
25.0%
Average Days on Market
152
119
112
83
103
88
78
-11.4%
$4,050,000
$4,550,000
$5,300,000
$4,900,000
$6,250,000
$6,700,000
$8,137,400
21.5%
$203,079,250
$279,045,170
$308,346,008
$407,300,757
$518,203,002
$565,311,694
$750,972,325
32.8%
2012
2013
2014
2015
2016
2017
2018
% Change
1
5
9
2
10
15
21
40.0%
Average Price per Square Foot
$276
$280
$309
$391
$392
$347
$342
-1.4%
Average Days on Market
1,084
51
65
75
37
122
51
-58.2%
Highest Price
$1,200,000
$1,610,200
$1,868,000
$2,900,000
$2,100,000
$3,420,350
$3,375,000
-1.3%
Total Dollar Volume
$1,200,000
$6,690,200
$11,229,059
$4,050,000
$14,250,250
$23,061,250
$29,855,500
29.5%
2012
2013
2014
2015
2016
2017
2018
% Change
2
1
6
11
11
13
19
46.2%
$251
$237
$272
$290
$293
$343
$300
-12.4%
55
155
98
92
58
135
82
-39.3%
Highest Price
$2,000,000
$1,020,000
$1,750,000
$1,429,000
$1,880,000
$1,415,000
$2,235,000
58.0%
Total Dollar Volume
$3,020,000
$1,020,000
$8,168,000
$17,505,633
$15,272,850
$15,100,500
$25,323,700
67.7%
Highest Price Total Dollar Volume
January - September Number of Properties Sold
ADAMS
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market
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 livsothebysrealty.com
JANUARY- SEPTEMBER 2018 • COLORADOMARKETREPORTS.COM
Colorado’s world-class resort communities attract buyers from around the world. Located an ideal two hours away from the Denver Metro, Eagle County (Vail Valley, Avon, Beaver Creek, Bachelor Gulch, etc.) and Summit County (Breckenridge, Frisco, Copper Mountain, Dillon, Silverthorne, etc.) provide luxury buyers with a sought-after lifestyle of enjoying the adventurous Colorado mountains, with close proximity to the bustling metropolis of Denver. Combined, the Resort Luxury Markets reported impressive results for increase in price and decrease in days on market. In Eagle County, the luxury market experienced a high volume of activity January through September of 2018, as the number of properties sold increased 9.9% and the total dollar volume increased an exciting 13%. Average days on market decreased by a prominent 14.6% to 205 days in 2018, an impressive time frame for the luxury resort market where homes typically stay on the market longer. For Summit County, number of properties sold also increased by a similar 11% and total dollar volume increased by 11.7% in 2018. Average days on market decreased a dramatic 39.5% to a record-breaking 98 days in 2018, compared to 162 days in 2017. As no surprise, the luxury resort markets of Eagle County and Summit County reported active and healthy, with expected continued growth heading into the ski season.
EAGLE
January - September
2012
2013
2014
2015
2016
2017
2018
% Change
195
192
231
261
276
293
322
9.9%
$794
$707
$808
$796
$789
$785
$822
4.7%
321
334
309
274
295
240
205
-14.6%
Highest Price
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$14,692,500
$23,000,000
$23,000,000
0.0%
Total Dollar Volume
$561,655,751
$438,207,382
$639,055,893
$701,669,289
$644,636,924
$766,098,423
$865,869,775
13.0%
2012
2013
2014
2015
2016
2017
2018
% Change
93
102
110
148
159
245
272
11.0%
$354
$424
$427
$493
$489
$466
$477
2.4%
240
174
197
172
166
162
98
-39.5%
$5,570,130
$3,400,000
$3,640,593
$3,825,000
$5,675,000
$4,200,000
$4,700,000
11.9%
$140,397,916
$145,061,254
$164,123,170
$235,128,434
$246,785,540
$385,993,385
$431,126,169
11.7%
Number of Properties Sold Average Price per Square Foot Average Days on Market
SUMMIT
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
coloradomarketreports.com
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:
RESIDENTIAL LUXURY REPORT livsothebysrealty.com
JANUARY- SEPTEMBER 2018 • COLORADOMARKETREPORTS.COM
The life you love.
livsothebysrealty.com | coloradomarketreports.com All data contained within this report is 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.