RESIDENTIAL LUXURY REPORT |
2018 Year in Review
RESIDENTIAL LUXURY REPORT introduction The luxury real estate market in Colorado continues to evolve, especially with an increased demand in new buyers flocking to Denver Metro, Boulder, and the resort communities. Understanding the luxury real estate market is a critical key to success for both buyers and sellers, which is why LIV Sotheby’s International Realty compiles a Luxury Report to help consumers make sound financial decisions. The 2018 Year-End Luxury Report compares 2018 to 2017 statistics, 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.
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Denver Metro (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson), including Boulder, attracts buyers from all over the world with the panoramic mountain views, a strong economy, trendy restaurants, and a heart for innovation. The Year-End Luxury Report by LIV Sotheby’s International Realty shows notable growth comparing 2018 to 2017 for single family homes and condos listed above $1,000,000. The number of properties sold increased by an outstanding 17.6% from 1,966 in 2017 to 2,312 homes sold in 2018. Average days on market dropped a remarkable 23.5% from 115 days in 2017 to just 88 days in 2018. In addition, total dollar volume increased a remarkable 39.8% compared to 2017. An increase in homes sold, plus an increase in total dollar volume, combined with a decrease in days on market reveal an evident increase in demand for luxury homes in Denver Metro and Boulder. With an increase in demand, many listings and new developments are focusing on a luxury driven lifestyle. This includes high-end amenities, energy saving features, smart homes, and the ability to live the city life without sacrificing space and privacy.
DENVER METRO (INCLUDING BOULDER) January - December 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
744
968
1,086
1,373
1,610
1,966
2,312
17.6%
$312
$335
$349
$371
$372
$386
$452
17.1%
243
159
115
107
99
115
88
-23.5%
$7,500,000
$7,000,000
$5,850,000
$11,000,000
$7,755,285
$8,116,000
$8,137,400
0.3%
$1,130,012,894
$1,472,661,610
$1,656,108,079
$2,085,834,242
$2,475,693,801
$3,009,330,827
$4,206,700,679
39.8%
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
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JANUARY-DECEMBER 2018 • COLORADOMARKETREPORTS.COM
DENVER
January - December
2012
2013
2014
2015
2016
2017
2018
% Change
217
297
322
449
524
682
745
9.2%
$382
$415
$416
$455
$462
$470
$488
3.8%
153
94
70
71
74
84
65
-22.6%
$5,400,000
$4,375,000
$4,925,000
$4,550,000
$7,000,000
$6,500,000
$8,000,000
23.1%
$324,704,119
$439,762,640
$466,936,127
$661,047,704
$787,533,164
$1,024,648,720
$1,141,604,284
11.4%
2012
2013
2014
2015
2016
2017
2018
% Change
183
213
212
246
262
274
334
21.9%
$352
$359
$380
$398
$400
$417
$418
0.3%
178
201
124
116
113
106
91
-14.2%
$7,500,000
$7,000,000
$5,850,000
$11,000,000
$6,530,000
$6,000,000
$7,500,000
25.0%
$318,370,455
$367,820,375
$381,605,285
$432,852,929
$455,920,063
$488,898,414
$591,382,919
21.0%
2012
2013
2014
2015
2016
2017
2018
% Change
103
152
180
186
234
313
374
19.5%
$317
$326
$363
$344
$364
$384
$385
0.4%
239
184
141
134
134
135
132
-2.2%
$3,050,000
$3,400,000
$4,000,000
$3,075,000
$6,705,241
$8,116,000
$6,750,000
-16.8%
$140,088,435
$208,232,028
$255,955,232
$258,038,249
$338,463,555
$460,651,187
$543,274,189
17.9%
2012
2013
2014
2015
2016
2017
2018
% Change
52
56
77
118
150
181
242
33.7%
$318
$319
$331
$356
$335
$382
$372
-2.6%
267
253
193
149
157
149
99
-33.6%
Highest Price
$3,900,000
$3,200,000
$2,755,000
$3,350,000
$3,000,000
$5,400,000
$6,490,000
20.2%
Total Dollar Volume
$77,288,359
$78,054,845
$105,595,665
$159,990,825
$199,899,291
$248,292,748
$321,661,451
29.5%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price
ARAPAHOE
Total Dollar Volume
January - December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
DOUGLAS
January - December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price
JEFFERSON
Total Dollar Volume
January - December Number of Properties Sold Average Price per Square Foot Average Days on Market
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BROOMFIELD
BOULDER
January - December
2012
2013
2014
2015
2016
2017
2018
% Change
Number of Properties Sold
184
239
273
352
416
478
576
20.5%
Average Days on Market
153
126
119
87
102
103
86
-16.5%
$4,750,000
$6,432,495
$5,300,000
$6,300,000
$7,755,285
$6,700,000
$8,137,400
21.5%
$262,971,526
$364,644,490
$416,463,461
$542,659,432
$659,629,628
$738,353,008
$945,198,778
28.0%
2012
2013
2014
2015
2016
2017
2018
% Change
2
7
14
6
13
19
23
21.1%
$235
$306
$340
$386
$376
$339
$344
1.5%
580
57
67
58
58
110
60
-45.5%
Highest Price
$1,220,000
$1,610,200
$2,550,000
$2,900,000
$2,100,000
$3,420,350
$3,375,000
-1.3%
Total Dollar Volume
$2,420,000
$9,127,232
$19,174,309
$11,095,103
$18,975,250
$27,471,250
$31,997,234
16.5%
2012
2013
2014
2015
2016
2017
2018
% Change
3
4
8
16
11
18
27
50.0%
$265
$283
$266
$287
$293
$322
$300
-6.9%
43
165
97
115
58
130
98
-24.6%
$2,000,000
$1,741,000
$1,750,000
$1,750,000
$1,880,000
$1,650,000
$2,235,000
35.5%
$4,170,000
$5,020,000
$10,378,000
$20,150,000
$15,272,850
$21,780,500
$35,205,700
61.6%
Highest Price Total Dollar Volume
January - December Number of Properties Sold Average Price per Square Foot Average Days on Market
ADAMS
January - December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
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-DECEMBER 2018 • COLORADOMARKETREPORTS.COM
Colorado’s world-class resort communities attract buyers from around the world with the benefits of year-round activities, a community feel and breathtaking mountain vistas at every turn. Ideally located around two hours or less from 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. Eagle County provided notable results with a 7.6% increase in number of properties sold and a 14.5% decrease in average days on market. In addition, total dollar volume sold increased an impressive 12.2%. Summit County increased around 11% for both number of properties sold, to 372 in 2018, and total dollar volume sold. Average days on market for Summit County remained relatively the same compared to 2017. As shown in this Resort Luxury Market Report by LIV Sotheby’s International Realty, Colorado’s renowned resort communities of Eagle County and Summit County continue to attract buyers who are looking for the desired mountain lifestyle, without being too far from city life.
EAGLE
January - September Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
SUMMIT
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
283
277
329
348
381
407
438
7.6%
$792
$728
$818
$797
$760
$788
$823
4.4%
318
309
298
298
289
234
200
-14.5%
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$17,500,000
$23,000,000
$23,000,000
0.0%
$799,893,595
$671,350,199
$912,487,293
$921,337,439
$886,111,174
$1,065,294,461
$1,195,013,080
12.2%
2012
2013
2014
2015
2016
2017
2018
% Change
111
131
144
196
228
335
372
11.0%
$365
$426
$442
$498
$494
$469
$484
3.2%
253
187
198
179
166
147
151
2.7%
$5,570,130
$3,400,000
$3,640,593
$3,900,000
$5,675,000
$6,100,000
$4,700,000
-23.0%
$177,679,817
$193,137,198
$224,953,302
$320,441,416
$357,616,680
$542,151,792
$602,864,799
11.2%
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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:
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JANUARY-DECEMBER 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.