LIV
RESIDENTIAL LUXURY REPORT 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+ In many ways, 2016 offered some unexpected surprises, and the same can be said for the year-end luxury housing market. Luxury home prices appreciated beyond expectations and mortgage rates experienced record lows before crossing 4% for the first time in two years. Additionally, eye-popping sales dotted the luxury market at year-end, with several record sales taking place in November and December, typically slower months in the luxury home-buying sector. LIV Sotheby’s International Realty’s Residential Luxury Report compares Year-End 2016 (January - December) 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. A full analysis of the performance of the resort luxury market can be found at the end of the report. In Denver metro, luxury buyers are seeking modern-style homes in contrast to Tudor-type architecture, that has been the go-to style of Denver’s luxury buyers traditionally. In 2016, LIV Sotheby’s International Realty was credited as leveraging the highest luxury sale historically in Cherry Creek. In the resort luxury market, buyers continue to seek mountainmodern homes. Year-End 2016 property sales, within the seven counties of Denver metro represented in this report, rose 17.3% over YearEnd 2015 statistics; average price per square foot held at $372, days on the market have dropped 7.1%, and total dollar volume sold increased by 18.7%, demonstrating the trend of upward growth in the luxury market.
DENVER METRO (INCLUDING BOULDER) January through December
2010
2011
2012
2013
2014
540
547
744
968
1,086
$343
$329
$312
$335
$349
260
206
243
159
115
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,850,000
$827,866,955
$813,931,695
$1,130,012,894
$1,472,661,610
$1,656,108,079
January through December
2015
2016
% Change
Number of Properties Sold
1,373
1,610
17.3%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
$371
$372
0.3%
107
99
-7.1%
BROOMFIELD
$11,000,000
$7,755,285
-29.5%
$2,085,834,242
$2,475,693,801
18.7%
Average Days on Market
Total Dollar Volume
ADAMS ARAPAHOE
Average Price per Square Foot
Highest Price
INCLUDED COUNTIES:
BOULDER DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT 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 December
2010
2011
2012
2013
2014
2015
2016
% Change
139
156
217
297
322
449
524
16.7%
Average Price per Sq. Ft.
$389
$365
$382
$415
$416
$455
$462
1.6%
Average Days on Market
185
179
153
94
70
71
74
4.2%
$5,700,000
$3,815,000
$5,400,000
$4,375,000
$4,925,000
$4,550,000
$7,000,000
53.8%
$215,501,345
$220,147,191
$324,704,119
$439,762,640
$466,936,127
$661,047,704
$787,533,164
19.1%
Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY January through December
2010
2011
2012
2013
2014
2015
2016
% Change
130
115
183
213
212
246
262
6.5%
Average Price per Sq. Ft.
$323
$322
$352
$359
$380
$398
$400
0.6%
Average Days on Market
230
193
178
201
124
116
113
-2.6%
$7,000,000
$8,200,000
$7,500,000
$7,000,000
$5,850,000
$11,000,000
$6,530,000
-40.6%
$206,414,081
$194,859,212
$318,370,455
$367,820,375
$381,605,285
$432,852,929
$455,920,063
5.3%
Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through December
2010
2011
2012
2013
2014
2015
88
87
103
152
180
186
234
25.8%
Average Price per Sq. Ft.
$342
$325
$317
$326
$363
$344
$364
5.9%
Average Days on Market
315
295
239
184
141
134
134
0.0%
$3,630,000
$3,150,000
$3,050,000
$3,400,000
$4,000,000
$3,075,000
$6,705,241
118.1%
$128,228,729
$124,924,511
$140,088,435
$208,232,028
$255,955,232
$258,038,249
$338,463,555
31.2%
Number of Properties Sold
Highest Price Total Dollar Volume
2016 % Change
JEFFERSON COUNTY January through December
2010
2011
2012
2013
2014
2015
37
48
52
56
77
118
150
27.1%
Average Price per Sq. Ft.
$333
$298
$318
$319
$331
$356
$335
-5.9%
Average Days on Market
248
332
267
253
193
149
157
5.4%
Highest Price
$2,200,000
$2,575,000
$3,900,000
$3,200,000
$2,755,000
$3,350,000
$3,000,000
-10.4%
Total Dollar Volume
$52,011,250
$66,623,601
$77,288,359
$78,054,845
$105,595,665
$159,990,825
$199,899,291
24.9%
Number of Properties Sold
2016 % Change
RESIDENTIAL LUXURY REPORT 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 December
2010
2011
2012
2013
2014
2015
2016
% Change
Number of Properties Sold
135
136
184
239
273
352
416
18.2%
Average Days on Market
198
203
153
126
119
87
102
17.2%
$4,450,000
$2,790,000
$4,750,000
$6,432,495
$5,300,000
$6,300,000
$7,755,285
23.1%
$207,387,975
$200,477,180
$262,971,526
$364,644,490
$416,463,461
$542,659,432
$659,629,628
21.6%
Highest Price Total Dollar Volume
BROOMFIELD COUNTY January through December
2010
2011
2012
2013
2014
2015
2016
% Change
6
1
2
7
14
6
13
116.7%
Average Price per Sq. Ft.
$399
$365
$235
$306
$340
$386
$376
-2.5%
Average Days on Market
244
2
580
57
67
58
58
0.0%
Highest Price
$3,480,000
$1,700,000
$1,220,000
$1,610,200
$2,550,000
$2,900,000
$2,100,000
-27.6%
Total Dollar Volume
$11,409,320
$1,700,000
$2,420,000
$9,127,232
$19,174,309
$11,095,103
$18,975,250
71.0%
2010
2011
2012
2013
2014
2015
2016
% Change
5
4
3
4
8
16
11
-31.3%
Average Price per Sq. Ft.
$274
$296
$265
$283
$266
$287
$293
2.3%
Average Days on Market
340
236
43
165
97
115
58
-49.6%
$2,400,000
$1,675,000
$2,000,000
$1,741,000
$1,750,000
$1,750,000
$1,880,000
7.4%
$6,914,255
$5,200,000
$4,170,000
$5,020,000
$10,378,000
$20,150,000
$15,272,850
-24.2%
Number of Properties Sold
ADAMS COUNTY January through December 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 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+ With the many recreational opportunities the state of Colorado offers, and buyers’ willingness to spend top dollar to be in close proximity to these activities, the resort luxury market remained vibrant and healthy in 2016. Average price per square foot held at $789, with several notable sales taking place at the year-end of 2016, including the sale of the highest priced home sale in Vail at $23M. The Vail Valley saw a higher volume of activity, with number of properties sold up 9.5%. Average days on the market decreased slightly to 289, demonstrating a slightly improved average time on market for home buying in the resort luxury sector. In Summit County (Breckenridge, Frisco, Copper, Dillon, Silverthorne), property values demonstrate a balanced residential luxury market. The proximity to the urban offerings of Denver metro, which is less than two hours away from Summit County, position the area as one of the most sought after resort destinations, specifically for those seeking close travel time between Denver and the recreational opportunities the mountain areas offer. Year-over-year, number of properties sold was up 16.3% at 228, and total dollar volume increased 11.6%. In summary, this report concludes that the luxury resort markets of Vail Valley and Summit County remain robust and competitive, will several eye-popping sales taking place at year end.
EAGLE COUNTY (VAIL VALLEY, AVON, BEAVER CREEK, BACHELOR GULCH, CORDILLERA, ETC.) January through December
2010
2011
2012
2013
2014
2015
2016
% Change
331
241
283
277
329
348
381
9.5%
Average Price per Sq. Ft.
$853
$793
$792
$728
$818
$797
$760
-4.6%
Average Days on Market
278
357
318
309
298
298
289
-3.0%
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$17,500,000
11.1%
$890,295,382
$640,649,775
$799,893,595
$671,350,199
$912,487,293
$921,337,439
$886,111,174
-3.8%
Number of Properties Sold
Highest Price Total Dollar Volume
SUMMIT COUNTY (BRECKENRIDGE, COPPER MOUNTAIN, FRISCO, DILLON, KEYSTONE, ETC.) January through December
2010
2011
2012
2013
2014
2015
2016
% Change
118
100
111
131
144
196
228
16.3%
Average Price per Sq. Ft.
$560
$411
$365
$426
$442
$498
$494
-0.8%
Average Days on Market
279
296
253
187
198
179
166
-7.3%
$3,950,000
$2,849,000
$5,570,130
$3,400,000
$3,640,593
$3,900,000
$5,675,000
45.5%
$186,819,214
$154,136,121
$177,679,817
$193,137,198
$224,953,302
$320,441,416
$357,616,680
11.6%
Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT 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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