LIV
RESIDENTIAL LUXURY REPORT Mid-Year 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 luxury home market is on the rise in Colorado. As one of the fastest growing states, Colorado’s growing popularity, combined with the surging United States economy, is cause for an increasing luxury sector at the mid-year point of 2015.
Demonstrating the trend of upward growth, mid-year property sales, within the seven counties of Denver metro (including Boulder) represented in this report, rose 28.69% over mid-year 2014 statistics; average price per square foot jumped 6.71% and recent numbers indicate that days on the market have dropped 5.13%. Total dollar volume sold increased by 23.29%.
LUXURY METRICS January through June Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
January through June Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2009
2010
2011
2012
2013
217
261
277
350
467
$342
$359
$262
$266
$317
265
218
215
316
167
$6,300,000
$4,950,000
$6,180,000
$5,250,000
$8,691,000
$336,328,143
$410,857,617
$420,043,872
$520,806,242
$703,219,812
2014
2015
% Change
502
646
28.69%
INCLUDED COUNTIES: ADAMS
$343
$366
6.71%
ARAPAHOE
117
111
-5.13%
BROOMFIELD
$5,950,000
$4,650,000
-21.85%
$785,025,622
$967,880,809
23.29%
BOULDER DENVER DOUGLAS JEFFERSON
RESIDENTIAL LUXURY REPORT MID-YEAR 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 January through June
2009
2010
2011
2012
2013
2014
2015
% Change
62
63
76
102
144
142
201
41.55%
Average Price per Sq. Ft.
$379
$389
$344
$367
$403
$432
$444
2.78%
Average Days on Market
297
207
201
182
122
70
85
21.43%
$4,100,000
$4,500,000
$2,500,000
$5,250,000
$4,100,000
$4,925,000
$4,550,000
-7.61%
$88,483,475
$99,153,816
$103,537,099
$150,638,022
$211,095,072
$214,887,454
$295,360,948
37.45%
Number of Properties Sold
Highest Price Total Dollar Volume
ARAPAHOE COUNTY January through June
2009
2010
2011
2012
2013
2014
2015
% Change
38
62
62
76
98
109
114
4.59%
Average Price per Sq. Ft.
$339
$334
$327
$339
$341
$385
$381
-1.04%
Average Days on Market
$314
$232
187
188
244
125
125
0.00%
$6,300,000
$4,950,000
$6,180,000
$4,500,000
$7,000,000
$5,950,000
$4,650,000
-21.85%
$68,819,500
$99,288,802
$101,832,498
$126,167,747
$161,378,148
$209,477,016
$191,195,514
-8.73%
Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through June
2009
2010
2011
2012
2013
2014
2015
% Change
32
37
42
50
72
78
89
14.10%
Average Price per Sq. Ft.
$361
$355
$309
$298
$324
$336
$341
1.49%
Average Days on Market
364
319
348
325
225
147
167
13.61%
$3,450,000
$3,630,000
$3,050,000
$3,000,000
$2,550,000
$4,000,000
$2,750,000
-31.25%
$49,037,221
$56,429,162
$61,191,450
$69,326,568
$95,258,704
$110,900,422
$124,816,315
12.55%
Number of Properties Sold
Highest Price Total Dollar Volume
JEFFERSON COUNTY January through June
2009
2010
2011
2012
2013
2014
2015
% Change
19
22
26
21
30
41
55
34.15%
Average Price per Sq. Ft.
$306
$339
$312
$315
$333
$323
$354
9.60%
Average Days on Market
379
225
353
280
283
187
141
-24.60%
$2,100,000
$2,200,000
$2,575,000
$2,600,000
$8,691,000
$2,755,000
$3,350,000
21.60%
$25,119,500
$30,839,250
$35,595,903
$30,043,105
$51,320,622
$56,291,250
$74,952,720
33.15%
Number of Properties Sold
Highest Price Total Dollar Volume
RESIDENTIAL LUXURY REPORT MID-YEAR 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 June Number of Properties Sold Average Days on Market Highest Price Total Dollar Volume
2009
2010
2011
2012
2013
2014
2015
% Change
59
69
69
100
118
122
178
45.90%
214
194
216
156
135
128
78
-39.06%
$2,900,000
$4,450,000
$4,150,000
$3,100,000
$4,400,000
$4,000,000
$4,495,000
12.38%
$94,654,847
$111,898,012
$114,861,922
$143,430,800
$177,697,066
$180,830,421
$268,651,312
48.57%
BROOMFIELD COUNTY January through June
2009
2010
2011
2012
2013
2014
2015
% Change
4
3
0
1
4
5
2
-60.00%
Average Price per Sq. Ft.
$369
$460
-
$276
$262
$309
$391
26.54%
Average Days on Market
3
12
-
1,084
5
60
75
25.00%
$2,264,303
$3,480,000
-
$1,200,000
$1,610,000
$1,310,099
$2,900,000
121.36%
$6,587,919
$6,334,320
-
$1,200,000
$5,450,200
$5,721,059
$4,050,000
-29.21%
2009
2010
2011
2012
2013
2014
2015
% Change
3
5
2
0
1
5
7
40.00%
Average Price per Sq. Ft.
$296
$274
$279
-
$237
$274
$287
4.74%
Average Days on Market
283
340
198
-
155
105
107
1.90%
Highest Price
$1,555,000
$2,400,000
$1,675,000
-
$1,020,000
$1,750,000
$1,429,000
-18.34%
Total Dollar Volume
$3,625,681
$6,914,255
$3,025,000
-
$1,020,000
$6,918,000
$8,854,000
27.98%
Number of Properties Sold
Highest Price Total Dollar Volume
ADAMS COUNTY January through June 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 MID-YEAR 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, 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 really desire. At the mid-year point of 2015, Eagle County saw an especially high volume of activity, due to an increased number of visitors and second home owners in town during summer months, which tend to be a popular time for home buying in the luxury sector. In the resort mountain area of Summit County, increased homeowner equity and property values demonstrate a continued strong residential luxury market at the mid-year point of 2015. The proximity to both the urban offerings of Denver metro, and the famous Colorado Rocky Mountains, position Summit County as one of the most sought after resort destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market in Summit County will continue to rise.
EAGLE COUNTY January through June
2009
2010
2011
2012
2013
2014
2015
% Change
67
159
108
124
119
161
163
1.24%
Average Price per Sq. Ft.
$827
$872
$901
$872
$703
$833
$856
2.76%
Average Days on Market
170
292
380
351
293
238
311
30.67%
Highest Price
$15,950,000
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
-17.11%
Total Dollar Volume
$200,537,019
$441,348,766
$325,725,275
$382,528,751
$268,389,100
$459,530,231
$454,338,449
-1.13%
2009
2010
2011
2012
2013
2014
2015
% Change
43
60
46
40
52
58
72
24.14%
Average Price per Sq. Ft.
$419
$689
$404
$342
$452
$440
$520
18.18%
Average Days on Market
221
526
340
269
280
244
273
11.89%
$3,300,000
$2,700,000
$2,685,000
$3,742,500
$3,400,000
$3,640,593
$3,700,000
1.63%
$71,223,250
$91,959,750
$71,882,294
$61,654,928
$79,314,236
$89,713,292
$122,026,012
36.02%
Number of Properties Sold
SUMMIT COUNTY January through June Number of Properties Sold
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT MID-YEAR 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
CASTLE PINES
1050 Walnut Street Boulder, CO 80302 303.443.6161
858 W. Happy Canyon Road, Suite 100 Castle Rock, CO 80108 303.660.8800
DENVER TECH CENTER
8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200
CHERRY CREEK
400 S. Colorado Blvd., Suite 400 Denver, CO 80246 303.893.3200
CHERRY CREEK-CLAYTON 255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200
DOWNTOWN DENVER
EVERGREEN
VAIL VALLEY
BRECKENRIDGE
1512 Larimer Street, #46R Denver, CO 80202 303.893.3200
BEAVER CREEK VILLAGE 26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400
31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200
34253 Highway 6, #2A Edwards, CO 81632 970.748.5150
101 South Main Street Breckenridge, CO 80424 970.453.0550 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
Denver Tech Center
Evergreen
Edwards
70
Beaver Creek 24
85
Breckenridge
285
25
Castle Pines
RESIDENTIAL LUXURY REPORT MID-YEAR 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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