LIV
RESIDENTIAL LUXURY REPORT Mid-Year 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 mid-year statistics, to that of 2015, for single family homes and condos priced $1M and above. The luxury home market remains competitive in Colorado. As one of the fastest growing states, Colorado’s growing popularity and influx of people moving to the state, are cause for a fortified luxury sector at the mid-year point of 2016. Demonstrating the trend of upward growth, mid-year property sales, within the seven counties of Denver metro (including Boulder) represented in this report, rose 19.81% over mid-year 2015 statistics; average price per square foot jumped 2.41% and recent numbers indicate that days on the market have dropped 11.32%. Total dollar volume sold increased by 22.13%.
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
2010
2011
2012
2013
2014
261
277
350
467
502
$359
$262
$266
$317
$343
218
215
316
167
227
$4,950,000
$6,180,000
$5,250,000
$8,691,000
$5,950,000
$410,857,617
$420,043,872
$520,806,242
$703,219,812
$785,025,622
2015
2016
% Change
646
774
19.81%
$366
$375
2.41%
111
98
-11.32%
$4,650,000
$6,705,000
44.19%
$967,880,809
$1,182,107,321
22.13%
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD 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
2010
2011
2012
2013
2014
2015
2016
% Change
63
76
102
144
142
201
249
23.88%
Average Price per Sq. Ft.
$389
$344
$367
$403
$432
$444
$451
1.68%
Average Days on Market
207
201
182
122
70
85
75
-11.76%
Highest Price
$4,500,000
$2,500,000
$5,250,000
$4,100,000
$4,925,000
$4,550,000
$5,439,000
19.54%
Total Dollar Volume
$99,153,816
$103,537,099
$150,638,022
$211,095,072
$214,887,454
$295,360,948
$369,507,709
25.10%
Number of Properties Sold
ARAPAHOE COUNTY January through June
2010
2011
2012
2013
2014
2015
2016
% Change
62
62
76
98
109
114
124
8.77%
Average Price per Sq. Ft.
$334
$327
$339
$341
$385
$381
$408
6.99%
Average Days on Market
$232
187
188
244
125
125
103
-17.60%
$4,950,000
$6,180,000
$4,500,000
$7,000,000
$5,950,000
$4,650,000
$6,530,000
40.43%
$99,288,802
$101,832,498
$126,167,747
$161,378,148
$209,477,016
$191,195,514
$222,674,759
16.46%
Number of Properties Sold
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through June
2010
2011
2012
2013
2014
2015
37
42
50
72
78
89
108
21.35%
Average Price per Sq. Ft.
$355
$309
$298
$324
$336
$341
$364
6.81%
Average Days on Market
319
348
325
225
147
167
138
-17.37%
Highest Price
$3,630,000
$3,050,000
$3,000,000
$2,550,000
$4,000,000
$2,750,000
$6,705,000
143.82%
Total Dollar Volume
$56,429,162
$61,191,450
$69,326,568
$95,258,704
$110,900,422
$124,816,315
$160,954,591
28.95%
Number of Properties Sold
2016 % Change
JEFFERSON COUNTY January through June
2010
2011
2012
2013
2014
2015
2016
% Change
22
26
21
30
41
55
61
10.91%
Average Price per Sq. Ft.
$339
$312
$315
$333
$323
$354
$332
-6.09%
Average Days on Market
225
353
280
283
187
141
188
33.33%
$2,200,000
$2,575,000
$2,600,000
$8,691,000
$2,755,000
$3,350,000
$2,914,000
-13.01%
$30,839,250
$35,595,903
$30,043,105
$51,320,622
$56,291,250
$74,952,720
$80,444,626
7.33%
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
2010
2011
2012
2013
2014
2015
2016
% Change
69
69
100
118
122
178
218
22.47%
194
216
156
135
128
78
60
-23.08%
$4,450,000
$4,150,000
$3,100,000
$4,400,000
$4,000,000
$4,495,000
$3,950,000
-12.12%
$111,898,012
$114,861,922
$143,430,800
$177,697,066
$180,830,421
$268,651,312
$328,590,786
22.31%
BROOMFIELD COUNTY January through June
2010
2011
2012
2013
2014
2015
2016
% Change
3
0
1
4
5
2
7
250.00%
Average Price per Sq. Ft.
$460
-
$276
$262
$309
$391
$393
0.44%
Average Days on Market
12
-
1,084
5
60
75
51
-32.00%
Highest Price
$3,480,000
-
$1,200,000
$1,610,000
$1,310,099
$2,900,000
$2,100,000
-27.59%
Total Dollar Volume
$6,334,320
-
$1,200,000
$5,450,200
$5,721,059
$4,050,000
$10,300,000
154.32%
2010
2011
2012
2013
2014
2015
2016
% Change
5
2
0
1
5
7
7
0.00%
Average Price per Sq. Ft.
$274
$279
-
$237
$274
$287
$301
4.85%
Average Days on Market
340
198
-
155
105
107
74
-30.84%
$2,400,000
$1,675,000
-
$1,020,000
$1,750,000
$1,429,000
$1,376,000
-3.71%
$6,914,255
$3,025,000
-
$1,020,000
$6,918,000
$8,854,000
$9,634,850
8.82%
Number of Properties Sold
ADAMS COUNTY January through June 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 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 - $1M+ The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2016 mid-year statistics, to that of 2015, for single family homes and condos priced $1M and above. In the resort mountain area of Eagle County, the luxury market remains competitive with a steady influx of buyers seeking lifestyle-inspired home purchases. Average price per square foot held at $854, indicating that as the economy gets stronger people are more willing to spend extra dollars to purchase the homes they truly desire. At the mid-year point of 2016, Eagle County saw a slightly lesser volume of activity, with number of properties sold, down slightly, at 4.29%. Average days on market held at 310, a consistent time on market for luxury real estate in the resort sector. In the resort mountain area of Summit County, increased homeowner equity and property values demonstrate a balanced residential luxury market at the mid-year point of 2016. 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 lifestyleinspired home purchases, the resort market in Summit County will remain at a continued strong pace. Year-over-year, number of properties sold held at 80, down just 1% from 81 properties sold in 2015, and total dollar volume increased 3.08%.
EAGLE COUNTY January through June
2010
2011
2012
2013
2014
2015
2016
% Change
159
108
124
119
161
163
156
-4.29%
Average Price per Sq. Ft.
$872
$901
$872
$703
$833
$856
$854
-0.23%
Average Days on Market
292
380
351
293
238
311
310
-0.32%
$14,817,600
$12,500,000
$14,100,000
$13,550,000
$19,000,000
$15,750,000
$14,000,000
-11.11%
$441,348,766
$325,725,275
$382,528,751
$268,389,100
$459,530,231
$454,338,449
$364,880,454
-19.69%
2010
2011
2012
2013
2014
2015
2016
% Change
60
46
40
52
58
81
80
-1.23%
Average Price per Sq. Ft.
$689
$404
$342
$452
$440
$496
$429
-13.51%
Average Days on Market
526
340
269
280
244
202
232
14.85%
Highest Price
$2,700,000
$2,685,000
$3,742,500
$3,400,000
$3,640,593
$3,700,000
$5,675,000
53.38%
Total Dollar Volume
$91,959,750
$71,882,294
$61,654,928
$79,314,236
$89,713,292
$130,900,012
$134,930,773
3.08%
Number of Properties Sold
Highest Price Total Dollar Volume
SUMMIT COUNTY January through June Number of Properties Sold
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® 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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