LIV
RESIDENTIAL LUXURY REPORT Quarter 1 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.
54%
HAVE PURCHASED A PROPERTY WITHIN THE PAST 3 YEARS.
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.”
50%
16%
13%
8%
INVESTOR
INNOVATOR
TRENDSETTER
PHILANTHROPIST
ULTRA HIGH NET WORTH WORTH DEMAND DEMAND FOR FOR RESIDENTIAL RESIDENTIAL PROPERTY: ULTRA HIGH NET PROPERTY:GROWING GROWINGFAST FAST
6.0% 8.9%
US$10,265
US$8,355
billion
6.2%
billion
6.5%
609
74,865
The world’s The world’sUHNW UHNW Sotheby’s International Realty® population by6% 6% populationgrew grew by between 2013 and 2014. between 2013 and 2014. North America North America and and Europe remain the two Europe remain the two most regions, mostsignificant significant regions, accounting for 35% and accounting for 35% and 29% of the global UNHW 29% of the global UHNW population, respectively. population, respectively.
5.8%
61,820 NORTH AMERICA
EUROPE
4.8% 13.1%
12.7%
US$995
US$6,975 billion
The United States
billion
46,635
5,975
ASIA
MIDDLE EAST
4.6%
5.5% 8.3%
US$2,225
12.9%
US$395
billion
billion
14,805
3,005
5.4%
6.2%
US$515
AFRICA
LATIN AMERICA & THE CARIBBEAN
billion
4,170 PACIFIC
2014 UHNW POPULATION
2014 TOTAL WEALTH US$ BILLION
2013 UHNW POPULATION
2013 TOTAL WEALTH US$ BILLION
POPULATION CHANGE %
TOTAL WEALTH CHANGE %
211,275
29,725
199,235
27,770
6.0%
7.0%
|
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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 in 2015. Demonstrating the trend of upward growth, Q1 property sales within metro Denver, Eagle, and Summit counties rose 24% over Q1 2014; average price per square foot jumped 8.8% and recent numbers indicate that days on the market have dropped nearly 14%. For the most part, Q1 2015 luxury home prices have remained comparable to Q1 2014, while total dollar volume has jumped nearly a quarter. 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. In the resort mountain areas of Eagle and Summit county, the luxury market remains vibrant and healthy, quite possibly a direct result of the power that the Denver area has on luxury buyers, as more and more people are interested in coming to the region.
LUXURY METRICS January through March
2009
2010
2011
2012
2013
184
265
278
326
355
$332
$393
$304
$335
$370
207
298
240
323
211
$9,150,000
$10,000,000
$10,500,000
$14,100,000
$13,550,000
$206,179,938
$393,963,226
$369,958,547
$455,358,943
$432,013,497
January through March
2014
2015
% Change
Number of Properties Sold
382
474
24.08%
$398
$433
8.79%
197
170
-13.71%
$11,200,000
$10,250,000
-8.48%
$504,846,635
$627,270,230
24.25%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON * EAGLE * SUMMIT * Resort Market
RESIDENTIAL LUXURY REPORT QUARTER 1 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 March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
25
24
31
33
44
51
68
33.33%
Average Price per Sq. Ft.
$362
$382
$366
$345
$400
$420
$433
3.10%
Average Days on Market
274
261
238
215
122
100
118
18.00%
Highest Price
$2,100,000
$3,500,000
$2,150,000
$3,100,000
$4,100,000
$4,925,000
$3,522,019
-28.49%
Total Dollar Volume
$31,528,211
$36,817,323
$43,547,000
$45,126,908
$64,740,735
$78,332,715
$98,562,988
25.83%
ARAPAHOE COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
15
24
24
29
36
27
43
59.26%
Average Price per Sq. Ft.
$373
$349
$311
$341
$348
$372
$377
1.34%
Average Days on Market
286
362
158
182
177
98
125
27.55%
$3,900,000
$4,950,000
$4,800,000
$4,500,000
$7,000,000
$5,850,000
$4,115,000
-29.66%
$28,907,500
$43,075,977
$36,614,686
$55,203,449
$60,390,657
$47,514,476
$68,006,970
43.13%
Highest Price Total Dollar Volume
DOUGLAS COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
16
10
10
18
29
25
26
4.00%
Average Price per Sq. Ft.
$370
$399
$284
$277
$326
$349
$378
8.31%
Average Days on Market
480
397
481
180
321
161
219
36.02%
$3,450,000
$2,825,000
$2,300,000
$2,150,000
$1,776,186
$3,525,000
$2,650,000
-24.82%
$25,570,500
$16,045,000
$14,958,000
$23,812,514
$37,325,522
$34,257,272
$38,881,017
13.50%
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 QUARTER 1 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
JEFFERSON COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
7
8
9
6
6
12
18
50.00%
Average Price per Sq. Ft.
$306
$396
$257
$228
$349
$340
$321
-5.59%
Average Days on Market
192
181
312
287
324
162
166
2.47%
Highest Price
$1,535,000
$2,200,000
$1,546,200
$1,455,500
$2,500,000
$2,755,000
$1,425,000
-48.28%
Total Dollar Volume
$8,341,532
$12,425,000
$11,235,003
$7,692,500
$9,095,122
$16,382,000
$21,838,400
33.31%
BROOMFIELD COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
0
1
0
1
2
2
1
-50.00%
Average Price per Sq. Ft.
$0
$301
$0
$276
$261
$318
$477
50.00%
Average Days on Market
0
1
0
1084
6
113
6
-94.69%
Highest Price
$0
$1,624,320
$0
$1,200,000
$1,610,200
$1,170,960
$2,900,000
147.66%
Total Dollar Volume
$0
$1,624,320
$0
$1,200,000
$2,635,200
$2,220,960
$2,900,000
30.57%
ADAMS COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
0
2
0
0
1
2
3
50.00%
Average Price per Sq. Ft.
$0
$226
$0
$0
$237
$282
$293
3.90%
Average Days on Market
0
588
0
0
155
253
151
-40.32%
Highest Price
$0
$1,064,255
$0
$0
$1,020,000
$1,750,000
$1,385,000
-20.86%
Total Dollar Volume
$0
$2,064,255
$0
$0
$1,020,000
$3,499,000
$3,650,000
4.32%
PURCHASING MOTIVATIONS AT A GLANCE
RESIDENTIAL LUXURY REPORT QUARTER 1 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 March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
22
19
26
39
37
44
59
34.09%
Average Days on Market
$1,509,099
$1,631,442
$1,678,599
$1,458,997
$1,379,832
$1,584,167
$1,563,110
-1.33%
Highest Price
$2,625,000
$4,200,000
$4,150,000
$3,100,000
$2,300,000
$4,000,000
$4,900,000
22.50%
$33,200,180
$30,997,412
$43,643,583
$56,900,900
$51,053,782
$69,703,363
$92,223,500
32.31%
Total Dollar Volume
EAGLE COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
31
76
56
61
54
73
86
17.81%
Average Price per Sq. Ft.
$896
$768
$899
$921
$723
$784
$842
7.40%
Average Days on Market
131
275
381
332
279
359
302
-15.88%
$9,150,000
$10,000,000
$10,500,000
$14,100,000
$13,550,000
$11,200,000
$10,250,000
-8.48%
$90,115,230
$198,047,230
$160,659,775
$189,397,500
$125,882,850
$177,572,249
$207,338,606
16.76%
Highest Price Total Dollar Volume
SUMMIT COUNTY January through March
2009
2010
2011
2012
2013
2014
2015
% Change
Number of Properties Sold
68
101
122
139
146
146
171
17.12%
Average Price per Sq. Ft.
$352
$325
$312
$290
$319
$322
$358
11.18%
Average Days on Market
253
367
340
442
363
346
366
5.78%
$3,108,000
$1,545,000
$2,685,000
$3,421,123
$2,700,000
$3,500,000
$2,799,000
-20.03%
$42,516,785
$52,866,709
$59,300,500
$76,025,172
$79,869,629
$75,364,600
$96,042,932
27.44%
Highest Price Total Dollar Volume
LOCATION IS KING
RESIDENTIAL LUXURY REPORT QUARTER 1 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
CHERRY CREEK
400 S. Colorado Blvd., Suite 400 Denver, CO 80246 303.893.3200
DENVER TECH CENTER
DOWNTOWN DENVER
BEAVER CREEK VILLAGE
VAIL VALLEY
8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200
255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200
EVERGREEN
1512 Larimer Street, #46R Denver, CO 80202 303.893.3200
26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400
CHERRY CREEK-CLAYTON
31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200
BRECKENRIDGE
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 Evergreen
Edwards
Greenwood Village
70
Beaver Creek 24
85
Breckenridge
285
25
Castle Pines Village
RESIDENTIAL LUXURY REPORT QUARTER 1 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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