RESIDENTIAL LUXURY REPORT |
Quarter 1 2019
RESIDENTIAL LUXURY REPORT introduction Colorado has established itself as a luxury market, with an increase in demand from new buyers flocking to Denver Metro, Boulder, and the resort communities found within the state. 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 Q1 2019 Luxury Report compares January through March of 2019 to that of 2018. Single family homes and condos priced $1,000,000 and above for Denver Metro are included in this luxury report. For the resort communities, Summit County (Breckenridge, Frisco, Copper Mountain, Dillon, Silverthorne etc.) includes properties $2,000,000 and above, and Eagle County (Vail Valley, Avon, Beaver Creek, Bachelor Gulch, etc.) includes properties $3,000,000 and above. 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 Q1 2019 Luxury Report by LIV Sotheby’s International Realty displays impressive performance comparing January through March of 2019 to that of 2018, for single family homes and condos listed above $1,000,000. There were positive results for all data points gathered including a notable 13.4% increase in average price per square foot and an astounding decrease in average days on market by 31.8%. Proving to be a competitive market in 2019, the highest priced sale also increased by a significant 95.5% to $10,750,000 this year. Adding to the theme of positive growth, the number of properties sold increased by 1.1% and the total dollar volume sold increased by 2.6%. A number of significant sales were represented by LIV Sotheby’s International Realty during Q1 including 1133 14th Street #4450 selling for $10,750,000 – the highest price sale ever in downtown Denver, 4 Cherry Hills Park Drive selling for $8,200,000 – the highest price residential transaction for the Denver Metro in the month of Februrary, and 860 Vine Street selling for $4,350,000 – the highest priced single-family sale in Denver Metro for Q1. These positive results and significant sales prove an increase in demand for 2019, and it’s apparent that buyers are looking to invest in the Denver Metro lifestyle. Luxury sellers have a unique opportunity to target these influential buyers heading into the spring and summer months of 2019.
DENVER METRO (INCLUDING BOULDER) January - March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
2013
2014
2015
2016
2017
2018
2019
% Change
126
153
163
264
332
434
442
1.1%
$244
$320
$347
$414
$394
$381
$432
13.4%
305
180
152
124
175
115
78
-31.8%
$4,500,000
$7,000,000
$5,800,000
$6,530,000
$6,000,000
$5,500,000
$10,750,000
95.5%
$189,936,271
$224,061,018
$251,909,786
$410,887,545
$495,682,651
$678,221,059
$700,417,508
2.6%
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
RESIDENTIAL LUXURY REPORT livsothebysrealty.com
JANUARY- MARCH 2019 • COLORADOMARKETREPORTS.COM
ARAPAHOE
DENVER
January - March
2013
2014
2015
2016
2017
2018
2019
% Change
44
51
68
93
122
153
162
5.9%
$400
$420
$433
$475
$470
$468
$512
9.3%
122
100
118
91
93
81
113
39.5%
Highest Price
$4,100,000
$4,925,000
$3,522,019
$5,438,873
$2,750,000
$4,975,000
$10,750,000
116.1%
Total Dollar Volume
$64,740,735
$78,332,715
$98,522,988
$147,524,280
$168,822,193
$228,617,550
$263,873,465
15.4%
2013
2014
2015
2016
2017
2018
2019
% Change
36
27
43
37
57
55
48
-12.7%
$348
$372
$377
$404
$402
$399
$425
6.6%
177
98
125
119
121
89
61
-31.5%
$7,000,000
$5,850,000
$4,115,000
$6,530,000
$6,000,000
$4,125,000
$8,200,000
98.8%
$60,390,657
$47,514,476
$68,006,970
$71,390,129
$108,963,967
$94,131,599
$78,592,204
-16.5%
2013
2014
2015
2016
2017
2018
2019
% Change
29
25
27
46
48
66
88
33.3%
$326
$349
$364
$344
$351
$374
$400
7.1%
321
161
178
139
175
188
103
-45.2%
$1,776,186
$3,525,000
$2,650,000
$2,875,000
$3,000,000
$2,600,000
$4,595,032
76.7%
$37,325,522
$34,257,272
$40,658,037
$63,565,405
$65,104,171
$93,219,931
$126,421,388
35.6%
2013
2014
2015
2016
2017
2018
2019
% Change
6
12
18
22
26
42
41
-2.4%
$349
$340
$321
$354
$370
$338
$354
5.0%
324
162
166
236
232
128
149
16.4%
$2,500,000
$2,755,000
$1,425,000
$2,650,000
$5,400,000
$5,100,000
$2,700,000
-47.1%
$9,095,122
$16,382,000
$21,838,400
$31,467,397
$40,156,531
$56,785,831
$52,978,666
-6.7%
Number of Properties Sold Average Price per Square Foot Average Days on Market
January - March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
DOUGLAS
January - March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price
JEFFERSON
Total Dollar Volume
January - March Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
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BROOMFIELD
BOULDER
January - March
2013
2014
2015
2016
2017
2018
2019
% Change
35
44
58
63
75
100
99
-3.9%
152
179
107
103
103
87
83
-2.4%
Highest Price
$2,300,000
$4,000,000
$3,400,000
$3,100,000
$2,550,000
$5,500,000
$5,100,000
-7.3%
Total Dollar Volume
$48,853,782
$69,703,363
$90,979,000
$90,105,756
$107,410,789
$178,947,948
$173,501,785
-5.4%
2013
2014
2015
2016
2017
2018
2019
% Change
1
2
3
4
3
10
3
-62.5%
$237
$282
$293
$594
$395
$344
$474
31.0%
155
253
151
67
201
118
23
-80.0%
Highest Price
$1,020,000
$1,750,000
$1,385,000
$3,773,078
$1,250,000
$1,800,000
$1,600,000
-52.6%
Total Dollar Volume
$1,020,000
$3,499,000
$3,650,000
$7,787,078
$3,250,000
$12,917,700
$3,755,000
-72.4%
2013
2014
2015
2016
2017
2018
2019
% Change
3
4
8
16
11
18
1
-90.0%
$265
$283
$266
$287
$293
$322
$426
23.8%
43
165
97
115
58
130
16
-86.4%
$2,000,000
$1,741,000
$1,750,000
$1,750,000
$1,880,000
$1,650,000
$1,295,000
-28.1%
$4,170,000
$5,020,000
$10,378,000
$20,150,000
$15,272,850
$21,780,500
$1,295,000
-90.0%
Number of Properties Sold Average Days on Market
January - March Number of Properties Sold Average Price per Square Foot Average Days on Market
ADAMS
January - March 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- MARCH 2019 • 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 once again proved to be a high-demand luxury market with a 12.4% increase in average price per square foot, to $1,517 in 2019, and a 27.8% increase in highest price. LIV Sotheby’s International Realty recently announced numerous significant sales for the Vail Valley, including two recordbreaking sales. 1109 Vail Valley Drive sold for $17,250,000, the highest priced sale in the Vail Golf Course history and the highest sold price per square foot for the Vail Golf Course as well. 1548 Via La Favorita sold for $15,454,000 – the highest price residence in nearly a decade in the neighborhoods outside Vail and Beaver Creek Resorts and the highest price residence ever recorded in Edwards. Summit County showed extremely significant increases in performance with a remarkable 171.4% increase in number of properties sold to 19 in 2019, from seven in 2018. Impressively, the total dollar volume sold increased an astounding 223.3% and the highest price increased 51.2%. Three notable Breckenridge sales occurred in Q1 of 2019 for LIV Sotheby’s International Realty including 106 South Ridge Street selling for $3,720,000, 445 Long Ridge Drive selling for $3,600,000 and 121 Boulder Circle selling for $3,495,000. 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 - March
2013
2014
2015
2016
2017
2018
2019
% Change
7
16
17
13
24
24
21
-12.5%
$1,325
$1,220
$1,144
$1,063
$1,295
$1,350
$1,517
12.4%
284
307
339
498
243
183
335
83.1%
Highest Price
$13,550,000
$11,200,000
$10,250,000
$6,735,000
$23,000,000
$13,500,000
$17,250,000
27.8%
Total Dollar Volume
$42,375,000
$79,310,000
$88,335,000
$55,560,000
$145,979,000
$136,349,750
$143,317,500
5.1%
2013
2014
2015
2016
2017
2018
2019
% Change
2
4
5
6
18
7
19
171.4%
$757
$513
$608
$688
$630
$551
$660
20.0%
194
323
318
352
292
140
187
33.6%
Highest Price
$2,700,000
$3,640,593
$3,500,000
$5,675,000
$4,200,000
$3,175,000
$4,800,000
51.2%
Total Dollar Volume
$5,200,000
$11,730,593
$13,359,000
$18,140,000
$48,341,350
$17,550,000
$56,737,457
223.3%
Number of Properties Sold Average Price per Square Foot Average Days on Market
SUMMIT
January - March Number of Properties Sold Average Price per Square Foot Average Days on Market
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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:
RESIDENTIAL LUXURY REPORT livsothebysrealty.com
JANUARY- MARCH 2019 • 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.