RESIDENTIAL LUXURY REPORT |
Mid-Year 2019
RESIDENTIAL LUXURY REPORT introduction Navigating real estate transactions can be tricky, and especially within the luxury market of Colorado, as there are many factors to consider. To assist buyers and sellers by providing more detailed information about the luxury market, LIV Sotheby’s International Realty produces a Mid-Year Residential Luxury Report, comparing January through June 2019 statistics to the same time frame of 2018. Analyzing the luxury market for Colorado’s diverse neighborhoods, the statistics in this report show performance for single family homes and condos for Denver Metro ($1 million+), Eagle County ($3 million+), Summit County ($2 million+), San Miguel County ($3 million+), and Gunnison County ($1 million+). LIV Sotheby’s International Realty is committed to helping consumers make sound financial decisions when purchasing or selling a luxury home. In addition to the analysis of local, county-wide luxury market data, the report also includes statistics on emerging luxury consumers’ lifestyle preferences.
coloradomarketreports.com
DENVER METRO (INCLUDING BOULDER) LUXURY MARKET January through June 2019 performed exceedingly well for the luxury market of Denver Metro (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson), including Boulder, for single-family homes and condos listed $1,000,000 and above, with significant strides especially benefiting sellers. The total dollar volume sold increased by 7.9% and the number of properties sold increased by 7.5% to 1,319 properties sold in 2019. Proving to be a continuously competitive landscape, average days on market decreased by 8.9% to just 80 days, which is the lowest reported in over six years. The highest price for Denver Metro and Boulder also increased an astounding 34.4% to a $10,750,000 sale in 2019. LIV Sotheby’s International Realty was proud to represent this sale, which was a residence within the exclusive Four Seasons Private Residences building. While these dramatic increases are benefits to sellers, there are opportunities for buyers as well. Many of the individual counties showed decreases in the number of properties sold and increases in average days on market – proving less competition depending on the individual county. Buyers in Colorado seem to be driven by the key purchasing motivators of finding a home that fits a particular lifestyle and job satisfaction. With a stable economy and a highly sought-after lifestyle, Denver Metro and Boulder are proving to be an attractive location for many people to call home.
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
467
502
646
774
982
1,227
1,319
7.5%
$317
$343
$366
$375
$384
$378
$397
5.1%
167
117
111
98
123
88
80
-8.9%
$8,691,000
$5,950,000
$4,650,000
$6,705,000
$6,700,000
$8,000,000
$10,750,000
34.4%
$703,219,812
$785,025,622
$967,880,809
$1,182,107,321
$1,488,564,896
$1,912,952,254
$2,063,433,494
7.9%
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-JUNE 2019 • COLORADOMARKETREPORTS.COM
DENVER
January - June
2013
2014
2015
2016
2017
2018
2019
% Change
144
142
201
249
337
395
482
22.0%
$403
$432
$444
$451
$467
$481
$532
10.6%
122
70
85
75
85
67
90
34.3%
$4,100,000
$4,925,000
$4,550,000
$5,439,000
$5,850,000
$8,000,000
$10,750,000
34.4%
$211,095,072
$214,887,454
$295,360,948
$369,507,709
$495,860,762
$601,981,445
$768,357,214
27.6%
2013
2014
2015
2016
2017
2018
2019
% Change
98
109
114
124
143
188
164
-12.8%
$341
$385
$381
$408
$412
$409
$427
4.3%
244
125
125
103
103
82
73
-11.0%
$7,000,000
$5,950,000
$4,650,000
$6,530,000
$6,000,000
$7,500,000
$8,200,000
9.3%
$161,378,148
$209,477,016
$191,195,514
$222,674,759
$253,882,779
$333,991,469
$300,033,969
-10.2%
2013
2014
2015
2016
2017
2018
2019
% Change
72
78
89
108
151
191
233
22.0%
$324
$336
$341
$364
$379
$380
$394
3.7%
225
147
167
138
149
129
89
-31.0%
Highest Price
$2,550,000
$4,000,000
$2,750,000
$6,705,000
$3,600,000
$4,300,000
$4,595,032
6.9%
Total Dollar Volume
$95,258,704
$110,900,422
$124,816,315
$160,954,591
$211,963,193
$275,283,360
$329,002,413
19.5%
2013
2014
2015
2016
2017
2018
2019
% Change
30
41
55
61
91
119
135
13.4%
$333
$323
$354
$332
$390
$349
$368
5.2%
283
187
141
188
165
117
88
-24.8%
Highest Price
$8,691,000
$2,755,000
$3,350,000
$2,914,000
$5,400,000
$5,100,000
$3,250,000
-36.3%
Total Dollar Volume
$51,320,622
$56,291,250
$74,952,720
$80,444,626
$129,748,352
$154,746,932
$177,139,009
14.5%
Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price
ARAPAHOE
Total Dollar Volume
January - June Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume
JEFFERSON
DOUGLAS
January - June Number of Properties Sold Average Price per Square Foot Average Days on Market
January - June Number of Properties Sold Average Price per Square Foot Average Days on Market
coloradomarketreports.com
BROOMFIELD
BOULDER
January - June
2013
2014
2015
2016
2017
2018
2019
% Change
Number of Properties Sold
118
122
178
221
241
302
285
-5.6%
Average Days on Market
128
78
78
104
85
77
82
6.5%
$4,000,000
$4,495,000
$4,495,000
$3,950,000
$6,700,000
$5,500,000
$5,100,000
-7.3%
$180,830,421
$268,651,312
$268,651,312
$332,940,786
$373,626,210
$503,957,848
$462,941,976
-8.1%
2013
2014
2015
2016
2017
2018
2019
% Change
4
5
2
7
9
18
14
-22.2%
$262
$309
$391
$393
$317
$343
$364
6.1%
5
60
75
51
112
58
26
-55.2%
Highest Price
$1,610,000
$1,310,099
$2,900,000
$2,100,000
$1,975,000
$3,375,000
$2,425,000
-28.1%
Total Dollar Volume
$5,450,200
$5,721,059
$4,050,000
$10,300,000
$12,123,100
$25,263,500
$18,657,895
-26.1%
2013
2014
2015
2016
2017
2018
2019
% Change
1
5
7
7
10
14
6
-57.1%
$237
$274
$287
$301
$337
$303
$297
-2.1%
155
105
107
74
165
86
113
31.4%
Highest Price
$1,020,000
$1,750,000
$1,429,000
$1,376,000
$1,250,000
$1,800,000
$1,501,000
-16.6%
Total Dollar Volume
$1,020,000
$6,918,000
$8,854,000
$9,634,850
$11,360,500
$17,727,700
$7,301,018
-58.8%
Highest Price Total Dollar Volume
January - June Number of Properties Sold Average Price per Square Foot Average Days on Market
ADAMS
January - June Number of Properties Sold Average Price per Square Foot Average Days on Market
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-JUNE 2019 • COLORADOMARKETREPORTS.COM
Colorado’s world-class resort communities draw in buyers from near and far, with those seeking the renowned resort lifestyle. The resort luxury market is unlike anywhere else in the state, or the country for that matter. To help provide some guidance for potential buyers and sellers, this Residential Luxury Report provides real estate statistics for January through June 2019, compared to 2018. For resort communities, less transactions are normal as these typically take longer and it’s not uncommon for homes to sit on the market for longer periods of time. Gunnison County (Town of Crested Butte, Mt. Crested Butte, etc.) showed impressive increases for the luxury market of $1 million and above including a 31.7% increase in total dollar volume sold, a 24% increase in average price per square foot, a 15.8% increase in the number of properties sold, an 84.2% increase in the highest price, and a 45.5% decrease in the average days on market. For Gunnison County, it’s clear that 2019 is a great year for sellers and buyers are also seeing the benefits of investing in this beautiful area. Eagle County’s (Vail Valley, Avon, Beaver Creek, Bachelor Gulch, etc.) luxury market of $3 million and above reported unique opportunities for buyers in 2019 with a decrease in the average price per square foot and an increase in the average days on market. Eagle County’s luxury market is attractive for many, and while there were some decreases in price for 2019, the highest price is still over $17 million, proving the value of real estate in the esteemed Eagle County. Summit County (Breckenridge, Frisco, Copper Mountain, Dillon, Silverthorne, etc.), and San Miguel County (Telluride, Mountain Village, Placerville, etc.) reported similar performance with increases in average price per square foot, in the highest price, and in the average days on market. These areas also witnessed decreases in the number of properties sold and the total dollar volume sold. Sellers are benefiting with the increases in average price per square foot, while buyers are also benefiting with the decrease in competition shown through the increase in average days on market and the decrease in the number of properties sold. While very diverse, these Colorado resort luxury markets remain robust with clear opportunities for both buyers and sellers throughout the rest of 2019.
EMERGING LUXURY CONSUMERS’ LIFESTYLE PREFERENCES Emerging luxury consumers have their eyes set on these property lifestyles for their luxury home purchase:
coloradomarketreports.com
SAN MIGUEL GUNNISON
January - June ($1M+)
2013
2014
2015
2016
2017
2018
2019
% Change
11
8
18
16
17
19
22
15.8%
$410
$451
$444
$542
$601
$434
$538
24.0%
419
222
347
271
214
396
216
-45.5%
Highest Price
$4,250,000
$19,250,000
$2,750,000
$3,300,000
$4,500,000
$2,090,000
$3,850,000
84.2%
Total Dollar Volume
$19,153,000
$11,309,550
$26,892,000
$28,255,898
$33,371,500
$27,382,450
$36,063,700
31.7%
2013
2014
2015
2016
2017
2018
2019
% Change
5
10
11
13
17
14
9
-35.7%
$763
$976
$883
$991
$977
$944
$1,017
7.7%
900
387
744
515
572
466
640
37.3%
Highest Price
$8,700,000
$5,675,000
$4,720,000
$7,950,000
$7,850,000
$6,250,000
$8,400,000
34.4%
Total Dollar Volume
$27,525,000
$37,446,554
$43,685,111
$55,106,377
$77,576,600
$59,484,000
$39,987,500
-32.8%
2013
2014
2015
2016
2017
2018
2019
% Change
52
58
81
81
149
138
34
-75.4%
$452
$440
$496
$431
$480
$462
$677
46.5%
280
244
202
230
184
134
158
17.9%
Highest Price
$3,400,000
$3,640,593
$3,700,000
$5,675,000
$4,200,000
$3,600,000
$10,100,000
180.6%
Total Dollar Volume
$79,314,236
$89,713,292
$130,900,012
$134,930,773
$248,395,497
$210,477,699
$114,379,918
-45.7%
2013
2014
2015
2016
2017
2018
2019
% Change
20
44
43
31
49
57
50
-12.3%
$1,059
$1,234
$1,338
$1,575
$1,346
$1,392
$1,227
-11.9%
365
374
436
484
277
269
333
23.8%
Highest Price
$13,550,000
$19,000,000
$15,750,000
$14,000,000
$23,000,000
$18,500,000
$17,250,000
-6.8%
Total Dollar Volume
$98,810,000
$259,182,500
$254,469,568
$151,975,842
$294,474,000
$353,386,750
$280,189,166
-20.7%
Number of Properties Sold Average Price per Square Foot Average Days on Market
January - June ($3M+) Number of Properties Sold Average Price per Square Foot Average Days on Market
SUMMIT
January - June ($2M+) Number of Properties Sold Average Price per Square Foot Average Days on Market
EAGLE
January - June ($3M+) Number of Properties Sold Average Price per Square Foot Average Days on Market
RESIDENTIAL LUXURY REPORT livsothebysrealty.com
JANUARY-JUNE 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.