2023 Year-End Luxury Report

YEAR-END 2023

Luxury Report CO LO RA D O’S LUXU RY M A R K E TS

Welcome CO LO RA D O’S LUXU RY M A R K E TS

LIV Sotheby’s International Realty’s quarterly Luxury Report provides valuable market data to help you navigate the dynamic landscape of Colorado real estate. Measuring the performance in some of Colorado’s most popular communities for single-family homes and condominiums, we include all residential properties sold above $1 million in Denver Metro, Colorado Springs, Boulder, and Grand County. Residential properties selling above $2 million in Summit County and Crested Butte are included as are properties sold above $3 million in Vail Valley and Telluride.

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Across these regions, the median sold price for residential properties selling above $1 million was $2,087,531 during 2023, demonstrating the strength of the luxury real estate market throughout some of the state’s most desirable communities. Properties in the Front Range saw a median sold price of $1,319,890 and the Resort regions had a median sold price of $3,008,700, an increase of 55% year over year, illustrating steady buyer demand throughout Colorado.

Year-End

MEDIAN SOLD PRICE

Luxury Data

All Colorado Sales Above $1M*

$2,087,531

2022 vs 2023 % Change

+ 30.2%

Front Range Sales Above $1M

$1,319,890

- 0.2%

Resort Regions Sales Above $1M

$3,008,700

MEDIAN SOLD PRICE

$1.85M

All Colorado Sales Above $1M*

$1.8M

January - December 2023

+ 55.0%

$1.75M $1.7M $1.65M Jan Feb Mar Apr May Jun Jul

Aug Sep Oct Nov Dec

*Based on all residential sales above $1,000,000 in Denver Metro, South Metro, West Metro & Foothills, Boulder & Northern Colorado, Colorado Springs, Grand County, Summit County, Crested Butte, Vail Valley, and Telluride.

January - December 2023 | 3

AT A G L A N C E

Colorado’s Front Range The median sold price for luxury properties in the Front Range increased slightly as the number of sold properties dipped 17.1% to 7,615 in 2023. This was consistent with the economic climate, which saw fluctuating interest rates, tight inventory, and the cyclical dip in sales transaction volume during the holiday season.

Luxury residential properties in the Front Range sold for a median price of $1,604,116, led by Cherry Hills Village, Greenwood Village, and the City of Denver. Boulder and Northern Colorado had the highest sold price of the year at $16,000,000, which was a 60% increase from 2022 for the region.

As we move into 2024, more inventory is expected to hit the market to coincide with the spring selling season.

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Based on Sales $1,000,000+

Median Sold Price

YTD 2022 vs 2023 % Change

$1,604,116

+0.7%

Properties Sold

YTD 2022 vs 2023 % Change

7,615 Average Days on Market

51

-17.1% YTD 2022 vs 2023 % Change

+70.3%

Average Price per Sq. Ft.

YTD 2022 vs 2023 % Change

$389

- 0.1%

List Price to Sold Price

YTD 2022 vs 2023 % Change

98.0%

- 3.4%

Based on sales above $1,000,000 from REColorado, IRES, and PPAR (Powered by LiveBy). This representation is based in whole or in part on data supplied from REColorado, IRES, and PPAR on January 1, 2024, for the period January 1, 2023 – December 31, 2023. REColorado, IRES, PPAR do not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES and PPAR may not reflect all real estate activity in the market.

January - December 2023 | 5

Denver Metro Median Sold Price

$1,370,000 +1.5% Change | 2022 vs 2023

Properties Sold

3,928 -19.2% Change | 2022 vs 2023

Average Days on Market

38 +58.3% Change | 2022 vs 2023

Highest Sold Price

$15,000,000 +15.4% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

City of Denver

1,296

$1,453,750

36

Broomfield

97

$1,267,500

24

Commerce City

3

$1,237,794

8

Englewood

16

$1,374,924

45

Littleton

45

$1,385,000

26

Aurora

74

$1,136,500

53

Centennial

128

$1,275,000

29

Greenwood Village

126

$1,957,500

29

Cherry Hills Village

100

$3,350,000

36

Thornton

5

$1,200,000

45

Westminster

42

$1,300,000

58

Data based on all residential sales above $1,000,000 in the counties of Adams, Arapahoe, Denver, Douglas, Broomfield, and Jefferson. Based on information from REColorado (Powered by LiveBy).

January - December 2023 | 7

South Metro Median Sold Price

$1,300,000 -3.7% Change | 2022 vs 2023

Properties Sold

941 -19.1% Change | 2022 vs 2023

Average Days on Market

45 +73.1% Change | 2022 vs 2023

Highest Sold Price

$7,800,000 -3.0% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Highlands Ranch

152

$1,300,000

24

Lone Tree

70

$1,315,000

32

Parker

41

$1,100,000

26

Castle Rock

80

$1,166,696

37

Castle Pines

102

$1,300,000

30

Sedalia

15

$1,900,000

75

Franktown

2

$1,326,200

47

Larkspur

39

$1,198,000

51

Data based on all residential sales above $1,000,000 in Douglas County. Based on information from REColorado (Powered by LiveBy).

January - December 2023 | 9

West Metro & Foothills Median Sold Price

$1,300,000 0% change Change | 2022 vs 2023

Properties Sold

872 -17.8% Change | 2022 vs 2023

Average Days on Market

33 +22.2% Change | 2022 vs 2023

Highest Sold Price

$14,705,000 -129.8% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Arvada

90

$1,150,000

25

Lakewood

123

$1,250,000

25

Wheat Ridge

31

$1,400,000

24

Evergreen

46

$1,252,000

29

Morrison

14

$1,070,950

14

Golden

58

$1,377,500

19

Conifer

46

$1,313,500

41

Data based on all residential sales above $1,000,000 in Jefferson County. Based on information from REColorado (Powered by LiveBy).

January - December 2023 | 11

Boulder & Northern Colorado Median Sold Price

$1,375,000 -0.1% Change | 2022 vs 2023

Properties Sold

1,536 -17.7% Change | 2022 vs 2023

Average Days on Market

57 +39.0% Change | 2022 vs 2023

Highest Sold Price

$16,000,000 +60.0% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

City of Boulder

455

$1,600,000

67

Longmont

65

$1,200,000

72

Louisville

60

$1,287,500

46

Niwot

32

$1,803,440

75

Erie

59

$1,271,126

45

Lafayette

56

$1,196,850

49

Superior

37

$1,156,222

41

Fort Collins

95

$1,250,000

29

Loveland

27

$1,151,182

33

Berthoud

25

$1,335,000

70

Windsor

51

$1,220,000

57

Timnath

33

$1,610,000

54

Data based on all residential sales above $1,000,000 in Boulder County, Fort Collins, Loveland, Berthoud, Windsor, and Timnath. Based on information from REColorado & IRES (Powered by LiveBy).

January - December 2023 | 13

Colorado Springs Median Sold Price

$1,225,000 +1.2% Change | 2022 vs 2023

Properties Sold

338 -8.0% Change | 2022 vs 2023

Average Days on Market

48 +9.0% Change | 2022 vs 2023

Highest Sold Price

$4,500,000 -37.8% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Black Forest

84

$1,268,750

56

Broadmoor

73

$1,275,000

46

Flying Horse

38

$1,149,000

61

Monument

83

$1,204,457

54

Data based on all residential sales above $1,000,000 from PPAR MLS.

January - December 2023 | 15

AT A G L A N C E

Colorado Resorts Demand for homes in Colorado’s Resort communities remained strong in 2023, as 694 luxury residences sold for a median price of $3,008,700, up 55% when compared to the previous year. The average price per square foot rose to $1,143, an increase of 22.4% from 2022.

Buyers continue to seek out properties with access to recreation, wilderness, and open space throughout the state. And as skiers and other outdoor enthusiasts visit these mountain regions in the first quarter of 2024, the market is expected to remain strong.

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Based on Sales $1,000,000+

Median Sold Price

$3,008,700 Properties Sold

694 Average Days on Market

149 Average Price per Sq. Ft.

$1,143

YTD 2022 vs 2023 % Change

+ 55.0% YTD 2022 vs 2023 % Change

- 36.4% YTD 2022 vs 2023 % Change

+ 78.3% YTD 2022 vs 2023 % Change

+ 22.4%

List Price to Sold Price

YTD 2022 vs 2023 % Change

97.0%

- 2.2%

Based on sales above $1,000,000 from MLS information from Grand County, Summit County, Crested Butte, Vail Valley, and Telluride (Powered by LiveBy). This representation is based in whole or in part on data supplied from various Colorado Resort MLS services on January 1, 2024, for the period January 1, 2023 – December 31, 2023. The various Colorado Resort MLS services do not guarantee nor are in any way responsible for its accuracy. Data maintained by the various Colorado Resort MLS services may not reflect all real estate activity in the market.

January - December 2023 | 17

Grand County Median Sold Price

$1,370,500 + 1.5% Change | 2022 vs 2023

Properties Sold

138 -25.4% Change | 2022 vs 2023

Average Days on Market

225 +57.3% Change | 2022 vs 2023

Highest Sold Price

$3,450,000 -58.8% Change | 2022 vs 2023

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Based on Sales $1,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Fraser

22

$1,537,500

394

Granby

24

$1,357,988

236

Grand Lake

7

$2,172,650

196

Tabernash

10

$1,050,000

86

Winter Park

10

$1,212,450

87

Based on sales above $1,000,000 from Grand County Board of Realtors®. Based on information from Grand County Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Grand County Board of Realtors® for the period January 1, 2023 - December 31, 2023. Grand County Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Grand County Board of Realtors® may not reflect all real estate activity in the market.

January - December 2023 | 19

Summit County Median Sold Price

$2,670,000 -0.6% Change | 2022 vs 2023

Properties Sold

186 -10.6% Change | 2022 vs 2023

Average Days on Market

84 +110.0% Change | 2022 vs 2023

Highest Sold Price

$12,000,000 -1.6% Change | 2022 vs 2023

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Based on Sales $2,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Breckenridge

60

$2,857,500

104

Copper Mountain

4

$2,650,000

22

Keystone

19

$2,450,000

86

Based on sales above $2,000,000 from Summit County Board of Realtors®. Based on information from Summit County Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Summit County Board of Realtors® for the period January 1, 2023 - December 31, 2023. Summit County Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Summit County Board of Realtors® may not reflect all real estate activity in the market.

January - December 2023 | 21

Crested Butte Median Sold Price

$2,800,000 - 10.4% Change | 2022 vs 2023

Properties Sold

39 -7.1% Change | 2022 vs 2023

Average Days on Market

228 +48.1% Change | 2022 vs 2023

Highest Sold Price

$10,000,000 +35.1% Change | 2022 vs 2023

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Based on Sales $2,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Town of Crested Butte

12

$3,024,500

263

Mt. Crested Butte

8

$2,537,500

182

Rural Crested Butte

16

$2,950,000

187

*Based on sales above $2,000,000 from Gunnison - Crested Butte Association of REALTORS®, Colorado Real Estate Network (CREN) MLS. Based on information from Gunnison - Crested Butte Association of REALTORS®, CREN MLS (Powered by LiveBy). This representation is based in whole or in part on data supplied by CREN MLS for the period January 1, 2023 - December 31, 2023. Verify with a local REALTOR®. CREN MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by CREN MLS may not reflect all real estate activity in the market.

January - December 2023 | 23

Vail Valley Median Sold Price

$4,428,000 -28.0% Change | 2022 vs 2023

Properties Sold

199 +82.9% Change | 2022 vs 2023

Average Days on Market

117 -2.5% Change | 2022 vs 2023

Highest Sold Price

$20,500,000 -29.3% Change | 2022 vs 2023

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Based on Sales $3,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Arrowhead

19

$4,100,000

67

Bachelor Gulch

15

$4,800,000

42

Beaver Creek

26

$4,922,500

106

Town of Vail

42

$5,800,000

100

Vail Village

30

$6,288,250

118

Lionshead

12

$4,712,500

55

Vail Golf Course

10

$5,250,000

163

Mountain Star

2

$9,225,000

320

Based on sales above $3,000,000 from Vail Board of Realtors®. Based on information from Vail Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Vail Board of Realtors® for the period January 1, 2023 - December 31, 2023. Vail Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by the Vail Board of Realtors® may not reflect all real estate activity in the market.

January - December 2023 | 25

Telluride

Median Sold Price

$5,100,000 - 1.9% Change | 2022 vs 2023

Properties Sold

83 -13.5% Change | 2022 vs 2023

Average Days on Market

196 +26.5% Change | 2022 vs 2023

Highest Sold Price

$18,900,000 +10.5% Change | 2022 vs 2023

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Based on Sales $3,000,000+

Properties Sold

Median Sold Price

Average Days on Market

Town of Telluride

35

$4,995,000

252

Mountain Village

48

$5,125,000

156

*Surrounding Mesas

10

$6,152,000

187

Data based on all residential sales $3,000,000+ in Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, and Wilson Mesa.

Based on sales above $3,000,000 in Telluride and Mountain Village. Based on Information from the Telluride Association of Realtors®. This representation is based in whole or in part on data supplied by the Telluride Association of Realtors® on January 1st, 2023 for the period of January 1st, 2023 - December 31st, 2023. The Telluride Association of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by the Telluride Association of Realtors® may not reflect all real estate activity in the market.

January - December 2023 | 27

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