Q3 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 aims to provide you the information you need to make an informed real estate decision, and our quarterly Luxury Report is a tool you can use to do just that. 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
2 | livsothebysrealty.com
Butte are included as are properties sold above $3 million in Vail Valley and Telluride. Proving nothing compares to the luxury real estate market, so far in 2023 the Front Range area saw a median sold price of $1,366,638, while our Colorado Resort regions reached a combined median sold price of $2,666,065. While lack of inventory is still a concern, overall, the luxury sector year over year is seeing an increase in median sold price, pointing to strength in the market.
Q3
YTD Luxury Data
MEDIAN SOLD PRICE All Colorado Sales Above $1M
$1,794,090
YTD 2022 vs 2023 % Change
+ 3.0%
Front Range Sales Above $1M
$1,366,638
+ 1.3%
Resort Regions Sales Above $1M
$2,666,065
MEDIAN SOLD PRICE
$1.85M
All Colorado Sales Above $1M
$1.8M
October 2022 - September 2023
$1.75M
+ 3.4%
$1.7M $1.65M Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Aug Sep
January - September 2023 | 3
AT A G L A N C E
Colorado’s Front Range Luxury properties are selling in the Front Range for slightly higher than they were in 2022, although it may be taking slightly longer than it did during the same time period last year. As of now, in 2023, luxury residential properties across Colorado’s Front Range sold for 1.3% more and stayed on the market for an average of 48 days, up 46.9% from the same time last year. The list price to sold price in the first three quarters of this year was 99%, down just 4.1% when compared to the same time period last year. As we head into Q4, inventory is starting to increase as well as buyer demand, indicating the luxury market is thriving. Those looking for the best of Colorado living will be in a prime position to find it.
4 | livsothebysrealty.com
Based on Sales $1,000,000+
Median Sold Price
YTD 2022 vs 2023 % Change
$1,366,638
+1.3%
Properties Sold
YTD 2022 vs 2023 % Change
5,986 Average Days on Market
48
- 29.3% YTD 2022 vs 2023 % Change
+46.9%
Average Price per Sq. Ft.
YTD 2022 vs 2023 % Change
$389
- 0.1%
List Price to Sold Price
YTD 2022 vs 2023 % Change
99.0%
- 4.1%
Based on sales $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 October 1, 2023, for the period January 1, 2023 – September 30, 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 - September 2023 | 5
Denver Metro Median Sold Price
$1,372,873 +1.7% Change YTD 2022 vs 2023
Properties Sold
3,135 -30.7% Change YTD 2022 vs 2023
Average Days on Market
35 +42.9% Change YTD 2022 vs 2023
Highest Sold Price
$9,250,000 +40.5% Change YTD 2022 vs 2023
6 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
City of Denver
1,056
$1,460,000
34
Broomfield
83
$1,278,500
22
Commerce City
2
$1,480,000
8
Englewood
7
$1,195,000
38
Littleton
33
$1,385,000
18
Aurora
51
$1,135,000
35
Centennial
103
$1,275,000
23
Greenwood Village
104
$1,982,500
32
Cherry Hills Village
81
$3,350,000
39
Thornton
3
$1,100,000
8
Westminster
32
$1,329,500
40
Based on all residential sales above $1,000,000 in the counties of Adams, Arapahoe, Denver, Douglas, Broomfield, and Jefferson.
January - September 2023 | 7
South Metro Median Sold Price
$1,300,000 -3.8% Change YTD 2022 vs 2023
Properties Sold
737 -31.1% Change YTD 2022 vs 2023
Average Days on Market
43 +51.2% Change YTD 2022 vs 2023
Highest Sold Price
$7,800,000 -3.1% Change YTD 2022 vs 2023
8 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Highlands Ranch
121
$1,300,000
21
Lone Tree
54
$1,277,500
29
Parker
28
$1,133,250
26
Castle Rock
62
$1,173,000
34
Castle Pines
85
$1,300,000
27
Sedalia
9
$2,076,750
108
Franktown
1
$1,450,000
91
Larkspur
27
$1,198,000
42
Based on all residential sales above $1,000,000 in Douglas County.
January - September 2023 | 9
West Metro & Foothills Median Sold Price
$1,300,000 0% change Change YTD 2022 vs 2023
Properties Sold
693 -31.3% Change YTD 2022 vs 2023
Average Days on Market
30 +26.7% Change YTD 2022 vs 2023
Highest Sold Price
$6,100,000 -4.9% Change YTD 2022 vs 2023
10 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Arvada
71
$1,150,000
33
Lakewood
89
$1,225,000
22
Wheat Ridge
24
$1,517,500
16
Evergreen
36
$1,256,600
23
Morrison
13
$1,070,900
12
Golden
45
$1,350,000
22
Conifer
36
$1,321,000
41
Based on all residential sales above $1,000,000 in Jefferson County.
January - September 2023 | 11
Boulder & Northern Colorado Median Sold Price
$2,749,000 -0.2% Change YTD 2022 vs 2023
Properties Sold
1,251 -26.4% Change YTD 2022 vs 2023
Average Days on Market
54 +31.2% Change YTD 2022 vs 2023
Highest Sold Price
$16,000,000 +37.5% Change YTD 2022 vs 2023
12 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
City of Boulder
375
$1,610,000
62
Longmont
47
$1,200,000
56
Louisville
50
$1,266,000
53
Niwot
25
$1,806,880
78
Erie
46
$1,225,000
50
Lafayette
47
$1,195,000
37
Superior
33
$1,186,578
67
Fort Collins
76
$1,250,000
28
Loveland
22
$1,155,091
34
Berthoud
20
$1,353,787
67
Windsor
40
$1,200,000
42
Timnath
27
$1,635,000
42
Based on all residential sales above $1,000,000 in Boulder County, Fort Collins, Loveland, Berthoud, Windsor, and Timnath.
January - September 2023 | 13
Colorado Springs Median Sold Price
$1,199,171 +0.7% Change YTD 2022 vs 2023
Properties Sold
170 -8.8% Change YTD 2022 vs 2023
Average Days on Market
71 +78.9% Change YTD 2022 vs 2023
Highest Sold Price
$3,955,000 -56.8% Change YTD 2022 vs 2023
14 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Black Forest
17
$1,060,000
42
Broadmoor
28
$1,512,500
97
Flying Horse
26
$1,139,000
27
Monument
15
$1,193,000
9
Based on all residential sales $1,000,000+ from PPAR MLS.
January - September 2023 | 15
AT A G L A N C E
Colorado Resorts During the first three quarters of 2023, demand for luxury properties throughout our Colorado Resort regions has kept inventory low and home prices steady. The average price per square foot was $960, up 4.7% from the same time period a year ago. Luxury residential roperties are selling at a 3.4% increase and average days on market have decreased by 19% to 96 when compared to the same time last year. As we move into Q4, continued constraint on inventory and increasing demand for the mountain lifestyle beloved in these Resort communities may lend some advantages to sellers.
16 | livsothebysrealty.com
Based on Sales $1,000,000+
Median Sold Price
YTD 2022 vs 2023 % Change
$2,666,065
+ 3.4%
Properties Sold
YTD 2022 vs 2023 % Change
1,143 Average Days on Market
96
- 21.3% YTD 2022 vs 2023 % Change
+19.0%
Average Price per Sq. Ft.
YTD 2022 vs 2023 % Change
$960
+ 4.7%
List Price to Sold Price
YTD 2022 vs 2023 % Change
97.0%
- 2.5%
Based on sales $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 October 1, 2023, for the period January 1, 2023 – September 30, 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 - September 2023 | 17
Grand County Median Sold Price
$1,350,000 -3.6% Change YTD 2022 vs 2023
Properties Sold
99 -30.3% Change YTD 2022 vs 2023
Average Days on Market
226 +43.8% Change YTD 2022 vs 2023
Highest Sold Price
$2,985,000 -180.4% Change YTD 2022 vs 2023
18 | livsothebysrealty.com
Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Fraser
19
$1,524,418
430
Granby
13
$1,350,000
178
Grand Lake
3
$2,600,000
315
Tabernash
9
$1,050,000
91
Winter Park
6
$1,212,000
96
Based on sales $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® on October 1, 2023, for the period January 1, 2023 - September 30, 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 - September 2023 | 19
Summit County Median Sold Price
$2,690,000 +1.1% Change YTD 2022 vs 2023
Properties Sold
133 -16.5% Change YTD 2022 vs 2023
Average Days on Market
68 +51.5% Change YTD 2022 vs 2023
Highest Sold Price
$6,900,000 -76.8% Change YTD 2022 vs 2023
20 | livsothebysrealty.com
Based on Sales $2,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Breckenridge
45
$2,800,000
84
Copper Mountain
2
$3,250,000
34
Keystone
13
$2,700,000
83
Based on sales $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® on October 1, 2023, for the period January 1, 2023 - September 30, 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 - September 2023 | 21
Crested Butte Median Sold Price
$2,750,000 -14.8% Change YTD 2022 vs 2023
Properties Sold
24 -25% Change Change YTD 2022 vs 2023
Average Days on Market
177 +15.8% Change YTD 2022 vs 2023
Highest Sold Price
$10,000,000 +26.0% Change YTD 2022 vs 2023
22 | livsothebysrealty.com
Based on Sales $2,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Town of Crested Butte
6
$2,600,000
123
Mt. Crested Butte
8
$2,537,500
182
Rural Crested Butte
8
$3,700,000
146
Based on sales $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 on October 1, 2023, for the period January 1, 2023 - September 30, 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 - September 2023 | 23
Vail Valley Median Sold Price
$4,617,500 +0.4% Change YTD 2022 vs 2023
Properties Sold
150 -10.7% Change YTD 2022 vs 2023
Average Days on Market
109 +23.9% Change YTD 2022 vs 2023
Highest Sold Price
$20,500,000 -50.6% Change YTD 2022 vs 2023
24 | livsothebysrealty.com
Based on Sales $3,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Arrowhead
14
$4,225,000
73
Bachelor Gulch
13
$4,800,000
43
Beaver Creek
22
$4,975,000
113
Town of Vail
33
$5,800,000
88
Vail Village
23
$6,500,000
102
Lionshead
10
$4,387,500
57
Vail Golf Course
8
$4,925,000
120
Mountain Star
2
$9,225,000
320
Based on sales $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® on October 1, 2023, for the period January 1, 2023 - September 30, 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 - September 2023 | 25
Telluride
Median Sold Price
$4,900,000 -6.1% Change YTD 2022 vs 2023
Properties Sold
69 -10.1% Change YTD 2022 vs 2023
Average Days on Market
86 +30.2% Change YTD 2022 vs 2023
Highest Sold Price
$18,900,000 +9.5% Change YTD 2022 vs 2023
26 | livsothebysrealty.com
Based on Sales $3,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Town of Telluride
29
$5,365,000
191
Mountain Village
40
$4,800,000
74
*Surrounding Mesas
8
$4,314,500
103
*Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa Based on sales $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 October 1st, 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 - September 2023 | 27
Inspiring people to LIV the life they love.
© 2023 LIV Sotheby’s International Realty. All Rights Reserved. LIV Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity.