Colorado Residential Luxury Report - Year End, 2015

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LIV

RESIDENTIAL LUXURY REPORT Year-End 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.

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.”

INVESTOR

INNOVATOR

TRENDSETTER

PHILANTHROPIST

PURCHASING MOTIVATIONS AT A GLANCE A survey of Sotheby’s International Realty network members revealed the following factors influenced a real estate purchase:

FAMILY NEEDS

LOCATION

RETURN ON INVESTMENT

LIFESTYLE


LUXURY MARKET AT A GLANCE The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2015 year-end statistics (January through December), to that of 2014, for single family homes and condos priced $1M and above. The luxury home market continues to steadily rise in Colorado. As one of the fastest growing states, Colorado’s growing popularity, combined with a surging local economy, was the cause for a strong luxury sector in 2015. Inventory decreased the last quarter, however experienced an upward trend the first three quarters of the year. Luxury home prices were up the first three quarters, then leveled off and were stable the last quarter of the year. Demonstrating the trend of upward growth, property sales from January through December within the Denver metro area rose 25.6% over 2014 statistics; average price per square foot increased slightly by 6.3% and recent numbers indicate that days on market have decreased, from 115 to 107 days, a 7.0% decrease. Total dollar volume sold continued to increase by 24.5%.

LUXURY METRICS - DENVER METRO AREA January through December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume

January through December Number of Properties Sold Average Price per Square Foot Average Days on Market Highest Price Total Dollar Volume

2009

2010

2011

2012

2013

355

405

411

560

729

$340

$343

$329

$312

$335

206

260

206

243

159

$6,700,000

$7,000,000

$8,200,000

$7,500,000

$7,000,000

$554,520,472

$620,478,980

$613,454,515

$867,041,368

$1,108,017,120

2014

2015

% Change

813

1,021

25.6%

$349

$371

6.3%

115

107

-7.0%

$5,850,000

$11,000,000

88.0%

$1,239,644,618

$1,543,174,810

24.5%

INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON

RESIDENTIAL LUXURY REPORT YEAR-END 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 2009

2010

2011

2012

2013

2014

2015

% Change

138

139

156

217

297

322

449

39.4%

Average Price per Sq. Ft.

$376

$389

$365

$382

$415

$416

$455

9.4%

Average Days on Market

260

185

179

153

94

70

71

1.4%

$4,100,000

$5,700,000

$3,815,000

$5,400,000

$4,375,000

$4,925,000

$4,550,000

-7.6%

$206,207,578

$215,501,345

$220,147,191

$324,704,119

$439,762,640

$466,936,127

$661,047,704

41.6%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

ARAPAHOE COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

101

130

115

183

213

212

246

16.0%

Average Price per Sq. Ft.

$337

$323

$322

$352

$359

$380

$398

4.7%

Average Days on Market

240

230

193

178

201

124

116

-6.5%

$6,700,000

$7,000,000

$8,200,000

$7,500,000

$7,000,000

$5,850,000

$11,000,000

88.0%

$176,949,346

$206,414,081

$194,859,212

$318,370,455

$367,820,375

$381,605,285

$432,852,929

13.4%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

DOUGLAS COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

70

88

87

103

152

180

186

3.3%

Average Price per Sq. Ft.

$348

$342

$325

$317

$326

$363

$344

-5.2%

Average Days on Market

70

315

295

239

184

141

134

-5.0%

$3,450,000

$3,630,000

$3,150,000

$3,050,000

$3,400,000

$4,000,000

$3,075,000

-23.1%

$105,543,541

$128,228,729

$124,924,511

$140,088,435

$208,232,028

$255,955,232

$258,038,249

0.8%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

JEFFERSON COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

34

37

48

52

56

77

118

53.2%

Average Price per Sq. Ft.

$335

$333

$298

$318

$319

$331

$356

7.6%

Average Days on Market

340

248

332

267

253

193

149

-22.8%

Highest Price

$4,175,000

$2,200,000

$2,575,000

$3,900,000

$3,200,000

$2,755,000

$3,350,000

21.6%

Total Dollar Volume

$49,611,159

$52,011,250

$66,623,601

$77,288,359

$78,054,845

$105,595,665

$159,990,825

51.5%

January through December Number of Properties Sold

RESIDENTIAL LUXURY REPORT YEAR-END 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 2009

2010

2011

2012

2013

2014

2015

% Change

Number of Properties Sold

120

135

136

184

239

273

352

28.9%

Average Days on Market

212

198

203

153

126

119

87

-26.9%

$2,900,000

$4,450,000

$2,790,000

$4,750,000

$6,432,495

$5,300,000

$6,300,000

18.9%

$187,596,527

$207,387,975

$200,477,180

$262,971,526

$364,644,490

$416,463,461

$542,659,432

30.3%

January through December

Highest Price Total Dollar Volume

BROOMFIELD COUNTY 2009

2010

2011

2012

2013

2014

2015

% Change

5

6

1

2

7

14

6

-57.1%

Average Price per Sq. Ft.

$343

$399

$365

$235

$306

$340

$386

13.5%

Average Days on Market

10

244

2

580

57

67

58

-13.4%

$2,264,303

$3,480,000

$1,700,000

$1,220,000

$1,610,200

$2,550,000

$2,900,000

13.7%

$7,595,919

$11,409,320

$1,700,000

$2,420,000

$9,127,232

$19,174,309

$11,095,103

-42.1%

2009

2010

2011

2012

2013

2014

2015

% Change

7

5

4

3

4

8

16

100.0%

Average Price per Sq. Ft.

$298

$274

$296

$265

$283

$266

$287

7.9%

Average Days on Market

318

340

236

43

165

97

115

18.6%

Highest Price

$1,555,000

$2,400,000

$1,675,000

$2,000,000

$1,741,000

$1,750,000

$1,750,000

0.0%

Total Dollar Volume

$8,612,929

$6,914,255

$5,200,000

$4,170,000

$5,020,000

$10,378,000

$20,150,000

94.2%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

ADAMS COUNTY January through December Number of Properties Sold

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 YEAR-END 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.


RESORT LUXURY MARKET In the resort mountain area of Eagle County and the Vail Valley, the luxury market remains vibrant and healthy. Price increases indicate that as the economy gets stronger, people are more willing to spend extra dollars to purchase the homes they desire, and that suit their lifestyle needs. In 2015, Eagle County saw an especially high volume of activity, due to an increased number of visitors and second home owners in town during winter and summer months, which tend to be popular times for home buying in the luxury sector. In the resort mountain area of Summit County and Breckenridge, increased homeowner equity and property values demonstrated a strong residential luxury market in 2015. The proximity to the famous Colorado Rocky Mountains continues to position Summit County as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market in Summit County will continue to rise.

EAGLE COUNTY Vail, Beaver Creek, Avon, Edwards, Eagle, Gypsum 2009

2010

2011

2012

2013

2014

2015

% Change

187

331

241

283

277

329

348

5.8%

Average Price per Sq. Ft.

$688

$853

$793

$792

$728

$818

$797

-2.6%

Average Days on Market

248

278

357

318

309

298

298

0.0%

$15,950,000

$14,817,600

$12,500,000

$14,100,000

$13,550,000

$19,000,000

$15,750,000

-17.1%

$475,249,980

$890,295,382

$640,649,775

$799,893,595

$671,350,199

$912,487,293

$921,337,439

1.0%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2009

2010

2011

2012

2013

2014

2015

% Change

134

118

100

111

131

144

196

36.1%

Average Price per Sq. Ft.

$411

$560

$411

$365

$426

$442

$498

12.7%

Average Days on Market

365

438

483

442

329

285

256

-10.2%

$8,285,000

$3,950,000

$2,849,000

$5,570,130

$3,400,000

$3,640,593

$3,900,000

7.1%

$214,923,500

$186,819,214

$154,136,121

$177,679,817

$193,137,198

$224,953,302

$320,441,416

42.4%

January through December Number of Properties Sold

Highest Price Total Dollar Volume

LOCATION IS KING

RESIDENTIAL LUXURY REPORT YEAR-END 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

DENVER TECH CENTER

31955 Castle Court, #1 South Evergreen, CO 80439 303.674.3200

BEAVER CREEK

EDWARDS

26 Avondale Lane, #119 Beaver Creek, CO 81620 970.845.0400

292 E. Meadow Drive, Suite 101 Vail, CO 81657 970.476.7944

101 South Main Street Breckenridge, CO 80424 970.453.0550

EVERGREEN

1512 Larimer Street, #46R Denver, CO 80202 303.893.3200

VAIL

BRECKENRIDGE

255 Clayton Street, Unit 100 North Denver, CO 80206 303.893.3200

100 Saint Paul Street, Suite 200 Denver, CO 80206 303.893.3200

DOWNTOWN DENVER

8000 E. Belleview Avenue, Suite 200 Greenwood Village, CO 80111 303.893.3200

CHERRY CREEK (Clayton)

CHERRY CREEK (St. Paul)

34253 Highway 6, #2A Edwards, CO 81632 970.748.5150

34

36

LIV Sotheby’s International Realty Locations

BOULDER COUNTY BOULDER

|

CASTLE PINES VILLAGE

DOWNTOWN DENVER

|

EVERGREEN

BRECKENRIDGE

|

|

|

CHERRY CREEK

GREENWOOD VILLAGE

Boulder

25

VAIL VALLEY

DENVER 70

Downtown Denver Cherry Creek

VAIL VALLEY Beaver Creek

Denver Tech Center

Evergreen

Edwards Vail

24

70

SUMMIT COUNTY 85

Breckenridge

285

25

Castle Pines

RESIDENTIAL LUXURY REPORT YEAR-END 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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