Colorado Residential Luxury Report - Quarter 1, 2016

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LIV

RESIDENTIAL LUXURY REPORT Quarter 1 2016


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 2016 Quarter 1 statistics (January through March), to that of 2015, for single family homes and condos priced $1M and above. The luxury home market continues to rise steadily in Colorado. As one of the fastest growing states, Colorado’s popularity, combined with a surging local economy, is the cause for a strong luxury sector in 2016. With an increase in inventory during the first quarter, luxury home prices have also climbed slightly. Demonstrating the trend of upward growth, property sales from January through March within the Denver metro area rose 21.1% over 2015 statistics; average price per square foot increased by 9.3% and recent numbers indicate that days on market have held at 124. Total dollar volume sold continued to increase by 25.8%.

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

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

2010

2011

2012

2013

2014

88

99

126

153

163

$342

$203

$244

$320

$347

292

206

305

180

152

$4,950,000

$4,800,000

$4,500,000

$7,000,000

$5,800,000

$143,049,287

$150,698,272

$189,936,271

$224,061,018

$251,909,786

2015

2016

% Change

218

264

21.1%

$378

$414

9.5%

122

124

1.6%

$4,115,000

$6,530,000

58.7%

$326,555,395

$410,887,545

25.8%

INCLUDED COUNTIES: ADAMS ARAPAHOE BOULDER BROOMFIELD DENVER DOUGLAS JEFFERSON

RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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 2010

2011

2012

2013

2014

2015

2016

% Change

24

31

33

44

51

68

93

36.8%

Average Price per Sq. Ft.

$382

$366

$345

$400

$420

$433

$475

9.7%

Average Days on Market

261

238

215

122

100

118

91

-22.9%

Highest Price

$3,500,000

$2,150,000

$3,100,000

$4,100,000

$4,925,000

$3,522,019

$5,438,873

54.4%

Total Dollar Volume

$36,817,323

$43,547,000

$45,126,908

$64,740,735

$78,332,715

$98,522,988

$147,524,280

49.7%

January through March Number of Properties Sold

ARAPAHOE COUNTY 2010

2011

2012

2013

2014

2015

2016

% Change

24

24

29

36

27

43

37

-14.0%

Average Price per Sq. Ft.

$349

$311

$341

$348

$372

$377

$404

7.2%

Average Days on Market

362

158

182

177

98

125

119

-4.8%

Highest Price

$4,950,000

$4,800,000

$4,500,000

$7,000,000

$5,850,000

$4,115,000

$6,530,000

58.7%

Total Dollar Volume

$43,075,977

$38,614,686

$55,203,449

$60,390,657

$47,514,476

$68,006,970

$71,390,129

5.0%

January through March Number of Properties Sold

DOUGLAS COUNTY 2010

2011

2012

2013

2014

2015

2016

% Change

10

10

18

29

25

27

46

70.4%

Average Price per Sq. Ft.

$399

$284

$277

$326

$349

$364

$344

-5.5%

Average Days on Market

397

481

180

321

161

178

139

-21.9%

$2,825,000

$2,300,000

$2,150,000

$1,776,186

$3,525,000

$2,650,000

$2,875,000

8.5%

$16,045,000

$14,958,000

$23,812,514

$37,325,522

$34,257,272

$40,658,037

$63,565,405

56.3%

January through March Number of Properties Sold

Highest Price Total Dollar Volume

JEFFERSON COUNTY 2010

2011

2012

2013

2014

2015

2016

% Change

8

9

6

6

12

18

22

22.2%

Average Price per Sq. Ft.

$396

$257

$228

$349

$340

$321

$354

10.3%

Average Days on Market

181

312

287

324

162

166

236

42.2%

Highest Price

$2,200,000

$1,546,200

$1,455,000

$2,500,000

$2,755,000

$1,425,000

$2,650,000

86.0%

Total Dollar Volume

$12,425,000

$11,235,003

$7,692,500

$9,095,122

$16,382,000

$21,838,400

$31,467,397

44.1%

January through March Number of Properties Sold

RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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 2010

2011

2012

2013

2014

2015

2016

% Change

19

25

39

35

44

58

61

5.2%

252

253

185

152

179

107

104

-2.8%

Highest Price

$4,200,000

$4,150,000

$3,100,000

$2,300,000

$4,000,000

$3,400,000

$3,100,000

-8.8%

Total Dollar Volume

$30,997,412

$42,343,583 $56,900,900

$48,853,782

$69,703,363

$90,979,000

$87,893,256

-3.4%

January through March Number of Properties Sold Average Days on Market

BROOMFIELD COUNTY 2010

2011

2012

2013

2014

2015

2016

% Change

1

0

1

2

2

1

1

0.0%

Average Price per Sq. Ft.

$301

-

$275

$261

$318

$477

$313

-34.4%

Average Days on Market

1

-

1084

6

113

6

115

1,816.7%

Highest Price

$1,624,320

-

$1,200,000

$1,610,200

$1,170,960

$2,900,000

$1,260,000

-56.6%

Total Dollar Volume

$1,624,320

-

$1,200,000

$2,635,200

$2,220,960

$2,900,000

$1,260,000

-56.6%

2010

2011

2012

2013

2014

2015

2016

% Change

2

0

0

1

2

3

4

33.3%

Average Price per Sq. Ft.

$226

-

-

$237

$282

$293

$594

102.7%

Average Days on Market

588

-

-

155

253

151

67

-55.6%

Highest Price

$1,064,255

-

-

$1,020,000

$1,750,000

$1,385,000

$3,773,078

172.4%

Total Dollar Volume

$2,064,255

-

-

$1,020,000

$3,499,000

$3,650,000

$7,787,078

113.3%

January through March Number of Properties Sold

ADAMS COUNTY January through March 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 QUARTER 1 2016 | 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 has shown signs of slight decrease during the first quarter of 2016 when compared to 2015. The current real estate climate has created a savvier buyer who is not just interested in value, but is learning to determine their actual wants and needs. With a good understanding of neighborhood area market conditions and buyer preferences, sellers can do very well but should not take the market for granted by expecting to achieve an unreasonable price. In the resort mountain area of Summit County and Breckenridge, increased homeowner equity and property values demonstrated a strong residential luxury market in the first quarter of 2016. 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 2010

2011

2012

2013

2014

2015

2016

% Change

77

56

60

51

72

83

61

-26.5%

Average Price per Sq. Ft.

$764

$899

$921

$723

$784

$842

$881

4.6%

Average Days on Market

276

381

322

279

361

310

307

-1.0%

Highest Price

$10,000,000

$10,500,000

$14,100,000

$13,550,000

$11,200,000

$10,250,000

$6,735,000

-34.3%

Total Dollar Volume

$199,197,230

$160,659,775

$188,097,500

$120,407,850

$168,822,249

$203,788,606

$135,883,337

-33.3%

January through March Number of Properties Sold

SUMMIT COUNTY Breckenridge, Frisco, Silverthorne, Dillon, Copper, Keystone 2010

2011

2012

2013

2014

2015

2016

% Change

17

20

24

24

29

34

35

2.9%

Average Price per Sq. Ft.

$353

$448

$231

$528

$462

$500

$471

-5.8%

Average Days on Market

313

314

268

178

198

225

316

40.4%

$2,445,000

$2,685,000

$3,421,123

$2,700,000

$3,640,593

$3,500,000

$5,675,000

62.1%

$27,824,250

$28,236,544

$36,155,928

$40,945,989

$47,325,542

$55,676,797

$60,487,040

8.6%

January through March Number of Properties Sold

Highest Price Total Dollar Volume

LOCATION IS KING The top home feature affluent American consumers are willing to pay more for is location, followed by size, historical significance and famous former owners, such as a celebrity. LOCATION, LOCATION, LOCATION – still rings true.

LOCATION

SIZE

HISTORICAL SIGNIFICANCE

FAMOUS FORMER OWNERS

RESIDENTIAL LUXURY REPORT QUARTER 1 2016 | 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.


COLORADO LUXURY REAL ESTATE EXPERTS BOULDER

CASTLE PINES

1050 Walnut Street Suite 100 Boulder, CO 80302 303.443.6161

EVERGREEN

DOWNTOWN DENVER

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

1512 Larimer Street #46R Denver, CO 80202 303.893.3200

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

VAIL

VAIL

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

101 S. Main Street Breckenridge, CO 80424 970.453.0550

255 Clayton Street Unit 100 North Denver, CO 80206 303.893.3200

100 Saint Paul Street Suite 200 Denver, CO 80206 303.893.3200

DENVER TECH CENTER

BRECKENRIDGE

CHERRY CREEK (Clayton)

CHERRY CREEK (St. Paul)

858 W. Happy Canyon Road Suite 100 Castle Rock, CO 80108 303.660.8800

BEAVER CREEK

28 Bridge Street Suite 100 Vail, CO 81657 970.476.7944

EDWARDS

26 Avondale Lane #119 Beaver Creek, CO 81620 970.845.0400

34253 Highway 6 #2A Edwards, CO 81632 34 970.748.5150

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LIV Sotheby’s International Realty Locations

BOULDER COUNTY BOULDER

|

CASTLE PINES VILLAGE

DOWNTOWN DENVER

|

EVERGREEN

BRECKENRIDGE

|

|

|

CHERRY CREEK Boulder

GREENWOOD VILLAGE

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 QUARTER 1 2016 | 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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