Residential Luxury Report – Mid-Year 2019

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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.

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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.