The Residential Luxury Report, prepared by LIV Sotheby’s International Realty, compares 2016 mid-year statistics, to that of 2015, for single family homes and condos priced $1M and above. As one of the fastest growing states, Colorado’s growing popularity, and influx of people moving to the state, are cause for a fortified luxury sector at the mid-year point of 2016.
“The luxury home market remains competitive in Colorado,” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory is up year-to-date (1,378 in 2016 over 1,096 in 2015), and Listings Sold is up month-over-month (136 in June and 114 in May). Conditions are favorable for a very busy 2016, and we expect competition for the finest properties to be fierce.”
Demonstrating the trend of upward growth, mid-year property sales, within the seven counties of Denver metro (including Boulder) represented in this report, rose 19.81% over mid-year 2015 statistics; average price per square foot jumped 2.41% and recent numbers indicate that days on the market have dropped 11.32%. Total dollar volume sold increased by 22.13%.
In the resort mountain area of Eagle County (Vail, Avon, Beaver Creek), the luxury market remains competitive with a steady influx of buyers seeking lifestyle-inspired home purchases. Average price per square foot held at $854, indicating that luxury buyers are still willing to spend extra dollars to purchase the homes they truly desire. At the mid-year point of 2016, Eagle County saw a slightly lesser volume of activity, with number of properties sold, down slightly, at 4.29%. Days on market held at 310, demonstrating a typical timeframe for homes to remain on the market in resort areas.
In the resort mountain area of Summit County (Breckenridge, Copper, Keystone), increased homeowner equity and property values demonstrate a balanced residential luxury market at the mid-year point of 2016. The proximity to both the urban offerings of Denver metro, and the famous Colorado Rocky Mountains, position Summit County as one of the most sought after resort destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market in Summit County will remain at a continued strong pace. Year-over-year, number of properties sold held at 80, down from 81 properties sold in 2015, and total dollar volume increased 3.08%.
LIV Sotheby’s International Realty is the leading expert in luxury real estate in Colorado, and compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home.
To access current market reports, visit www.coloradomarketreports.com. For more information, contact LIV Sotheby’s International Realty public relations manager, Brittanny Havard, at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com or call 303.893.3200.