There are many factors to consider with any real estate transaction and especially within the luxury market, which is continuing to be very active throughout Colorado. 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+).
January through June 2019 performed exceedingly well for the luxury market in 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.
In regard to the resort luxury market, it performs unlike anywhere else in the state, or the country for that matter. Colorado’s world-class resort communities draw in buyers from near and far, with those seeking the renowned resort lifestyle. Many buyers are drawn from Denver, especially for second homes or rentals, or those looking to shift their lifestyle to resort life from the city life. For some of the most exclusive resort communities, fewer 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.
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. Vail Valley’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 Vail Valley.
Summit County (Breckenridge, Frisco, Copper Mountain, Dillon, Silverthorne, etc.) reported a notable 46.5% increase in average price per square foot, an astounding 180.6% increase in the highest price, and as good news for buyers – a 17.9% increase in the average days on market. The decreases in the number of properties sold and the total dollar volume sold are also good news for buyers, as there seems to be slightly less competition. Sellers are still seeing benefits with the increase in average price per square foot.
San Miguel County (Telluride, Mountain Village, Placerville, etc.) reported comparable performance as Summit County with increases in average price per square foot, in the highest price, and in the average days on market. While these increases weren’t as dramatic as those in Summit County, the Telluride area is still showing similar benefits for both buyers and sellers – drawing in buyers from around the world for this unique and beloved destination resort area of Colorado.
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 the Crested Butte area, it’s clear that 2019 is a great year for sellers, and buyers are also seeing the benefits of investing in this beautiful area.
Overall, 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, Colorado continues to be an attractive location for many people to call home.
LIV Sotheby’s International Realty is committed to helping consumers make sound financial decisions when purchasing or selling a luxury home. View the latest report at ColoradoMarketReports.com. To view some of LIV Sotheby’s International Realty’s recent significant sales, visit sigsales.livsothebysrealty.com. For assistance with your future real estate needs, call 303.893.3200 or visit livsothebysrealty.com.