LIV SIR Releases January – September 2015 Luxury Market ReportLIV Sotheby's
On October 28, 2015, LIV Sotheby’s International Realty (LIV SIR) released a Luxury Report, which compares January through September 2015 statistics, to those of 2014, for single family homes and condos valued at over $1 Million.
Demonstrating the trend of upward growth, January through September property sales, within the seven Counties of the Denver metro region: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson, represented in the report, rose 28.6% over 2014 statistics; average price per square foot increased slightly by1.1% and recent numbers indicate that days on market have dropped 7.2%. Total dollar volume sold increased by 24.9%.
“The January through September 2015 luxury report indicates continued growth in the luxury sector,” said LIV Sotheby’s International Realty president, Scott Webber. “Luxury homes are selling in a reasonable time frame, however buyers still want to make an informed decision as to the investment quality of the property.”
The Luxury Report uncovered several counties reflecting significant improvement over (an excellent) 2014: Number of properties sold in 2015, in Denver County, jumped to 324, over 230, in 2014, up 40.9%. In Boulder County, Total Dollar Volume Sold increased from $308,346,008 in 2014, to $407,300,757 – up 32.1%.
In the resort mountain areas of Eagle and Summit County, the current real estate climate allows homes to be priced aggressively, yet not without a good understanding of neighborhood area market conditions and buyer preferences.
In Eagle County and the Vail Valley, the luxury market remains vibrant and healthy. Number of properties sold in 2015, in Eagle County, increased 13.0% from 231, in 2014, to 261, in 2015. The increase in number of properties sold indicates that as the economy gets stronger, people are more willing to spend extra dollars to purchase the homes they desire. From January through September 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 Summit County and Breckenridge, increased homeowner equity and property values demonstrate a continued strong residential luxury market in 2015. Number of properties sold in 2015, in Summit County, increased 35.3% from 102, in 2014, to 138, 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.
Whether buying or selling a home, understanding your local market will give you the confidence to move forward. LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions. To access current market reports visit www.coloradomarketreports.com. To service all of your real estate needs visit www.livsothebysrealty.com.