LIV SIR Releases Q1 Luxury Market Reportlivxmin
On April 21, 2016, LIV Sotheby’s International Realty released a Quarter 1 Residential Luxury Report, which compares 2016 statistics (January through March), to that of 2015, for single family homes and condos priced $1M and above. 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.
“The luxury home market continues to rise steadily in Colorado,” 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. With Colorado’s position as one of the fastest growing states in the nation, the luxury real estate sales market continues to show signs of growth.”
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%.
In the resort mountain area of Eagle County and the Vail Valley, the luxury market has shown signs of a 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 in 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.
Whether buying or selling a home, understanding your local market will give the consumer 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.