Resort Luxury Housing Market Shows Signs of Growth in June 2015
Posted by Brittanny Havard — July 27, 2015
DENVER, CO - The number of luxury homes sold (sales over $1 million) in the resort markets of Eagle County (Vail Valley and Beaver Creek) and Summit County (Breckenridge, Copper, Keystone) showed signs of increase according to a June 2015, luxury market report by LIV Sotheby’s International Realty.
In general, resort communities throughout Colorado and around the world, are prone to unique, heavily saturated luxury markets. Often found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a greater density of luxury offerings as higher net worth individuals are often drawn to them based on their exclusivity and proximity to world class activities year round.
In summer months, the resort communities of Eagle and Summit County see an especially high volume of activity, due to an increased number of visitors and second home owners in town. Summer tends to be a popular time for home buying in the luxury sector (homes over $1M), and also homes in the $400K – $700K range, which often receive multiple offers.
“The real estate market in the Vail Valley is improving in the luxury sector as well as the $400,000 to $500,000 price range,” said Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley. “The summer season has been very active in showings and with new visitors inquiring about homes and condominiums. In addition, visitors from Latin American countries are showing increased interest in purchasing real estate, primarily in the Vail area. We expect this to continue into the fall.”
In Eagle County, 26 homes with a price tag of more than $1 million sold in June 2015, up 44% from June 2014, according to LIV Sotheby’s International Realty’s year over year comparison, based on information from Vail Board of Realtors/MLS. Average price per square foot rose 12% from $850 in June 2014 to $956 in June 2015.
In Summit County, 16 homes with a price tag of more than $1 million sold in June 2015, up 220% from June 2014, according to Summit County’s SAR MLS. Average price per square foot in Summit County rose 11% from $478 in June 2014, to $530 in June 2015.
“When the luxury real estate market in Summit County shows promising signs of recovery similar to what we are currently experiencing, it is typically a solid indicator that the entire Summit County market is on the upswing,” said LIV Sotheby’s International Realty broker, Krystal Knott. “So far in 2015, the continuation of low inventory levels (relative to the peak of the market in 2007/2008), along with the list price to sales price percentage is tightening, creating increased demand for properties at all price points. Sales this year in both the luxury and market as a whole are exhibiting that trend.”
The proximity to the famous Colorado Rocky Mountains that vliving in Eagle and Summit County affords, continues to position Colorado as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market will continue to rise.
LIV Sotheby's International Realty compiles a quarterly luxury market report 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 Brittanny Havard, public relations manager, LIV Sotheby’s International Realty at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 10 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.