Resort Luxury Housing Market in Summit Country Demonstrates Growth in October 2015, Eagle County Shows Decrease
Posted by Brittanny Havard — November 24, 2015
DENVER, CO - The number of luxury homes sold (sales over $1 million) in the resort market of Summit County (Breckenridge, Copper, Keystone) showed signs of increase year over year according to an October 2015 luxury market report prepared by LIV Sotheby’s International Realty. Eagle County (Vail Valley and Beaver Creek) showed slight decrease.
In October, Summit County saw an especially high volume of activity, due to an increased number of foreign visitors and second home owners in town, seeking to purchase luxury residences in lieu of renting during impending winter months, prime for ski season.
Resort communities offer a relatively stable luxury market, due to their abundance of top tier dining, shopping and year-round activities that rival major metropolises. In addition, there have been emerging job opportunities where young professions can find jobs in small private finance firms, non-profits and have the ability to work remotely with today’s global technology.
“With four world class ski resorts, hiking, biking and close proximity to Denver, lifestyle continues to be the driving factor for our Luxury Buyers in Summit County,” said LIV Sotheby’s International Realty managing broker, Melanie Frank, Breckenridge. “They aspire to enjoy the mountain beauty and to create a family destination that can be enjoyed by all generations.”
In Summit County, luxury numbers show signs of increase with 25 homes with a price tag of more than $1M sold in October, up 19% year-over-year (statistics pulled from SAR, MLS). Average price per square foot also increased, 7%, from $438 in October 2014 to $468 in October 2015.
In Eagle County, luxury numbers show signs of decrease with 29 homes with a price tag of more than $1M sold in October, down 17% year over year (statistics pulled from Vail Board of Realtors, MLS).
“There were more sales in the resort’s core area, where the over-a-million dollar homes were larger in square foot size,” said Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley. “We expect this trend to change with more purchases closer to the ski areas where the prices per square foot are much higher as we get closer to the ski season.”
The proximity to the famous Colorado Rocky Mountains that living 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 is projected to see growth, especially during busy winter months.
LIV Sotheby's International Realty 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 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 11 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.