Resort Luxury Housing Market in Eagle and Summit County Demonstrates Significant Growth Year After Year in November 2015
Posted by Brittanny Havard — December 17, 2015
DENVER, CO - The number of luxury homes sold (sales over $1 million) in the resort markets of Summit County (Breckenridge, Copper, Keystone), and Eagle County (Vail Valley and Beaver Creek), showed signs of increase year-over-year according to a November 2015 luxury market report prepared by LIV Sotheby’s International Realty.
In November, Eagle and Summit County saw an especially high volume of activity due to an increased number of international visitors and second home owners in town, seeking to purchase luxury residences in lieu of renting during winter months and the height of 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 professionals can find jobs in small private finance firms, non-profits and have the ability to work remotely with today’s global technology.
“Our residential luxury market continues to show strong sales in November,” said LIV Sotheby’s International Realty managing broker, Melanie Frank, Breckenridge. “Our market was up 142% with 17 residential sales over $1M compared to 7 sales in November of 2014. In the last 12 months year over year we have seen a 42% growth in total sales volume comparison.”
In Summit County, luxury numbers show signs of significant increase with 17 homes with a price tag of more than $1M sold in November, up 143% year-over-year (statistics pulled from SAR, MLS). Average price per square foot increased month over month, up 4%, from $468 in November 2014 to $485 in November 2015.
In Eagle County, luxury numbers show signs of significant increase with 30 homes with a price tag of more than $1M sold in November, up 43% year-over-year (statistics pulled from Vail Board of Realtors, MLS). Month over month, November luxury sales increased 3%, with a total of 30 homes sold. Average price per square foot also increased, 14%, from $751 in November 2014 to $853 in November 2015, and days on market decreased 55% month over month to 213.
“The real estate sales market continues to show signs of continued growth,” said Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley. “Sales volume improved 17% over the previous year 12 month period. With the coming winter season the market is expected to experience a steady growth in both the number of transactions and sales volume. This sales trend bodes well for a stable real estate market with buyers and sellers moving closer together.”
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.