Luxury Evergreen Real Estate Market
February 13, 2019 by Margaret Stapleton
This active Evergreen Realtor loves selling all kinds of homes throughout Evergreen, Morrison and Conifer. I don’t sell only Evergreen luxury real estate. I sell “soup to nuts”. So, I know all aspects of what’s happening to our home sales and inventories.
Last year, the overall Evergreen Real Estate Market impressed both Sellers and brokers in 2018. Average homes sold more quickly than usual and at record-setting prices.
For example, 497 detached, single-family homes sold in 2018. On the average, approximately 41 homes sold per month. The median price of a home was $650,000. And, it sold in about 45 days at 96% of the original list price.
In addition, a total of 70 attached, single-family homes sold in 2018. The median price of an attached home was $447,724, the average condo or townhouse sold in about 40 days at 98% of it’s original asking price.
Also, Evergreen real estate maintained an average of only 45 days of inventory. That is considered a dramatic “Sellers Market“. A balanced market would be at least 90 days of inventory. So, the overall market was definitely “hot”.
Luxury Evergreen Real Estate News
The news was even better for the luxury Evergreen real estate market. The high-end Evergreen market is usually not nearly as hot as Denver luxury real estate. But, luxury sellers here enjoyed a beautiful run in 2018. Ninety-six detached single family homes priced between $900,000 and $3M sold in 2018. That represented nearly 20% of the overall market home sales.
Evergreen luxury real estate inventory chart In recent years, Evergreen luxury real estate has moved slower than it is even this January before the market heats up, Months of inventory has historically hovered between 8-24 months. So, under 6 months this January is very good.
Currently, there are a total of 51 detached homes for sale in the entire Evergreen market. In the luxury market, twenty-four of them are priced between $900k and $3.0M. While these luxury homes represent 47% of the total market, they are being absorbed at a rate of 4 each month. This is called the Absorption Rate. So, if there are 24 homes on the market, and each month 4 are sold, there is 6 month supply of homes (24 divided by 4 = 6). Experts say that a six month supply of homes is still considered a “Balanced Market”.
We can’t count the pending homes in the Absorption Rate. but it’s comforting to know that another 8 luxury homes are under-contract with closings pending in the next 30-45 days.
There is still a lack of inventory. But, that may be remedied soon. Evergreen’s listing period tends to start a little later than the 5280 club. So, watch for late winter and early spring inventory and sales surging.
Evergreen Luxury Homes Buyers
So what is the Luxury Buyer in Evergreen looking for? Like everyone, these buyers want modern conveniences and great floor plans that they can mold to their personal use and lifestyles. Let’s look at some common attributes of pending and sold luxury homes in the last 60 days:
- An average 5 Bedrooms and 5 Baths.
- An average of total finished square footage of 5,200 SF at about $340/PSF.
- Only 30% of Evergreen’s population is on public utilities, still 50% of buyers in this price range purchased homes with public utilities.
- Views and Space! 65% of the homes had great views, an average of 4 acres, and had easy access to public parks, animal corridors, forests, and other big parcels.
- Big Garages. 50% of these homes had at least a 3-car garage. Many had 4-5-6 car bays.
- Fireplaces. 90% of these homes had at least 2 Fireplaces.
- Equestrian Possibilities. 23.5% of these homes had barns, arenas, proper water resources, pastures, cabins and/or bunk houses.
- Higher End Finishes. Every home had some degree of higher end finishes like hardwood floors and ceilings, granite and stone flooring and kitchen surfaces. About 50% employed more custom finishes, like marble flooring, large walk-in closets, custom light fixtures and plumbing hardware, exotic woods, exposed finished trusses, industrial appliances, even a tower room in one case
That is the story of one family I’m working with. Byrne and Kaashla are serious buyers who have visited twice so far. They are coming in two week again. They want privacy, modern finishes, lots of garage space, some flat land for the kids and two offices. Most of all, they want a place for family to stay 1-2 months at a time.
They really don’t care about the theater or the wine cellar, but it has to have “the view.” They know what they want, and they know what it costs. It may sound picky. But, they are flexible and patient. And, they are willing to strike at a moment’s notice! That’s what it takes to be a luxury buyer in Evergreen! Persistance.
Contact a Luxury Evergreen Realtor
I sell all over the west metro area, especially in Conifer, Morrison, Pine/Bailey and the I-70 Corridor communities of Golden, Idaho Springs and Georgetown. Ask me about the incredible changes happening just west of Denver. I’d love to hear from you.