Luxury homes in the Denver Foothills and Evergreen, CO
The luxury homes in Evergreen, CO are still taking the same path as they have for years now. The luxury market seldom feels the same influx as the average home market. The only thing that really changes in the luxury homes is that the bottom number to be considered to be a luxury home seems to increase as time goes on. Not long ago you could buy a luxury home in the Denver Foothills and Evergreen for less than $600,000. Now unfortunately $600k is closer to the average cost of a Denver Foothills home. Now to be in the luxury arena you are closer $1,000,000 to a $1,500,000 just to get started. Other than that the luxury market is pretty steady through good times and bad. The luxury home market usually sees the same average days on market as well as a steady trend across all metrics. The luxury market usually doesn’t see large swings either way in the Evergreen and Denver Foothills area.
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The Chart shows us that the luxury market only has peaks and valleys of the seasonal fluctuation of the market. Everything else is pretty steady and consistent. The peaks are pretty much the same for days on market. This is a 5 year representation of the $1,000,000 plus market in Evergreen, Conifer, Bailey and Morrison. The number of listings in the luxury market have not changed much either. It is basically the fact that people that have made it to the point of affording a luxury home will most likely keep that ability in good times as well as bad.
If buyers are holding out for luxury listings to go up or down with the market they might be disappointed. The only thing that seems to change with times in the luxury market is that you get less for your money as time goes by. What one million dollars could by you just 5 years ago was much more. For example a home that you could have bought for just $700,000 five years ago is much closer to a million dollars now. We will most likely see this trend continue over the next few years as well. Luxury homes also tend to hold their value better. They don’t necessarily appreciate at the rate of $500,000 homes in the Evergreen area but they don’t have the drastic drop as we saw in 2008 and other recession times. They are a much more secure and steady investment. You might not want to try to flip a $2,000,000 home but if you can hold it for a few years you will most likely see an increase in you investment. It is more like investing in Microsoft instead of a penny start up stock.