Luxury Market Report
F IRST H AL F 2020
LUXURY MARKET OVERVIEW FIRST HALF 2020
LUXURY IS AN EXPERIENCE We are pleased to share our First Half 2020 Luxury Market Report covering both New Hampshire and Vermont. In this report you will find real estate trends for the Luxury Market which we define 2 ways; homes sold for $600K+ as well as homes sold over $1MM. This approach provides you with more detailed information so that you can make an informed real estate buying decision no matter the luxury market you are looking in. Four Seasons Sotheby’s International Realty is the leader in the Luxury Market with 43% more properties sold at the $600K+ level and 28% more properties sold at the $1MM+ level than our next closest competitor in the two states combined. These results are a direct consequence of the reach and power of our brand together with our ongoing commitment by our associates and staff to provide the highest level of service and expertise to both Buyers and Sellers alike. It would be our privilege to service all of your real estate needs throughout the beautiful states of Vermont and New Hampshire.
Staige Davis - CEO
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 - All VT & NH Counties Combined
MLS#4737683
Hot Start, Cold Middle, Hot Restart... The Luxury Market was dramatically impacted by COVID-19 during the First Half of 2020. Initially January and February sales were on pace to set a record for our company, but selling activity slowed dramatically in March, April and May as complications and uncertainty surrounding Covid-19 started to mount. Then as the two states began to reopen in June, pending transactions rocketed back to a torrid pace. As we are writing this in early August, we can report that we are back on track to meet, and possibly exceed, our annual projections. Activity was mixed through June. Vermont’s regulations were far more stringent than New Hampshire’s. Total properties sold decreased 4% for homes over $600k but were up 8% for homes over $1MM in the two states combined. Additionally, the Average Sale Price increased slightly by 1% for properties over $600K but decreased 3% for $1MM+ properties. Lastly, Average Days on Market decreased for listings over $600K by 10% and increased slightly by 2% for all $1MM+ properties sold. New Hampshire New Hampshire exhibited a strong luxury market with the number of properties sold over $600K reflecting a 2% increase with the average sale pricing also increasing 2%. For listings over $1MM, the number of properties sold increased 8% but the average selling price decreased 8%. Vermont The impact of COVID-19 made it difficult to show properties in Vermont during the peak shutdown period but that didn’t stop us from providing the best service possible while strictly adhering to CDC guidelines. The lack of inventory was the biggest impediment, resulting in the number of properties sold over $600K to decrease by 19%, however, the average sale price increased 10%. The bright spot was in transactions over $1MM, the number of properties sold increased 7%, while the average sale price increased 16%. Reassessing Options There is no question that the Luxury Market is bouncing back in a strong way since the initial impact of COVID-19. Demand is far outpacing supply. We have had multiple transactions completed in both states without the buyers ever having set foot in the property they purchased until after it had closed. The underlying dynamics are many; Covid-19 has provided buyers with an opportunity to reassess where they would prefer to raise their families so they are taking a hard look at the healthy lifestyle New Hampshire and Vermont can provide together with easy access to 3 major metropolitan areas. Additionally, many companies are re-evaluating their work from home procedures which gives employees far more options as to where they can live, financial markets have rebounded dramatically, and interest rates remain at record lows, even for jumbo loans. The lack of homes for sale remains a major impediment for many buyers and it is very difficult to predict beyond the Fall marketplace what may happen, but there is no question that now is one of the most active real estate markets we have ever seen. Give us a call today, we’ll be happy to help you assess your opportunities! *Source: Trendgraphix Data - 1/1/20 - 6/30/20 All VT & NH Counties Combined
LUXURY REPORT $600K+ VT & NH COMBINED
FIRST HALF 2019
FIRST HALF 2020
% CHANGE
849
818
4%
$914,303
$924,749
1%
126
114
10%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All VT & NH Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale Sold
1500
Pended
1481
1438 1355
1345 1278
1236
1200
900
600
412
300
297 159
130
0
103 75
1/20
149 88
2/20
134 134
3/20
140
4/20
142
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All VT & NH Counties Combined
248
6/20
LUXURY REPORT $600K+ VT & NH COMBINED
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
78M
62
141 78
154.6M
67.4M
81
83M
98
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
87.6M
COMPETITOR 4
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4798489
MLS#4800079
LUXURY REPORT $1MM+ VT & NH COMBINED
FIRST HALF 2019
FIRST HALF 2020
% CHANGE
167
180
8%
$1,663,224
$1,618,899
3%
135
138
2%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All VT & NH Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale
600
Sold Pended 520
450
483
466
458
450 429
300
150 96 68 24
0
1/20
28
26
2/20
40 21
26
3/20
23
4/20
30
26
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All VT & NH Counties Combined
59
6/20
LUXURY REPORT $1MM+ VT & NH COMBINED
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
26.6M
18
79.5M
34.4M
41
23
43.4M
25
57M
32
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4798209
MLS#4805310
COMPETITOR 4
LUXURY REPORT $600K+ VERMONT
FIRST HALF 2019
FIRST HALF 2020
% CHANGE
225
183
19%
$862,619
$952,123
10%
199
196
2%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All VT Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale Sold
700
Pended
660
597
593
598
607
592
525
350
175 110 68 30
0
1/20
26
37
2/20
26
29
3/20
27
25
4/20
30
27
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All VT Counties Combined
47
6/20
LUXURY REPORT $600K+ VERMONT
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
18.5M
19 18.4M
20
74
76.5M 23.6M
21
56.6M
58
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4801260
MLS#4797874
COMPETITOR 4
LUXURY REPORT $1MM+ VERMONT
FIRST HALF 2019
FIRST HALF 2020
42
45
7%
$1,386,794
$1,603,104
16%
204
269
32%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
% CHANGE
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All VT Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale Sold
300
Pended 256
225
228
225
223
234
226
150
75
33
0
7
1/20
3
8
2/20
4
7
3/20
9
9
4/20
9
18
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All VT Counties Combined
7
13
6/20
LUXURY REPORT $1MM+ VERMONT
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
6
7.1M
9
19.1M
22
37.6M
15M
10
23.1M
13
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
COMPETITOR 4
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4762661
MLS#4782008
LUXURY REPORT $600K+ NEW HAMPSHIRE
FIRST HALF 2019
FIRST HALF 2020
624
635
2%
$932,938
$916,859
2%
100
90
10%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
% CHANGE
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All NH Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale Sold
700
699
Pended
714
783
766
634
600
604
500
400
300
291 216
200
100
0
116
94 66
1/20
114
60
2/20
106
101
3/20
101
4/20
109
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All NH Counties Combined
193
6/20
LUXURY REPORT $600K+ NEW HAMPSHIRE
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
62
78M
89
80.6M
67 78.1M
81 76
83M 65.1M
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
COMPETITOR 4
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4793364
MLS#4795644
LUXURY REPORT $1MM+ NEW HAMPSHIRE
FIRST HALF 2019
FIRST HALF 2020
% CHANGE
125
135
8%
$1,756,105
$1,624,164
8%
111
94
15%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
Source: NNEREN 1/1/19 - 6/30/19 and 1/1/20 - 6/30/20 — All NH Counties Combined
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (JAN. 2020 - JUN. 2020)
For Sale Sold
250
Pended
237 227 215
200
206
200 189
150
100
62
50
46 31
0
13
14
1/20
18 19 10
17
10
2/20
16
3/20
14
4/20
19
19
5/20
Source: Trendgraphix utilizing NNEREN data 1/1/2020 - 6/30/2020 — All NH Counties Combined
44
6/20
LUXURY REPORT $1MM+ NEW HAMPSHIRE
TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2020 - JUN. 2020)
(JAN. 2020 - JUN. 2020)
25.5M
18
57M
32 41.9M
19
25
21
FSSIR
32.3M
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
43.4M
COMPETITOR 4
*Source: Trendgraphix Data - 1/1/20 - 6/30/20 — All VT & NH Counties Combined
MLS#4799263
MLS#4741955
SOUTHERN VERMONT
CHAMPLAIN VALLEY
LAKE WINNIPESAUKEE REGION
Mount Snow: 802.464.1200 Stratton: 802.297.1100 Manchester: 802.362.4551
Middlebury: 802.388.1000
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