LUXURY
MARKET REPORT Q1 2018
LUXURY MARKET OVERVIEW Q1 2018
LUXURY IS AN EXPERIENCE NOT A PRICE POINT We are proud to share our Q1 2018 Luxury Market Report for the Vermont and New Hampshire real estate market. In this report you will find market trends for the Luxury Market defined as homes sold $600K+ as well as homes sold over $1MM in order to provide you with the most updated information so that you can make the most informed decisions as you evaluate your real estate options. Four Seasons Sotheby’s International Realty has 20 offices spread throughout Vermont and New Hampshire and is widely regarded as the leader in the Luxury Market with 64% more properties sold at $600K+ and 54% more properties sold at $1MM+ than our next closest competitor. We are committed to providing you with the highest level of service and expertise to Buyers and Sellers regardless of price point. It would be our privilege to serve you for all of your real estate needs throughout Vermont and New Hampshire.
Staige Davis - CEO *Source: Trendgraphix Data - Q1 2018 - All VT & NH Counties Combined
THE LUXURY MARKET $600K+ AND $1MM+ The Luxury Market - defined as $600K+ and $1MM+ - is off to a good start in Vermont and New Hampshire in Q1 2018 which is typically a slow quarter. Total units sold increased 5% for homes $600k+ and was up 6% for homes over $1MM+ for Vermont and New Hampshire combined in Q1 2018. However, the Luxury Market continues to be primarily a Buyers market, particularly in Vermont, due to a relatively large supply of inventory. This has resulted in many homes staying on the market for a prolonged period of time before finding a Buyer. Pricing appropriately in this type of marketplace is critical and many Sellers must consider how market dynamics contribute to pricing expectations from buyers in order to be competitive. As long as the economy continues to be strong , we expect this trend to continue through the Spring and Summer of 2018. However, the new federal tax bill may have an impact on the higher end, second home market. *Source: Trendgraphix Data - Q1 2018 - All VT & NH Counties Combined
LUXURY REPORT $600K+
Q1 2017
Q1 2018
280
295
5%
$956,285
$935,576
2%
213
183
14%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
% CHANGE
Source: (Data) NNEREN 1/1/17 - 3/31/17 and 1/1/18 - 3/31/18 | (Graphs) Trendgraphix utilizing NNEREN data 4/01/2018 - 3/31/2018
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (APR. 2018 - MAR. 2018)
For Sale
2200 1969
1980 1760
2011
Sold
2013
2008
Pended
1917
1850
1730
1688
1547
1540
1490
1425
1409
1320 1100 880 660 440 220 135
0 4/17
167 77
134
5/17
159 193
160 138
6/17
7/17
160 183
8/17
146 141
9/17
158 149
10/17
101
129
11/17
103 139
12/17
98
79
1/18
134
157 70
2/18
107
3/18
LUXURY REPORT $600K+ TOTAL SALES IN $
TOTAL SALES IN UNITS
(JAN. 2018 - MAR. 2018)
(JAN. 2018 - MAR. 2018)
14M
18 15M
19
61M
64 26M
32 36M
39
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
*Source: Trendgraphix Data - Q1 2018 - All VT & NH Counties Combined
COMPETITOR 4
LUXURY REPORT $1MM+
Q1 2017
Q1 2018
66
70
6%
$1,362,500
$1,338,675
2%
219
309
41%
NUMBER OF PROPERTIES SOLD AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
% CHANGE
Source: (Data) NNEREN 1/1/17 - 3/31/17 and 1/1/18 - 3/31/18 | (Graphs) Trendgraphix utilizing NNEREN data 4/01/2018 - 3/31/2018
NUMBER OF HOMES FOR SALE VS. SOLD VS. PENDED (APR. 2018 - MAR. 2018)
694
700
For Sale
672
648
650 600
693
665
Sold
656
Pended
599
595
560
550
496
500
500
495
450 400 350 300 250 200 150 100 50 0
22 15
4/17
38
31
5/17
33
34
6/17
44
48 33
32
7/17
8/17
35
40
9/17
34
41
21 32
24 34
22 18
10/17
11/17
12/17
1/18
34
13
2/18
29 25
3/18
LUXURY REPORT $1MM+ TOTAL SALES IN UNITS
TOTAL SALES IN $
(JAN. 2018 - MAR. 2018)
(JAN. 2018 - MAR. 2018)
8M
5
17
25M
14M
13M 18M
11
8
8
FSSIR
COMPETITOR 1
COMPETITOR 2
COMPETITOR 3
*Source: Trendgraphix Data - Q1 2018 - All VT & NH Counties Combined
COMPETITOR 4
SOUTHERN VERMONT
CHAMPLAIN VALLEY
LAKE WINNIPESAUKEE REGION
Mount Snow: 802.464.1200 Stratton: 802.297.1100 Manchester: 802.362.4551 Okemo: 802.228.4537 Bromley: 802.824.3113
Middlebury: 802.388.1000 Vergennes: 802.877.3232 South Burlington: 802.864.0541
Meredith: 603.677.7012 Wolfeboro: 603.941.1000
CENTRAL VERMONT Rutland: 802.774.7007 Stowe: 802.253.7267 Randolph: 802.565.8136
NORTHEAST KINGDOM St. Johnsbury: 802.751.7582
LAKE SUNAPEE REGION New London: 603.526.4050
UPPER VALLEY Fairlee: 802.333.4701 Hanover: 6 03.643.6070 603.643.6400 West Lebanon: 603.298.5155
SOUTHERN NEW HAMPSHIRE Bedford: 603.413.7600
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