AMY CHANCE L U X U RY MARKET REPORT
HOUSTON
OCTOBER 2020
AMY CHANCE REALTOR®, CLHMS, ABR
Compass RE Texas LLC 4200 Westheimer, Suite 1000 Houston, TX 77027
409.350.5650
4amychance@gmail.com Amy has over 14 years of experience in residential, cooperative, condominium, townhouse, and commercial sales/rentals. Earning impressive accolades for her breadth of knowledge, ethical practices, and expertise in negotiating, Amy is positioned as one of most well-respected and sought after agents in the South East Texas market. Amy has successfully transacted Amy has mastered the art of getting the deal done. She is the master at negotiating deals that close. Amy knows how to structure a deal and negotiate from start to finish. Grounded and strategic, Amy brings an energy to the transaction that is confident and witty and is loved by her clients for her ability to problem solve during difficult transactions. Amy is repeatedly praised for her dedication to her buyers and sellers and for the sincere care she takes with each of them. Amy’s interest in people has lead her to embrace a career in Real Estate. As a REALTOR® for over 12 years, her knowledge is revealed with her focus on recognizing and prioritizing her client’s needs. Making clients comfortable is key to her success in this “people business.” Amy calls Beaumont home. She knows the ins and outs of the area and has helped clients explore the many neighborhoods of the West End to match clients and customers with their dream home. Amy’s love of travel has cultivated her knowledge and appreciation on what the world and cultures have to offer. Her optimism, hard work and loyalty are just some of the characteristics einstilled in her upbringing and are passed on and exhibited as she builds relationships one
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-15 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 16-19 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 21
LOCAL LUXURY MARKET REVIEW
PAGE 22-23 SINGLE FAMILY HOMES - Monthly Statistics PAGE 24-25 ATTACHED HOMES - Monthly Statistics PAGE 26
THANK YOU
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2020 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN LUXURY REVIEW Fall Changes Last month, the Luxury Market Report reviewed how the affluent’s changing demands has affected their real estate choices not just in terms of property size and amenities, but also the location of their primary residence. The luxury real estate industry now fully recognizes the significance of these key requirements as well as the importance of addressing the physical, social, and mental/emotional/spiritual dimensions of their affluent buyers. These changes in demand are not only reflected in the Institute’s on-going analysis of the luxury real estate market, but also corroborated by ‘on the ground’ intel from our members in communities throughout North America. In today’s luxury market, home purchase decisions are now being based on the experiences, features, and amenities that enable their owners to enjoy a luxurious lifestyle from within the boundaries of their property and offer quick access to recreational spaces. Our findings indicate that demand has increased substantially for larger properties – those that were previously viewed as too labor-intensive and expensive to run and manage, are now the prime target. It further explains why resort and smaller communities have increasingly seen their luxury properties become more popular, as they can offer more space and quick access to outdoor activities, and why amenities such as swimming pools, previously being filled-in, are once again top of the ‘must-haves’ list. Redfin just announced their third quarter findings on the luxury market, reporting a 41.5% spike in sales year-over-year and a 6.8% price raise for the third quarter. It should be noted that Redfin
defines luxury as the Top 5% of the market and bases their finding on 49 of the most populous metro areas in the US. In review of the Institute’s statistical data, which is based on findings that are more in line with luxury being the Top 10% of the market and analyzes over 95 luxury markets in North America, sales of luxury homes rose 62% and shows a price rise of 5% in the third quarter of 2020, compared to the same period in 2019. Our market summary for September 2020, shows that the single-family market for the whole of North America is officially a seller’s market, where demand is greater than supply. In the US, East Bay, CA had the highest percentage of luxury sales when compared to their current inventory, with Sacramento, CA and Denver, CO following closely. Redfin’s statistics show a 86.1% rise in the number of sales in Sacramento and 60.9% in Oakland (located in East Bay) in the last quarter compared to 2020. These statistics show a marked change in location popularity as these metro areas are significantly less densely populated and for the most part offer single family homes for better value for money prices. In Canada, the luxury market also remained strong throughout the pandemic, with its two most recognized markets – Toronto and Vancouver – recording an increased interest from move-up buyers, versus international investment. Travel into Canada is very restricted, which has likely been a strong factor in the lower number of foreign buyers. Less dense markets, such as Hamilton, Muskoka, Durham and The Kawarthas in Ontario, and the Okanagan region and Whistler in British Columbia are seeing increased interest in their luxury markets. As remote work is increasingly common, these destinations can offer larger and more private spaces with quick access to nature. Real Estate experts, on both sides of the border, concur that the combination of being able to work remotely, accessibility of low mortgage rates, the quick return of a strong stock market, as well as an existing high level of inventory for larger properties for sale has enabled the affluent to swiftly make lifestyle choice changes over the last 6 months. These impacts may well have long lasting effects. REMOTE WORKING Many predict that remote working will become part of our society’s norm, so moving back to the city may not become a priority once the pandemic is under control. Working remotely was already
a growing trend, but with the onset of the pandemic the acceptance level from business owners and employees is at an all-time high; especially as productivity levels have mostly increased. For instance, Dropbox, a San-Francisco based company, just recently announced that it will make working remotely a standard practice, extending its mandatory work at home policy through to June 2021. MORTGAGE RATES Mortgage rates have dropped to record lows and there is even a question as to whether they will eventually drop to 0%? Most economists think that this is unlikely to happen in North America, although in Denmark, Jyske Bank began offering a 10-year fixed rate mortgage at negative 0.5% in 2019! More importantly, these low interest rates have created the opportunity for the affluent to easily access credit or refinance to make their new home purchases, without having to use funds from any other sources. When interest rates change, there are real-world effects on the ways people can plan their future finances. Low mortgage rates spurred long-time fence-sitters to jump into the market, Realtor.com Chief Economist Danielle Hale says. But she acknowledges the housing boom is uneven. "Among a lot of key homebuyer demographics, high-income folks, we haven't seen the same level of job losses that we have among lower-income workers," she said in a recent interview with Investor’s Business Daily (IBD). "So that has helped the market from a homebuyer perspective." Demographics are a factor too as more millennials — the nation's largest adult generation — are starting families and driving demand for single-family homes. And the leading edge of Generation Z, an even larger cohort that straddles young adults and adolescents, is just starting to buy homes. STRONG STOCK MARKET Accumulated wealth from the strong stock market is also helping to drive confidence in buying new homes. For many, there has been a shift in the balance of financial investment towards investing in lifestyle and family.
While real estate has been traditionally seen as a financial investment, the pandemic has resulted in real estate choices becoming more based on the intrinsic value; that of finding a great home offering space, security and privacy, rather than a property providing a great return on investment. Turning back to the stock market, analysts are forecasting that in the foreseeable future real estate stocks should continue thrive. According to IBD one of the best-performing real estate stocks is D.R. Horton, the largest homebuilder by volume in the US, whose stock is up more than 45% so far this year. In a recent interview between IBD and the luxury homebuilder Toll Brothers, CEO Douglas Yearley shared that their signed contracts soared 76% in June, jumped 31% in July, and August deposits were trending even better than July. Yearley explained a key reason behind Toll Brother’s success is the resilience of its target demographic, college-educated professionals, where many are working from home and will continue to do so, and also statistically less likely to become unemployed. INVENTORY LEVELS When New York City, one of the most recognized wealthy cities, became an epicenter in this pandemic, the cast was set for change. The continued exodus of the affluent from key metropolitan cities since March 2020 and their search for properties that offer a safer haven has become one of the key reasons why great estates and large luxury properties have reclaimed their popularity. Interestingly, the majority of these large homes, whose traditionally more remote locations had deterred buyers in proceeding years, creating increasingly higher and higher levels of inventory. However, their immediate accessibility and availability, coupled with changing demands, actually led the luxury real estate market back from its significant “pause� in late March and early April, and continued helped fuel its momentum during the last six months. As we move forward into the last quarter of 2020, it is important to recognize that many of these shifts we are seeing will continue to be impacted by how long the pandemic remains a major influence. Some changes have merely been sped up, such as working remotely and online purchasing. Others are habits that will become more resilient to change once they have been learned, for instance e-learning and telehealth, once considered inferior products, their necessity has helped in their transition very effectively. While items such as a luxury vacation might currently be replaced by new toys or exotic objects, in the long run once travel is more accessible, these substitutions will not last.
– 13 - MONTH MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
DAYS ON MARKET
80
60
75
53
51 49
47
40
62
61
60
55
51
47
42
37
42
40
40
31 30
39 33
35
32
31
32
29
27
20
0 AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SALES PRICE VS. LIST PRICE
$443 $366
$461 $356
$499 $356
$468 $338
$457 $349
$340
$471
$486 $343
$461 $359
$453 $367
$365
$455
$457 $348
$300
$355
$447
$400
$466
$500
$345
PRICE PER SQUARE FOOT
$600
$200
$100
$0
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
Discrepancies in previous month statistics between the September 2020 and October 2020 reports are due to the addition of Livingston County, MI, Monroe County, Washtenaw County, MI, and Wayne County, MI.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2020 | September 2020
SINGLE-FAMILY HOMES August
September
August
September
44,305
42,238
Median List Price
$1,600,000 $1,599,999
Total Inventory
Median Sale Price
$1,282,600 $1,275,000
New Listings
13,392
13,343
14,818
14,822
31
32
3,526
3,554
Median SP/LP Ratio
97.79%
97.77%
Total Sold
Total Sales Ratio
33.45%
35.09%
Median Days on Market
$356
$366
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
49
4
New Listings
Total Sold
2
1.64%
Med. Sale Price
Days on Market
Sales Ratio
7,600
$
SINGLE-FAMILY HOMES MARKET SUMMARY | SEPTEMBER 2020 •
Official Market Type: Seller's Market with a 35.09% Sales Ratio.1
•
Homes are selling for an average of 97.77% of list price.
•
The median luxury threshold2 price is $900,000, and the median luxury home sales price is $1,275,000.
•
Markets with the Highest Median Sales Price: Vail ($3,837,500), LA - Beach Cities ($3,575,000), Vancouver ($3,293,500), and Silicon Valley ($3,192,500).
•
Markets with the Highest Sales Ratio: East Bay (126%), Sacramento (120%), Denver (92%) and Colorado Springs (84%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2020 | September 2020
ATTACHED HOMES August
September
Median List Price
$998,000 $1,005,000
Total Inventory
Median Sale Price
$880,000
$880,000
New Listings
Median SP/LP Ratio
98.23%
98.35%
Total Sold
Total Sales Ratio
19.54%
20.65%
Median Days on Market
$461
$443
Median Price per Sq. Ft.
Average Home Size
August
September
19,021
19,539
5,625
5,902
3,717
4,034
29
27
1,974
2,010
Median prices represent properties priced above respective city benchmark prices.
277
317
No Change
New Listings
Total Sold
Med. Sale Price
2
1.11%
Days on Market
Sales Ratio
ATTACHED HOMES MARKET SUMMARY | SEPTEMBER 2020 •
Official Market Type: Seller's Market with a 20.65% Sales Ratio.1
•
Attached homes are selling for an average of 98.35% of list price.
•
The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $880,000.
•
Markets with the Highest Median Sales Price: Vail ($2,822,500), Naples ($2,195,000), San Francisco ($2,150,000), and Greater Boston ($1,888,000).
•
Markets with the Highest Sales Ratio: Douglas County (313%), Greater Victoria (253%), GTA-Durham (222%), and Summit County (175%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,169,000
$1,017,500
611
207
102
51
Balanced
AZ
Paradise Valley
$3,637,500
$2,450,000
162
28
31
80
Balanced
AZ
Phoenix
$800,000
$661,421
457
200
377
40
Seller's
AZ
Scottsdale
$1,995,000
$1,325,000
598
201
198
68
Seller's
AZ
Tucson
$799,000
$649,000
488
136
173
17
Seller's
BC
Greater Victoria
$2,100,000
$1,850,000
205
59
64
32
Seller's
BC
Okanagan Valley
$1,599,950
$1,481,000
466
143
101
59
Seller's
BC
Vancouver
$4,199,000
$3,293,500
955
287
98
21
Buyer's
CA
Central Coast
$3,250,000
$2,495,000
227
61
25
29
Buyer's
CA
East Bay
$2,495,000
$1,927,500
256
144
322
8
Seller's
CA
Lake Tahoe
$2,595,000
$2,260,000
227
92
88
33
Seller's
CA
Los Angeles Beach Cities
$5,250,000
$3,575,000
464
132
109
33
Seller's
CA
Los Angeles City
$4,299,000
$2,900,000
1,074
341
192
22
Balanced
CA
Los Angeles The Valley
$2,282,500
$1,850,000
438
167
257
22
Seller's
CA
Marin County
$3,995,000
$2,950,000
148
38
67
17
Seller's
CA
Napa County
$3,249,000
$2,160,000
150
32
31
75
Balanced
CA
Orange County
$2,795,000
$1,905,000
1,121
354
476
22
Seller's
CA
Palm Springs/Palm Desert
$1,799,500
$1,450,000
366
108
119
41
Seller's
CA
Placer County
$995,000
$975,000
185
87
103
11
Seller's
CA
Sacramento
$825,000
$725,000
464
221
557
8
Seller's
CA
San Diego
$2,591,500
$1,630,000
810
319
502
22
Seller's
CA
San Francisco
$4,442,500
$3,177,500
152
43
44
11
Seller's
CA
San Luis Obispo County
$1,675,000
$1,275,000
155
37
6
0
Buyer's
CA
Santa Barbara
$4,295,000
$3,075,000
235
65
88
39
Seller's
CA
Silicon Valley
$4,224,500
$3,192,500
290
143
202
11
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; SINGLE-FAMILY HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CA
Ventura County
$2,249,000
$1,475,000
255
79
134
43
Seller's
CO
Boulder
$2,100,000
$1,275,000
201
63
77
50
Seller's
CO
Colorado Springs
$850,000
$685,000
243
71
203
17
Seller's
CO
Denver
$1,150,000
$841,000
812
315
743
11
Seller's
CO
Douglas County
$1,420,000
$1,050,000
203
65
95
32
Seller's
CO
Durango
$1,475,000
$1,200,000
89
15
27
134
Seller's
CO
Summit County
$2,062,500
$2,380,000
22
8
13
72
Seller's
CO
Vail
$6,900,000
$3,837,500
75
17
30
73
Seller's
CT
Central Connecticut
$670,000
$590,000
403
116
122
36
Seller's
CT
Coastal Connecticut
$1,895,000
$1,475,000
1,132
324
346
67
Seller's
DC
Washington D.C.
$4,395,000
$2,300,000
59
14
11
18
Balanced
FL
Boca Raton/Delray Beach
$2,495,000
$1,800,000
449
90
71
59
Balanced
FL
Coastal Pinellas Towns
$1,939,450
$1,350,000
60
18
25
24
Seller's
FL
Greater Fort Lauderdale
$1,450,000
$1,025,000
1,134
265
259
47
Seller's
FL
Jacksonville Beaches
$1,490,000
$1,085,000
204
50
60
70
Seller's
FL
Lee County
$1,725,000
$1,275,000
438
77
61
106
Buyer's
FL
Miami
$1,450,000
$948,825
1,129
257
189
94
Balanced
FL
Naples
$2,299,000
$1,790,000
513
115
82
127
Balanced
FL
Orlando
$1,544,500
$1,354,900
428
81
76
97
Balanced
FL
Palm Beach Towns
$3,650,000
$2,450,000
252
45
38
140
Balanced
FL
Sarasota & Beaches
$1,662,000
$2,095,000
178
31
31
38
Balanced
FL
Tampa
$845,000
$685,000
560
175
239
31
Seller's
GA
Atlanta
$1,249,900
$950,000
999
317
293
32
Seller's
HI
Island of Hawaii
$2,800,000
$2,025,000
141
31
28
48
Balanced
HI
Kauai
$2,647,500
$1,710,000
106
22
10
41
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
HI
Maui
$3,495,000
$1,999,999
173
31
15
127
Buyer's
HI
Oahu
$3,200,000
$2,900,000
209
40
27
23
Buyer's
ID
Northern
$997,000
$755,000
244
84
199
63
Seller's
IL
Chicago
$1,298,000
$1,080,000
1,647
602
415
50
Seller's
IL
DuPage County
$1,099,000
$927,500
514
182
126
69
Seller's
IL
Lake County
$1,022,500
$858,750
522
131
102
60
Balanced
IL
Will County
$685,250
$576,823
224
65
98
39
Seller's
IN
Hamilton County
$849,425
$683,250
158
50
104
23
Seller's
MA
Greater Boston
$3,247,500
$2,485,000
174
66
32
31
Balanced
MD
Anne Arundel County
$1,050,000
$947,500
231
65
116
27
Seller's
MD
Montgomery County
$1,897,000
$1,494,000
218
63
112
17
Seller's
MD
Talbot County
$2,467,500
$1,475,000
68
24
28
96
Seller's
MD
Worcester County
$1,237,000
$760,000
46
9
9
16
Balanced
MI
Livingston County
$769,500
$796,950
81
25
26
35
Seller's
MI
Monroe County
$687,450
$552,450
14
3
2
5
Buyer's
MI
Oakland County
$799,000
$620,000
841
307
269
22
Seller's
MI
Washtenaw County
$799,950
$752,000
180
53
40
14
Seller's
MI
Wayne County
$700,000
$625,500
304
89
70
22
Seller's
MO
St. Louis
$721,990
$628,000
183
65
68
39
Seller's
NC
Charlotte
$1,095,000
$820,000
570
149
369
19
Seller's
NC
Raleigh-Durham
$753,071
$645,000
740
188
365
3
Seller's
NJ
Ocean County
$849,900
$810,000
455
179
176
37
Seller's
NV
Las Vegas
$749,900
$650,000
1,544
554
529
24
Seller's
NV
Reno
$1,435,000
$1,260,000
78
26
47
69
Seller's
NY
Brooklyn
$1,649,999
$1,175,000
315
66
7
94
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NY
Nassau County
$1,775,000
$1,575,000
1,021
238
168
69
Balanced
NY
Staten Island
$1,299,000
$941,500
193
45
16
72
Buyer's
NY
Suffolk County
$1,599,000
$1,185,000
1,171
295
242
74
Balanced
ON
GTA - Durham
$1,599,999
$1,300,000
167
122
95
17
Seller's
ON
GTA - York
$2,450,000
$1,830,393
679
398
194
19
Seller's
ON
Oakville
$2,498,900
$2,000,000
352
124
25
14
Buyer's
ON
Toronto
$3,780,000
$3,000,000
438
289
131
12
Seller's
TN
Knox County
$799,900
$674,500
157
41
74
26
Seller's
TN
Nashville
$1,049,500
$915,000
336
107
139
13
Seller's
TX
Austin
$1,249,000
$897,500
492
173
336
13
Seller's
TX
Collin County
$749,995
$670,000
469
149
245
28
Seller's
TX
Dallas
$1,119,500
$887,500
670
209
188
26
Seller's
TX
Fort Worth
$899,000
$773,500
555
144
232
31
Seller's
TX
Houston
$839,900
$742,500
1,882
499
370
30
Balanced
TX
San Antonio
$829,929
$771,000
401
87
102
58
Seller's
TX
The Woodlands & Spring
$939,875
$699,450
314
95
102
26
Seller's
UT
Park City
$4,000,000
$2,585,000
152
39
105
47
Seller's
UT
Salt Lake City
$1,250,000
$937,500
271
89
108
33
Seller's
VA
Arlington & Alexandria
$1,895,000
$1,850,000
87
30
41
23
Seller's
VA
Fairfax County
$1,962,500
$1,510,000
446
145
145
21
Seller's
VA
McLean & Vienna
$2,490,000
$1,750,000
229
82
53
40
Seller's
VA
Richmond
$859,450
$772,500
230
82
84
18
Seller's
WA
Greater Seattle
$2,000,000
$1,650,000
675
279
483
7
Seller's
WA
Seattle
$1,699,500
$1,550,000
329
160
198
7
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$849,450
$827,500
284
101
34
35
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$717,500
$640,000
234
62
64
49
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,880,000
$1,700,000
915
363
103
18
Buyer's
BC
Victoria
$1,119,000
$1,225,000
29
11
5
16
Balanced
CA
Central Coast
$1,029,795
$975,000
80
42
107
9
Seller's
CA
East Bay
$1,434,500
$1,265,000
34
11
29
64
Seller's
CA
Lake Tahoe
$1,710,000
$1,385,000
253
86
87
27
Seller's
CA
Los Angeles Beach Cities
$1,468,800
$1,208,780
579
198
68
28
Buyer's
CA
Los Angeles City
$714,499
$679,500
144
83
132
13
Seller's
CA
Los Angeles The Valley
$1,250,000
$1,460,000
23
12
11
30
Seller's
CA
Marin County
$1,475,000
$1,055,000
17
6
15
32
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,120,932
$950,000
404
164
202
25
Seller's
CA
Palm Springs/Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,174,900
$852,500
515
209
240
19
Seller's
CA
San Francisco
$2,697,500
$2,150,000
236
49
41
32
Balanced
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,725,000
$1,712,500
39
17
16
11
Seller's
CA
Silicon Valley
$1,454,950
$1,414,375
156
77
96
11
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CA
Ventura County
$717,500
$707,450
52
30
36
43
Seller's
CO
Boulder
$878,500
$785,000
86
34
25
62
Seller's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$725,000
$642,000
566
181
257
14
Seller's
CO
Douglas County
$657,538
$565,000
8
4
25
9
Seller's
CO
Durango
$775,000
$701,950
15
1
10
77
Seller's
CO
Summit County
$1,098,750
$969,000
4
2
7
35
Seller's
CO
Vail
$3,495,000
$2,822,500
113
20
24
34
Seller's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$789,500
$620,000
248
70
56
63
Seller's
DC
Washington D.C.
$1,857,500
$1,500,000
252
100
51
21
Balanced
FL
Boca Raton/Delray Beach
$1,100,000
$740,000
440
79
47
99
Buyer's
FL
Coastal Pinellas Towns
$1,099,000
$750,000
107
22
46
35
Seller's
FL
Greater Fort Lauderdale
$869,000
$732,500
1,310
218
62
104
Buyer's
FL
Jacksonville Beaches
$945,000
$1,190,000
21
7
11
37
Seller's
FL
Lee County
$874,500
$731,250
316
72
40
147
Buyer's
FL
Miami
$1,005,000
$1,170,000
2,728
334
76
234
Buyer's
FL
Naples
$2,100,000
$2,195,000
237
41
49
18
Balanced
FL
Orlando
$660,750
$695,000
81
21
3
21
Buyer's
FL
Palm Beach Towns
$1,497,000
$1,425,000
376
83
35
163
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,350,000
307
69
93
132
Seller's
FL
Tampa
$832,000
$618,000
147
39
37
27
Seller's
GA
Atlanta
$665,000
$616,000
661
203
103
29
Balanced
HI
Island of Hawaii
$1,899,500
$1,480,000
82
8
9
50
Buyer's
HI
Kauai
$1,355,000
$925,004
86
11
8
21
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
HI
Maui
$1,728,888
$1,475,000
151
26
9
107
Buyer's
HI
Oahu
$1,349,000
$1,417,500
409
71
30
30
Buyer's
ID
Northern
-
-
-
-
-
-
-
IL
Chicago
$1,099,450
$935,000
1,372
451
115
25
Buyer's
IL
DuPage County
$725,000
$635,000
53
14
13
163
Seller's
IL
Lake County
-
-
-
-
-
-
-
IL
Will County
-
-
-
-
-
-
-
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,299,000
$1,888,000
430
172
52
34
Buyer's
MD
Anne Arundel County
$697,250
$600,500
40
13
22
8
Seller's
MD
Montgomery County
$799,900
$668,000
159
62
79
12
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$749,895
$625,000
56
16
20
37
Seller's
MI
Livingston County
-
-
-
-
-
-
-
MI
Monroe County
-
-
-
-
-
-
-
MI
Oakland County
$799,000
$705,000
68
22
13
21
Balanced
MI
Washtenaw County
$625,000
$616,095
39
12
11
14
Seller's
MI
Wayne County
$646,950
$595,000
78
12
5
23
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$728,330
$615,000
188
36
45
17
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$709,000
$577,500
53
17
10
53
Balanced
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,295,000
$1,090,000
675
158
43
112
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
$1,360,407
$1,199,000
147
29
16
48
Buyer's
-
-
-
-
-
-
-
NY
Nassau County
NY
Staten Island
NY
Suffolk County
$768,250
$610,000
166
51
37
95
Seller's
ON
GTA - Durham
$799,000
$727,000
23
27
51
5
Seller's
ON
GTA - York
$949,900
$880,000
211
258
207
11
Seller's
ON
Oakville
$1,439,000
$1,090,000
60
17
4
19
Buyer's
ON
Toronto
$1,200,000
$1,150,000
901
675
307
9
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$799,900
$652,000
125
49
28
25
Seller's
TX
Austin
$850,000
$663,500
269
65
58
25
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$799,000
$658,000
251
57
34
36
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$808,250
$643,270
400
102
32
62
Buyer's
TX
San Antonio
$715,000
$609,125
44
7
2
27
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,922,500
$1,677,000
110
28
57
49
Seller's
UT
Salt Lake City
$699,500
$550,000
104
35
21
17
Balanced
VA
Arlington & Alexandria
$1,219,450
$999,000
90
37
57
8
Seller's
VA
Fairfax County
$750,000
$660,000
144
70
146
6
Seller's
VA
McLean & Vienna
$1,297,450
$1,151,000
32
6
4
17
Buyer's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,204,975
$1,020,000
330
118
93
13
Seller's
WA
Seattle
$1,427,000
$1,402,610
176
52
25
14
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
H O US TO N TEXAS –October 2020–
HOUSTON
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2020 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $4,000,000+ $3,500,000 - $3,999,999 $3,000,000 - $3,499,999 $2,500,000 - $2,999,999
$2,000,000 - $2,499,999 $1,750,000 - $1,999,999 $1,500,000 - $1,749,999
63
2 23
3
Total Inventory: 1,882
22
0
Total Sales: 370 Balanced Market
45
4 5
78
12
89
13
$1,250,000 - $1,499,999
152
32
$1,000,000 - $1,249,999
149
35
$750,000 - $999,999 $700,000 - $749,999 $650,000 - $699,999
$600,000 - $649,999
382
78
109
17
149
25
151
40
$550,000 - $599,999
232
53
$500,000 - $549,999
1
Total Sales Ratio2: 20%
87
151
51
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$596,000
3
3
92
326
28%
2,500 - 3,499
$743,500
3
4
126
616
20%
3,500 - 4,499
$920,000
4
4
80
433
18%
4,500 - 5,499
$1,120,000
4
5
47
248
19%
5,500 - 6,499
$1,850,000
5
6
15
110
14%
6,500+
$2,290,000
5
7
9
140
6%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
HOUSTON
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$687,500
2,125
$750,000
2,072
263 Sep-19
$715,000
1,912
259
Oct-19
$777,638
1,752
225 Nov-19
$697,500
Dec-19
168 Jan-20
$726,250
2,016
1,805
1,648
332
$730,100
Inventory
214 Feb-20
$735,000
Mar-20
$652,500
235 Apr-20
207
May-20
$752,500
$712,000
$697,500
2,264
2,083
2,068
2,015
322
Solds
2,227
471
352 Jun-20
$742,500
Jul-20
1,882
383
370
Aug-20
Sep-20
MEDIAN DATA INVENTORY August
September
2,227
1,882 VARIANCE: -15 %
SALE PRICE PER SQFT. August
September
264
$
266 VARIANCE: 1 % $
SOLDS August
September
383
370 VARIANCE: -3 %
SALE TO LIST PRICE RATIO August
September
97.48% 97.35% VARIANCE: 0 %
SALES PRICE August
September
753k
$
$
743k VARIANCE: -1 %
DAYS ON MARKET August
September
25
30 VARIANCE: 20 %
HOUSTON MARKET SUMMARY | SEPTEMBER 2020 • The Houston single-family luxury market is a Balanced Market with a 20% Sales Ratio. • Homes sold for a median of 97.35% of list price in September 2020. • The most active price band is $500,000-$549,999, where the sales ratio is 34%. • The median luxury sales price for single-family homes has decreased to $742,500. • The median days on market for September 2020 was 30 days, up from 25 in August 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
HOUSTON
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2020 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $1,400,000+ $1,300,000 - $1,399,999 $1,200,000 - $1,299,999
$950,000 - $999,999 $900,000 - $949,999 $850,000 - $899,999
12
1
16
$600,000 - $649,999 $550,000 - $599,999 $500,000 - $549,999
1
Buyer's Market Total Sales Ratio2: 8%
14
0 12
0
6
0
13
1 10
2
$750,000 - $799,999
$650,000 - $699,999
Total Sales: 32 18
2
$800,000 - $849,999
$700,000 - $749,999
Total Inventory: 400
0
$1,100,000 - $1,199,999
$1,000,000 - $1,099,999
99
4
23
3
15
1
31
2
36
3
46
6
49
7
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$581,900
2
3
6
127
5%
2,500 - 2,999
$673,563
3
4
10
101
10%
3,000 - 3,499
$618,270
3
4
8
82
10%
3,500 - 3,999
$842,000
3
4
4
37
11%
4,000 - 4,499
$1,135,000
4
4
2
23
9%
4,500+
$2,332,500
3
4
2
28
7%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
HOUSTON
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
$732,500 $650,000 $558,450
$540,000
367
196
$617,500
353
$582,450
$668,200 $575,000
Sep-19
28
33
Oct-19
Nov-19
Dec-19
16 Jan-20
$595,000
$643,270
$620,000
400 201
178
157 13
$640,000
356
194 14
$558,250
371
340
324
Solds
22
35
14
16
Feb-20
Mar-20
Apr-20
May-20
191 33
15 Jun-20
Jul-20
19
32
Aug-20
Sep-20
MEDIAN DATA INVENTORY August
September
191
SOLDS August
September
400 VARIANCE: 109 %
32 VARIANCE: 68 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
August
September
219
248 VARIANCE: 13 %
$
$
19
August
SALES PRICE
September
96.15% 97.05% VARIANCE: 1 %
$
August
September
620k
$
643k VARIANCE: 4 %
DAYS ON MARKET August
September
42
62 VARIANCE: 48 %
HOUSTON MARKET SUMMARY | SEPTEMBER 2020 • The Houston attached luxury market is a Buyer's Market with an 8% Sales Ratio. • Homes sold for a median of 97.05% of list price in September 2020. • The most active price band is $800,000-$849,999, where the sales ratio is 20%. • The median luxury sales price for attached homes has increased to $643,270. • The median days on market for September 2020 was 62 days, up from 42 in August 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 409.350.5650.
AMY CHANCE
409.350.5650 | 4amychance@gmail.com
