L U X U RY MARKET REPORT
DURHAM J U LY 2 0 2 0
www.BestInLuxury.ca
CHRIS BUTRYN, BA, LLB Real Estate Sales Representative, REALTOR® Member, Institute for Luxury Home Marketing
905.427.6522
Chris@ChrisButryn.com www.BestInLuxury.ca Welcome to this month’s Luxury Market Report published by the Institute for Luxury Home Marketing. As a member, I am pleased to be able to share with you this edition I have had exclusively prepared for Durham Region! Get the Luxury Market Report for Durham Region sent directly to your inbox monthly. Subscribe at: www.BestinLuxury.ca Are you ready to list your high-end home in Pickering, Ajax, Whitby, Oshawa, Uxbridge, Port Perry, Bowmanville or Newcastle? My powerful Best in Luxury Sales System can help you connect with the right buyers in order to sell optimally, as quickly as possible and with minimal disruption. To learn more, book a no-obligation consultation appointment with me today!
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-10
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 11
13 MONTH MARKET TRENDS
PAGE 12
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 13
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 14-17 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 18-21 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 23
LOCAL LUXURY MARKET REVIEW
PAGE 24-25 SINGLE FAMILY HOMES - Monthly Statistics PAGE 26-27 ATTACHED HOMES - Monthly Statistics PAGE 28
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.
“This is a health crisis, rather than an economic one, which means that luxury real estate professionals must dramatically change their strategy when assisting their clients. The affluent have always chosen their advisors based on their expertise and knowledge, now equally important is their agent’s ability to provide safety and security while matching the speed required for many of these transactions.�
NORTH AMERICAN LUXURY REVIEW How Are Luxury Properties Being Sold During the COVID-19 Pandemic? As we have reported for the last two months, prices for luxury properties have remained stable and, for the most part, inventory continues to be lower than expected at this time of year. In fact, this low inventory pool coupled with pent-up demand is creating a seller’s market in some locations, as well as for specific property types, resulting in multiple offers. “The factors that push affluent buyers to want to move are still there, and in many cases, have only become exacerbated by COVID-19. Luxury clientele, by definition, have more means and flexibility; our agents are reporting that buyer fear of COVID-19 is often smaller than their desire for new homeownership,” stated Keith Robinson, NextHome Chief Strategy Officer. Real estate brokerages throughout North America (and globally) have had to quickly adapt to meet this demand, as J. Lennox Scott, Chairman & CEO of John L. Scott Real Estate, explains, “when first issued, stay-at-home orders looked like they would greatly impede real estate. However, we have been encouraged by watching brokers, buyers, and sellers adapt quickly to a virtual and digital business. Technology has provided useful tools to help the market recover and develop new processes that benefit all parties.” This is a health crisis, rather than an economic one, which means that luxury real estate professionals must dramatically change their strategy when assisting their clients. The affluent have always chosen their advisors based on their expertise and knowledge, now equally important is their agent’s ability to provide safety and security while matching the speed required for many of these transactions.
Jim Walberg, a luxury professional in The Bay Area Team for Compass and also a long-time member of The Institute states, “I believe that it’s critical to adapt, there is no point in thinking about how things were before. If you want to thrive and provide great service, then an agent’s duty is to understand and implement changes in line with our real estate board’s rules and regulations.” However, as the COVID-19 situation has clearly made apparent, the rules in each state are often very different from each other. Even counties and local municipalities within the same state are issuing requirements that are often at odds. “It’s times like these that really underscore the value of working with a luxury real estate professional. Current market conditions are unique, so it’s important we understand all the nuances of these regulations to ensure our clients avoid unnecessary pitfalls,” stated Patrick Ryan, Owner of Genuine Real Estate Corp, Chicago and fellow Institute member. “In California, we have a very detailed 8-page set of compliance rules that we have to follow,” shared Walberg. “From ensuring buyers all wear masks, gloves, and booties to disinfecting every surface once a showing has finished.” Ryan concurred that these steps were also part of his showing routine, while addressing the demand
for turnkey properties in today’s market. “We have created a service called Genuine Detail that removes the hassle of finding individual services; it allows us to not only address all the requirements that need to make a property move-in ready, but includes strict precautions to protect everyone involved in the process”. This may seem arduous to many, but these pandemic regulations have actually created an environment where only those truly looking to sell or buy are currently in the marketplace. “I not only ensure that the homeowner is willing to leave the house – often for the duration of the time the property is for sale – but that buyers are willing to prove they are financially qualified,” explained Walberg, who shared that in many ways, this new norm has actually resulted in a more productive environment. John L. Scott Real Estate has implemented a major shift in their strategy for sellers. “Our agents are employing showing strategies that support social distancing. Instead of our typical Seller Listing Launch program centered around public open houses and early entry for neighbors, we’ve shifted to a Special Kickoff Weekend, with a focus on showcasing the home using technology such as 3D photography and livestreaming, combined with scheduling showings by appointment only to qualified buyers. We also provide wellness questionnaires for our agents to use at check-in,” shared Scott. In many ways, these types of new strategies have been far easier to implement in the luxury market compared to the traditional market. more
The
affluent
familiar
with
are
stricter
protocols and have been using technology for many years to view properties, so generally, they
have
had
to
make
fewer adjustments. NextHome’s Robinson shared that Casan, their new luxury brand, is adding a new focus to their portfolio of services; using advances in technology to life
bring
their
through
a
listings
to
medium
of
interactive storytelling. “Where
we
see
the
future
is in telling the story of the home. Real estate isn’t a stack of numbers and data points for most buyers. It’s a home. We’re hyper-focused on telling the story of the home and then getting that story in front of as many people as possible. An example is a product that we
require for every single Casan listing, a Studeo Storybook,” explained Robinson. “This product brings the home to life with a full sensory experience. There are dynamic visuals with everything from 3D tours, picture carousels, and animations to auditory enhancements, and more. We are moving past pictures and words. We’ve spent more time as a species telling stories around campfires than we have looking at a computer screen. It’s about connecting at a deep emotional level and creating a sense of “home” on the screen. Luxury isn't a word, it’s an experience. We’re committed to helping our agents provide their clients with the best possible experience.” Increasing numbers of luxury real estate professionals are drawing on these abundant digital marketing tools of virtual tours, 3D photography, and livestreaming to reach a greater luxury audience. They are not only encouraged by the engagement of consumer interest but are seeing results with luxury properties going under contract quickly. We asked Scott to share his insights about where the majority of these luxury buyers were coming from, as statistics are showing more localized purchases throughout North America. “Many luxury buyers are purchasing homes near their previous residence, but we have seen an uptick in high net worth individuals looking a bit further out to buy a second home or a new primary home in a community that’s more traditionally a resort area,” clarified Scott. “With many buyers now able to work remotely, areas that may have previously been out of reach are suddenly more appealing, particularly when they come with more privacy and resort-like settings. Now, it’s easy for anyone to “attend” an open house virtually from the comfort of their own home, so they can check out what’s available further afield, although drivability is crucial unless they have a private plane.” Debbie De Grote of Forward Coaching and Consulting and a preferred vendor of The Institute sums up this month’s report. “Now, more than ever, true professionals will shine because sellers and buyers are looking for guidance, whether it’s about safety, new regulations, marketing exposure, technology, privacy, or just having the right professional to guide them through the process. Equally, the affluent recognize that there is an opportunity to net a high sales price in this currently low inventory market or to find that hidden gem that matches their requirements.”
– 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. 80
60
61
60
55
54
50
41 37
40
43
47
41
37
50 44
40
38
53
53
42
39 36
29
35
30
35 32
0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
$476
20
$486
DAYS ON MARKET
69
FEB
MAR
APR
MAY
JUN
SALES PRICE VS. LIST PRICE
$483 $347
$467 $352
$491 $344
$514 $354
$491 $368
$372
$375
$360
$483
$493 $370
$357
$457
$492
$338
$300
$337
$474
$400
$500
$500
$364
PRICE PER SQUARE FOOT
$600
$200
$100
$0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
Discrepancies in previous month statistics between the June 2020 and July 2020 reports are due to the addition of Will County, IL and Salt Lake City, UT.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month May 2020 | June 2020
SINGLE-FAMILY HOMES May
June
May
June
46,102
45,165
Median List Price
$1,599,111 $1,600,000
Total Inventory
Median Sale Price
$1,312,500
$1,312,000
New Listings
13,331
14,138
Median SP/LP Ratio
96.85%
97.01%
Total Sold
6,291
10,365
Total Sales Ratio
13.65%
22.95%
Median Days on Market
36
35
$352
$347
3,552
3,609
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
807
4,074
New Listings
Total Sold
500
$
Med. Sale Price
1
9.30%
Days on Market
Sales Ratio
SINGLE-FAMILY HOMES MARKET SUMMARY | JUNE 2020 •
Official Market Type: Seller's Market with a 22.95% Sales Ratio.1
•
Homes are selling for an average of 97.01% of list price.
•
The median luxury threshold2 price is $940,000, and the median luxury home sales price is $1,312,000.
•
Markets with the Highest Median Sales Price: LA Beach Cities ($4,025,000), Vail ($3,978063), Santa Barbara ($3,665,000), and Vancouver ($3,400,000).
•
Markets with the Highest Sales Ratio: Ada County (83%), Sacramento (71%), Seattle (70%) and East Bay (65%). 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 May 2020 | June 2020
ATTACHED HOMES May
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
June
$1,025,000 $1,050,000
May
June
Total Inventory
17,233
17,902
New Listings
4,446
5,734
1,637
2,583
35
32
2,082
2,068
$937,500
$900,000
97.98%
98.67%
Total Sold
9.50%
14.43%
Median Days on Market
$467
$483
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,288
946
New Listings
Total Sold
Med. Sale Price
Days on Market
37,500
$
3
4.93% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | JUNE 2020 •
Official Market Type: Buyer's Market with a 14.43% Sales Ratio.1
•
Attached homes are selling for an average of 98.67% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $900,000.
•
Markets with the Highest Median Sales Price: Santa Barbara ($2,600,000), Vail ($2,632,000), Island of Hawaii ($2,285,000), and Maui ($2,207,250).
•
Markets with the Highest Sales Ratio: GTA-Durham (104%), Marin County (74%), Fairfax County (51%), and Tampa (48%). 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
$1,100,000
$999,950
705
293
110
33
Balanced
AZ
Paradise Valley
$3,247,500
$2,373,125
194
38
20
113
Buyer's
AZ
Phoenix
$799,900
$630,000
471
151
293
53
Seller's
AZ
Scottsdale
$1,875,000
$1,270,000
642
107
125
94
Balanced
AZ
Tucson
$769,000
$635,000
517
113
143
31
Seller's
BC
Okanagan Valley
$1,595,000
$1,288,000
543
144
36
80
Buyer's
BC
Vancouver
$4,138,000
$3,400,000
897
335
71
12
Buyer's
BC
Victoria
$1,850,000
$1,575,000
414
160
50
38
Buyer's
CA
Central Coast
$2,998,500
$2,387,500
278
69
44
18
Balanced
CA
East Bay
$2,185,000
$1,880,000
363
176
237
12
Seller's
CA
Los Angeles Beach Cities
$4,850,000
$4,025,000
459
146
62
35
Buyer's
CA
Los Angeles City
$4,295,000
$3,184,000
970
298
102
37
Buyer's
CA
Los Angeles The Valley
$2,244,000
$1,740,000
560
216
127
34
Seller's
CA
Marin County
$3,972,500
$3,100,000
154
39
57
28
Seller's
CA
Napa County
$3,350,000
$2,662,500
149
40
18
87
Buyer's
CA
Orange County
$2,598,500
$1,834,125
1,336
368
275
40
Balanced
CA
Palm Springs/Palm Desert
$1,822,500
$1,575,000
362
70
75
58
Balanced
CA
Placer County
$992,500
$885,000
180
51
89
32
Seller's
CA
Sacramento
$799,900
$700,000
581
243
413
13
Seller's
CA
San Diego
$2,182,000
$1,600,000
1,068
376
301
22
Seller's
CA
San Francisco
$3,925,000
$3,385,000
124
33
50
13
Seller's
CA
San Luis Obispo County
$1,500,000
$1,350,000
180
37
33
N/A
Balanced
CA
Santa Barbara
$3,950,000
$3,665,000
252
57
39
77
Balanced
CA
Silicon Valley
$3,798,000
$3,155,000
309
157
157
5
Seller'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
CA
Ventura County
$1,999,000
$1,567,500
303
95
74
78
Seller's
CO
Boulder
$1,950,000
$1,505,500
243
75
46
45
Balanced
CO
Colorado Springs
$750,000
$680,000
387
145
145
18
Seller's
CO
Denver
$1,000,000
$822,650
1,191
450
640
12
Seller's
CO
Douglas County
$1,300,000
$1,109,000
293
74
78
31
Seller's
CO
Durango
$1,420,000
$1,320,000
125
36
7
248
Buyer's
CO
Mountain Communities
$2,050,000
$1,425,000
57
14
5
35
Buyer's
CO
Vail
$4,895,000
$3,978,063
107
32
4
293
Buyer's
CT
Central Connecticut
$649,900
$584,950
452
142
72
40
Balanced
CT
Coastal Connecticut
$1,875,000
$1,518,750
1,357
426
196
84
Buyer's
DC
Washington D.C.
$2,995,450
$2,765,500
62
18
11
7
Balanced
FL
Boca Raton/Delray Beach
$2,395,000
$1,741,250
473
107
50
70
Buyer's
FL
Coastal Pinellas Towns
$1,850,000
$1,500,000
67
14
15
65
Seller's
FL
Greater Fort Lauderdale
$1,337,000
$947,500
1,326
278
156
77
Buyer's
FL
Jacksonville Beaches
$1,289,500
$1,100,000
282
45
62
87
Seller's
FL
Miami
$1,385,000
$875,763
1,229
232
88
157
Buyer's
FL
Naples
$2,279,000
$2,049,000
659
106
85
96
Buyer's
FL
Orlando
$1,600,000
$1,300,000
449
102
45
84
Buyer's
FL
Palm Beach Towns
$3,500,000
$2,295,000
319
63
45
121
Buyer's
FL
Sarasota & Beaches
$1,795,000
$1,815,500
365
63
48
89
Buyer's
FL
Tampa
$800,000
$681,507
680
188
238
49
Seller's
GA
Atlanta
$1,225,000
$962,500
1,181
342
204
29
Balanced
HI
Island of Hawaii
$2,299,500
$1,487,500
144
22
14
77
Buyer's
HI
Kauai
$2,574,000
$1,293,000
94
16
2
53
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
$3,047,000
$1,995,000
180
31
9
233
Buyer's
HI
Oahu
$3,195,000
$2,600,000
239
40
11
62
Buyer's
ID
Ada County
$765,950
$698,950
172
83
142
12
Seller's
ID
Northern Idaho
$898,000
$745,000
368
126
72
83
Balanced
IL
Chicago
$1,279,950
$1,019,500
1,434
562
284
54
Balanced
IL
Will County
$676,500
$550,000
286
99
53
47
Balanced
IN
Hamilton County
$799,900
$701,697
206
72
93
27
Seller's
MA
Greater Boston
$3,099,000
$2,474,500
160
56
26
31
Balanced
MD
Anne Arundel County
$995,000
$890,000
308
104
75
21
Seller's
MD
Montgomery County
$1,850,000
$1,445,000
282
74
75
27
Seller's
MD
Talbot County
$1,985,000
$1,427,500
84
13
14
60
Balanced
MD
Worcester County
$984,500
$675,000
44
13
3
58
Buyer's
MI
Oakland County
$749,900
$625,000
1,079
433
175
25
Balanced
MO
St. Louis
$749,900
$680,000
186
54
71
24
Seller's
NC
Charlotte
$991,100
$825,650
806
215
278
22
Seller's
NC
Raleigh-Durham
$739,900
$655,000
909
201
324
2
Seller's
NJ
Ocean County
$867,900
$845,000
455
117
96
93
Seller's
NV
Las Vegas
$754,990
$615,000
1,567
478
330
32
Seller's
NV
Reno
$1,359,500
$1,125,000
116
27
23
112
Balanced
NY
Brooklyn
$1,549,000
$1,312,000
270
79
11
89
Buyer's
NY
Nassau County
$1,749,000
$1,359,000
981
312
80
89
Buyer's
NY
Staten Island
$1,198,500
$999,000
186
52
11
108
Buyer's
NY
Suffolk County
$1,555,000
$1,082,500
1,315
343
116
122
Buyer's
ON
GTA - Durham
$1,499,900
$1,200,000
235
161
69
14
Seller'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
ON
GTA - York
$2,398,000
$1,855,000
623
360
127
16
Balanced
ON
Oakville
$2,495,000
$2,050,000
265
142
9
11
Buyer's
ON
Toronto
$3,498,000
$3,100,000
429
324
115
11
Seller's
TN
Knox County
$824,900
$636,250
172
55
59
10
Seller's
TN
Nashville
$1,175,000
$965,000
349
129
101
12
Seller's
TX
Austin
$1,199,000
$840,000
677
246
304
14
Seller's
TX
Collin County
$734,988
$672,000
648
192
231
29
Seller's
TX
Dallas
$1,032,000
$894,750
756
232
196
35
Seller's
TX
Fort Worth
$875,000
$755,000
750
219
210
22
Seller's
TX
Houston
$854,990
$697,500
2,083
632
352
31
Balanced
TX
The Woodlands & Spring
$879,000
$667,000
443
148
105
29
Seller's
UT
Park City
$3,500,000
$2,171,125
235
63
24
46
Buyer's
UT
Salt Lake City
$1,200,000
$985,000
235
73
93
46
Seller's
VA
Arlington & Alexandria
$1,874,900
$1,645,500
109
33
16
23
Buyer's
VA
Fairfax County
$1,799,000
$1,417,500
503
142
92
34
Balanced
VA
McLean & Vienna
$2,199,000
$1,595,000
237
72
37
34
Balanced
VA
Richmond
$849,949
$755,000
257
62
67
18
Seller's
WA
Greater Seattle
$1,995,000
$1,600,000
743
342
368
10
Seller's
WA
Seattle
$1,795,000
$1,505,000
230
125
161
8
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
$839,900
$751,000
248
95
18
36
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$745,000
$605,000
247
57
43
72
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,845,000
$1,701,500
823
346
52
9
Buyer's
BC
Victoria
$799,999
$739,000
304
146
33
30
Buyer's
CA
Central Coast
$1,119,000
$950,000
41
11
8
4
Balanced
CA
East Bay
$975,000
$980,000
126
64
43
9
Seller's
CA
Los Angeles Beach Cities
$1,679,000
$1,464,500
266
104
51
38
Balanced
CA
Los Angeles City
$1,499,000
$1,159,500
437
146
28
26
Buyer's
CA
Los Angeles The Valley
$729,450
$700,000
132
63
45
20
Seller's
CA
Marin County
$1,295,000
$1,037,500
19
10
14
30
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,084,000
$955,000
462
152
141
38
Seller's
CA
Palm Springs/Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,125,000
$835,000
608
224
145
29
Seller's
CA
San Francisco
$2,650,000
$2,202,500
163
44
32
22
Balanced
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,699,000
$2,600,000
45
21
4
65
Buyer's
CA
Silicon Valley
$1,449,500
$1,417,500
139
80
56
1
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
$798,500
$748,500
48
20
12
65
Seller's
CO
Boulder
$895,000
$850,000
103
41
9
36
Buyer's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$712,500
$623,505
628
227
236
25
Seller's
CO
Douglas County
$547,000
$604,900
21
4
7
72
Seller's
CO
Durango
$795,000
$710,000
32
9
5
121
Balanced
CO
Mountain Communities
$1,050,000
$860,000
12
3
1
32
Buyer's
CO
Vail
$3,395,000
$2,362,000
89
13
4
32
Buyer's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$799,000
$680,000
244
75
27
97
Buyer's
DC
Washington D.C.
$1,850,000
$1,613,000
213
87
51
7
Seller's
FL
Boca Raton/Delray Beach
$1,075,000
$755,000
421
90
31
58
Buyer's
FL
Coastal Pinellas Towns
$1,199,000
$822,500
132
17
33
80
Seller's
FL
Greater Fort Lauderdale
$878,000
$757,500
1,206
193
44
122
Buyer's
FL
Jacksonville Beaches
$1,019,000
$1,162,500
29
7
9
8
Seller's
FL
Miami
$1,050,000
$931,750
2,751
341
58
184
Buyer's
FL
Naples
$2,099,450
$1,923,500
256
48
24
51
Buyer's
FL
Orlando
$699,000
$589,000
57
15
7
104
Buyer's
FL
Palm Beach Towns
$1,595,000
$1,100,000
386
86
22
121
Buyer's
FL
Sarasota & Beaches
$1,350,000
$1,250,000
233
41
25
129
Buyer's
FL
Tampa
$730,000
$1,392,020
145
63
70
3
Seller's
GA
Atlanta
$675,000
$580,000
633
185
81
34
Buyer's
HI
Island of Hawaii
$1,899,000
$2,285,000
69
7
6
11
Buyer's
HI
Kauai
$1,299,000
$900,000
49
8
1
619
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
$1,799,000
$2,207,250
117
21
8
179
Buyer's
HI
Oahu
$1,299,000
$1,075,000
415
79
21
114
Buyer's
ID
Ada County
-
-
-
-
-
-
-
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,149,900
$920,000
996
354
91
45
Buyer's
IL
Will County
-
-
-
-
-
-
-
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,200,000
$1,825,600
321
127
39
24
Buyer's
MD
Anne Arundel County
$739,500
$550,000
51
17
15
28
Seller's
MD
Montgomery County
$772,495
$635,000
202
75
57
14
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$649,000
$625,000
77
10
25
103
Seller's
MI
Oakland County
$750,000
$660,000
69
30
3
20
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$734,500
$585,715
184
43
27
44
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$715,000
$650,000
83
19
21
44
Seller's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,298,000
$1,141,000
546
141
56
80
Buyer's
NY
Nassau County
$1,450,000
$1,205,000
123
35
12
147
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
NY
Suffolk County
$727,000
$595,000
190
58
14
57
Buyer's
ON
GTA - Durham
$789,950
$725,000
24
22
25
7
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.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES
State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
ON
GTA - York
$850,000
$848,500
347
327
154
10
Seller's
ON
Oakville
$1,623,500
$1,460,000
28
16
1
6
Buyer's
ON
Toronto
$1,288,888
$1,147,000
715
650
251
8
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$949,900
$579,950
93
44
12
17
Buyer's
TX
Austin
$860,000
$727,888
247
73
30
21
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$829,000
$597,450
233
59
14
49
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$649,450
$640,000
178
72
15
48
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,994,475
$1,487,500
125
16
8
140
Buyer's
UT
Salt Lake City
$699,000
$565,000
74
19
11
32
Buyer's
VA
Arlington & Alexandria
$1,199,500
$977,350
98
59
36
6
Seller's
VA
Fairfax County
$752,475
$651,625
168
72
86
5
Seller's
VA
McLean & Vienna
$1,297,000
$1,000,000
30
11
6
8
Balanced
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,195,000
$985,000
237
100
55
11
Seller's
WA
Seattle
$1,427,498
$1,137,500
114
42
14
9
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 is in each detail. Hubert de Givenchy
G TA - D U R HA M ONTARIO –July 2020–
GTA - DURHAM
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | JUNE 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,100,000 $3,200,000+ $2,900,000 - $3,199,999 $2,600,000 - $2,899,999
19
0 10
0
6
0
$2,300,000 - $2,599,999 1
Total Sales Ratio2: 29% 21
3
$1,700,000 - $1,799,999
$1,500,000 - $1,599,999
Seller's Market 10
$1,800,000 - $1,999,999
$1,600,000 - $1,699,999
Total Sales: 69 9
3
$2,000,000 - $2,299,999
Total Inventory: 235
11
2
13
0
16
1
$1,400,000 - $1,499,999
24
4
$1,300,000 - $1,399,999
21
12
$1,250,000 - $1,299,999
20
4
$1,200,000 - $1,249,999
10
6
$1,150,000 - $1,199,999
27
12
18
$1,100,000 - $1,149,999
1
21
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
NA
NA
NA
0
10
0%
2 Bedrooms
$1,280,000
13
3
3
13
23%
3 Bedrooms
$1,147,500
10
3
22
73
30%
4 Bedrooms
$1,202,200
17
4
39
105
37%
5 Bedrooms
$1,720,000
22
5
5
23
22%
6+ Bedrooms
NA
NA
NA
0
11
0%
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.
GTA - DURHAM
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,280,000
$1,266,250
285
281
$1,213,000
$1,225,000
296
279
$1,384,500
277
Inventory
$1,548,000
$1,256,250
$1,250,000
242
30
Jun-19
Jul-19
25
26
Aug-19
Sep-19
26 Oct-19
$1,350,000
$1,235,393
229
186
160 24
Solds
22
16
Nov-19
Dec-19
215
$1,250,000
189
25
6
Feb-20
Mar-20
Apr-20
$1,200,000
235
186
28
23 Jan-20
$1,304,000
69
31
May-20
Jun-20
MEDIAN DATA INVENTORY May
June
186
SOLDS May
SALES PRICE June
235 VARIANCE: 26 %
69 VARIANCE: 123 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
May
June
N/A
N/A VARIANCE: N/A
31
May
June
96.16% 97.02% VARIANCE: 1 %
May
$
1.25m
June
1.20m VARIANCE: -4 % $
DAYS ON MARKET May
June
17
14 VARIANCE: -18 %
GTA - DURHAM MARKET SUMMARY | JUNE 2020 • The GTA - Durham single-family luxury market is a Seller's Market with a 29% Sales Ratio. • Homes sold for a median of 97.02% of list price in June 2020. • The most active price band is $1,100,000-$1,149,999, where the sales ratio is 117%. • The median luxury sales price for single-family homes has decreased to $1,200,000. • The median days on market for June 2020 was 14 days, down from 17 in May 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
GTA - DURHAM
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | JUNE 2020 Inventory
Sales
Luxury Benchmark Price 1: $700,000 $950,000+ $920,000 - $949,999
0 0
$890,000 - $919,999 $870,000 - $889,999
$850,000 - $869,999
0 0
$730,000 - $739,999
Total Sales: 25 Seller's Market
1
Total Sales Ratio2: 104% 2
2
0 1 1
2
0 1
$750,000 - $769,999 $740,000 - $749,999
2
1
1
$790,000 - $809,999
$770,000 - $789,999
Total Inventory: 24 1
$830,000 - $849,999 $810,000 - $829,999
3
2
0
4 2
1 1
$720,000 - $729,999 2 2
$710,000 - $719,999 $700,000 - $709,999
1
5
4
1
7
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
NA
NA
NA
0
0
NA
2 Bedrooms
$740,000
23
2
3
8
38%
3 Bedrooms
$722,500
6
3
16
15
107%
4 Bedrooms
$737,500
10
3
6
1
600%
5 Bedrooms
NA
NA
NA
0
0
NA
6+ Bedrooms
NA
NA
NA
0
0
NA
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.
GTA - DURHAM
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$795,000 $735,000
Inventory
Solds
$790,000 $730,000
$728,500
$730,000
$719,900
$727,500
$760,500
$744,000
$718,250
$725,000
$720,500
36 18
24
21
18
22
19
3
1
2
2
3
5
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
9
3
Dec-19
9
14
4
2
Jan-20
Feb-20
24
19
14
Mar-20
25
15 6
8
Apr-20
May-20
Jun-20
MEDIAN DATA INVENTORY May
June
15
SOLDS May
SALES PRICE June
24 VARIANCE: 60 %
25 VARIANCE: 213 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
May
June
N/A
N/A VARIANCE: N/A
8
May
June
98.76% 100.14% VARIANCE: 1 %
May
$
721k
June
725k VARIANCE: 1 % $
DAYS ON MARKET May
June
13
7 VARIANCE: -46 %
GTA - DURHAM MARKET SUMMARY | JUNE 2020 • The GTA - Durham attached luxury market is a Seller's Market with a 104% Sales Ratio. • Homes sold for a median of 100.14% of list price in June 2020. • The most active price band is $700,000-$709,999, where the sales ratio is 700%. • The median luxury sales price for attached homes has increased to $725,000. • The median days on market for June 2020 was 7 days, down from 13 in May 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
Not intended to solicit anyone already under contract. Information provided herein is believed to be true but not guaranteed. It is limited, and provided for information purposes only, on an â&#x20AC;&#x153;as isâ&#x20AC;? basis and without warranties of any kind, either express or implied, including but not limited to warranties of title or implied warranties of merchantability or fitness for a particular purpose, compatibility, accuracy or non-infringement. It is not, and should not be taken as consulting or other professional advice. You should not rely on, or take or fail to take any action based on this information. You assume full responsibility and risk of loss from your use of any information herein. Never disregard professional advice or delay in seeking it because of something you have read herein. To the fullest extent permitted by law, we make no warranties and shall not be liable for any use of the information under any circumstances, including, but not limited to, for our or our third party providersâ&#x20AC;&#x2122; negligence or errors. Subject to applicable laws, in no event shall we, nor any of our related entities, agents or licensors be responsible or liable for damages of any kind. Source for the statistics and information provided herein: The Institute for Luxury Home Marketing.
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 905.427.6522.
- Chris Butryn
CHRIS BUTRYN
905.427.6522 | Chris@ChrisButryn.com | www.BestInLuxury.ca