CHRIS BUTRYN
LUXURY MARKET REPORT TORONTO | SEPTEMBER 2018
www.LuxuryPropertyinToronto.com
CHRIS BUTRYN, BA, LLB Real Estate Sales Representative, REALTOR® Member, Institute for Luxury Home Marketing
416.284.4751
Chris@ChrisButryn.com www.LuxuryPropertyinToronto.com Welcome to this month’s Luxury Market Report for Toronto published by the Institute for Luxury Home Marketing. As a member I am pleased to have the opportunity to share with you this complimentary copy! When it’s time to sell, let’s leave the sales spin behind. If you are looking for a real conversation about buying and selling a high-end property, I invite you to give me a call. I will guarantee you three things from the start: • Your time will be respected as a precious commodity. • Transparent communications - I’ll give you straightforward answers to your questions, whether they are what you want to hear or not. • I share your belief that dependability is non-negotiable. Sound like an approach you can work with? Let’s talk. • Author of the upcoming book Down to Earth Advice for Upscale Homeowners • Member, Institute for Luxury Home Marketing since 2015 • Master Sales Award winner 2015-2017 • LLB, Queen’s University • BA (Honours), Queen’s University
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 12-13 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 14-15 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 17
LOCAL LUXURY MARKET REVIEW
PAGE 18-19 SINGLE FAMILY HOMES - Monthly Statistics PAGE 20-21 ATTACHED HOMES - Monthly Statistics PAGE 22
THANK YOU TORONTO
SINGLE-FAMILY HOMES
13-MONTH LUXURY MARKET TREND 4 Median Sales Price
$3,120,000
181
82 Apr-17
$3,310,000
106
143
$2,997,500
144
May-17
$3,219,000
54 Jul-17
$3,200,000
Inventory
$3,125,000
$3,175,000
Solds
$3,125,000
347
326
277
199 80
Jun-17
$3,065,000
247
30
59
Aug-17
Sep-17
67
Nov-17
$3,047,500
30 Dec-17
31 Jan-18
$3,112,500
$2,937,500
425
407
362
283
241 63
Oct-17
$3,435,000
44
52
80
Feb-18
Mar-18
Apr-18
MEDIAN DATA INVENTORY March
April
407
425 VARIANCE: 4 %
SALE PRICE PER SQFT. March
N/A
April
N/A VARIANCE: N/A
SOLDS March
SALES PRICE April
52
80 VARIANCE: 54 % SALE TO LIST PRICE RATIO March
April
97.26% 98.48% VARIANCE: 1 %
March
$
2.94m
April
3.11m 6%
$
VARIANCE:
DAYS ON MARKET March
April
10
10 0%
VARIANCE:
TORONTO MARKET SUMMARY | APRIL 2018 • The Toronto single-family luxury market is a Balanced Market with a 19% Sales Ratio. • Homes sold for a median of 98.48% of list price in April 2018. • The most active price band is $8,000,000-$8,999,999, where the sales ratio is 40%. • The median luxury sales price for single-family homes has increased to $3,112,500.
– 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 indepth 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 exceeds 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 © 2018 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 annually. 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 AU G U S T LUXURY REVIEW 2 0 1 8 The Big, the Bold and the Brave is the real title of this month’s review. Perhaps it’s a reflection of a market where overall nothing dramatic is happening in terms of significant sales, price trends or fluctuations. Instead, big changes in property ownership types and locations, bold moves in design, color and textures, and brave decisions are taking a firm hold of the luxury real estate market. In a snapshot of the trend month over month and against the same period last year, the median luxury sales price for single-family homes in North America dropped a mere 0.9% in August, against the previous month. Although, when compared to August 2017, the median luxury single-family home price increased by 0.8%. In the luxury attached home market, sale prices in August increased by 0.5% when compared to the previous month of July; against August 2017 increases showed a 0.6% rise. Overall, the median sold price for luxury properties throughout North America over the last 13 months shows only a 5% difference at any one time, proving that there is only a small but steady ebb and flow to home values in the current market. However, the one price point that is receiving significant notice in terms of popularity is the US$1 Million dollar plus range – property sales continue to flourish not only in North America, but globally. The lack of inventory when combined with the threat of interest rate increases has fueled buyer anxiety, creating price increases and shorter days on market. Luxury home sales in this price point rose dramatically in locations such as Seattle, Denver, Dallas, Greenwich, Austin, Atlanta in the US and Victoria and Montreal in Canada. New York also saw this increased demand for similar type properties, although at the slightly higher price point, of $4-5 million! Coming back to the Big, Bold and Brave, we first noticed a dramatic resurgence of condo
living back in the second half of 2017 – and when it comes to The Big, surely owning a resplendent Penthouse with dramatic views must be the ultimate in luxury? Penthouse sales have continued to break records in terms of price per square foot across the globe, and in recent years we have seen many new developments with multiple floors offering sub-penthouses – the foresight of some developers is uncanny. Last month we reviewed summer homes, but the demand for multiple second and vacation homes across all markets continues to increase too; including Sarasota, Nantucket, Park City, Telluride, Jupiter Island in the US, and Muskoka in Canada. Perhaps this reflects their affordability against a luxury homeowner’s primary residence, but other factors such as a strong economy, stock market highs, and tax implications for the very high-end are also driving forces. Consequently, some markets are actually seeing a drop in sales, but this is merely due to a lack of inventory, look more closely and you will see a rise in the actual sales price. It is anticipated that rising interest rates may well temper these sales, as well as the continued effects of the new tax laws in the US and for Canada, in cities such as Vancouver. Bold is the word that best describes new trends in design, both interior and exterior. Just as the fashion industry is led by its luxury couture designers, so too are home trends. A combination of wealth that allows for the experimental, the artistry of an interior designer, and the desire to own the best or create the unique drives trends that many would be too timid to even contemplate! 2018, according to WGSN Interior Trends, reveals that interior designs are being inspired by nature, unique patterns, the opulence of the dark and bold color palates, and the use of tactile textiles, which is a very obvious and dramatic 180-degree U-turn from the crisp clean white and grey undertones with splashes of vibrant greens and blues. Soft furnishings, personal design statements, use of multiple natural materials and techniques combined with bold glamorous statement pieces are just some of the trends seen in homes across the globe. Daring and challenging to the senses of sight and touch these interior designs are often a riot of color and pattern mixed with the eye of a true aficionado. Not for the faint of heart, but in true luxury style this new trend creates a separation between the wealthy’s ability to ‘have it all’ and ‘do it right’!
Architecturally, themes for contemporary homes are equally bold using the geometric, glass, concrete, indoor-outdoor living, functionality through technology while embracing the ‘green sustainability’. As with the interior, designs are not comprised of a single characteristic, but rather are an expression of creativity and daring contrast. Minimalistic and cutting-edge, these homes are designed to embrace every luxury amenity, from infinity pools to multi-tiered fluid floor plans, as well as showcase their magnificent settings with endless walls of glass and the natural integration of their surroundings. The magic of glass and its use in both contemporary and traditional luxury homes has created chic, lightfilled, panoramic view homes from mountain retreats to desert estates, ocean villas to city penthouses. Designed to maximize its potential, glass can completely transform, creating a gallery of new exposures and unique perspectives. In contrast to new design, the luxury elite are bravely and artfully transforming public buildings full of historic intrigue and unique features into luxurious private residences. Ingenious design decisions have combated problems from architectural challenges to engineering feats of genius, while preserving originality, character and signature features. These unique property conversions cover a wide gambit but include post office houses, fire stations, squash clubs, restaurants and windmills. The ultra-wealthy are often braver in their lifestyle decisions than they seem – hiding in plain sight! Stunning properties that encompass the allure of the new, being ahead of the curve, getting away from it all, being one with the elements – can often be found in some of the most unusual and unexpected locations. Some remain hidden from even the most prying eyes while others create new trends and luxury enclaves. Take West Chelsea, once an industrial area this is now one of Manhattan’s latest chic addresses with luxury lofts and townhomes reflecting its newfound gentrification, whereas, a truly stunning 5-acre private estate lies hidden, unknown in Southern Oregon. It is important to understand these trends and their impacts as they can greatly influence the value of a home, especially the luxury real estate market. While this report seeks to give an overall view of the luxury market it is still important to recognize that individual markets must be viewed separately – certainly one of the most significant observations is that there are many markets in the ‘change’ process and the trends described above are causing a variety of influences that are often in contradiction to current expectations.
– 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
56
52
55
64
62
58 52
47
43 40
42
40
42
40
39
42
32
41
29
38
40 33
41
32
32
32
32
APR
MAY
JUN
JUL
20
0 AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
AUG
$501 $349
$508 $367
$562 $369
$551 $368
$540 $372
$504 $353
$366
$339
$322
$458
$507
$525
$517 $365
$508 $377
$300
$360
$468
$400
$510
$500
$338
PRICE PER SQUARE FOOT
$600
$200
$100
$0
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SALES PRICE VS. LIST PRICE
$2,000,000 $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 between statistics published between the August 2018 and August 2018 Luxury Market Reports are due to the addition of Douglas County, CO and Kauai, HI.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month July 2018 | August 2018
SINGLE-FAMILY HOMES July
August
July
August
40,216
39,526
Median List Price
$1,685,000 $1,685,000
Total Inventory
Median Sale Price
$1,395,000 $1,382,000
New Listings
9,583
9,424
6,470
6,476
40
47
3,660
3,718
Median SP/LP Ratio
96.98%
96.97%
Total Sold
Total Sales Ratio
16.09%
16.38%
Median Days on Market
$367
$349
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
159 New Listings
6
Total Sold
8
0.29%
Med. Sale Price
Days on Market
Sales Ratio
12,500
$
SINGLE-FAMILY HOMES MARKET SUMMARY | AUGUST 2018 •
Official Market Type: Balanced Market with a 16.38% Sales Ratio.1
•
Homes are selling for an average of 96.97% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,382,000.
•
Markets with the Highest Median Sales Price: LA-Beach Cities ($3,735,000), Vancouver ($3,649,000), Vail ($3,600,000), and Santa Barbara ($3,239,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (66%), San Francisco (54%), Seattle (42%), and Denver (38%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month July 2018 | August 2018
ATTACHED HOMES July
August
Median List Price
$1,014,000
$998,500
Median Sale Price
$899,500
$903,951
Median SP/LP Ratio
98.47%
Total Sales Ratio Median Price per Sq. Ft.
July
August
Total Inventory
13,211
13,314
New Listings
3,206
3,308
98.05%
Total Sold
2,095
2,071
15.86%
15.56%
Median Days on Market
32
41
$508
$501
1,992
2,122
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
New Listings
Total Sold
102
24
9
0.3%
Med. Sale Price
Days on Market
Sales Ratio
4,451
$
ATTACHED HOMES MARKET SUMMARY | AUGUST 2018 •
Official Market Type: Balanced Market with an 15.56% Sales Ratio.1
•
Attached homes are selling for an average of 98.05% of list price.
•
The median luxury threshold2 price is $711,225, and the median attached luxury sale price is $903,951.
•
Markets with the Highest Median Sales Price: San Francisco ($2,414,188), Vail ($2,400,000), Greater Boston ($2,137,500), and Naples ($1,875,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (195%), Marin County (60%), LA-The Valley (59%), and San Francisco (42%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year 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
$1,110,444
$930,000
710
249
120
43
Balanced
AZ
Paradise Valley
$3,000,000
$1,947,500
179
25
20
147
Buyer's
AZ
Phoenix
$719,900
$650,000
817
233
187
59
Seller's
AZ
Scottsdale
$1,649,000
$1,252,500
686
96
82
146
Buyer's
AZ
Tucson
$750,000
$665,000
681
130
82
50
Buyer's
BC
Okanagan Valley
$1,599,000
$1,430,000
670
118
23
93
Buyer's
BC
Vancouver
$3,988,800
$3,649,000
1,395
266
50
78
Buyer's
BC
Victoria
$1,797,000
$1,645,000
408
94
65
34
Balanced
CA
Los Angeles Beach Cities
$4,995,000
$3,735,000
391
106
69
33
Balanced
CA
Los Angeles City
$4,125,000
$3,100,000
793
233
157
32
Balanced
CA
Los Angeles The Valley
$2,175,000
$1,755,000
696
236
177
31
Seller's
CA
Marin County
$3,900,000
$2,800,000
124
22
31
52
Seller's
CA
Napa County
$2,795,000
$2,125,000
138
21
15
52
Buyer's
CA
Orange County
$2,295,000
$1,851,500
1,699
410
290
45
Balanced
CA
Palm Springs & Palm Desert
$1,797,000
$1,365,000
367
51
24
136
Buyer's
CA
Sacramento
$779,000
$717,000
907
343
295
20
Seller's
CA
San Diego
$2,200,000
$1,600,000
1,414
426
271
35
Balanced
CA
San Francisco
$3,900,000
$3,200,000
61
15
33
13
Seller's
CA
Santa Barbara
$3,750,000
$3,239,000
259
45
24
50
Buyer's
CA
Silicon Valley
$4,380,000
$3,200,000
183
99
120
11
Seller's
CO
Boulder
$1,749,000
$1,300,000
214
52
59
62
Seller's
CO
Denver
$940,000
$840,000
1,211
382
460
17
Seller's
CO
Douglas County
$1,275,000
$1,025,000
335
70
76
36
Seller's
CO
Vail
$4,495,000
$3,600,000
135
14
5
96
Buyer's
DC
Washington D.C.
$3,850,000
$2,800,000
50
5
17
88
Seller's
FL
Boca Raton & Delray Beach
$2,099,500
$1,400,000
568
72
32
122
Buyer's
FL
Greater Fort Lauderdale
$1,299,000
$890,000
1,558
258
161
54
Buyer's
FL
Jacksonville Beaches
$1,199,000
$1,050,000
306
40
33
115
Buyer's
FL
Miami
$1,349,000
$975,000
1,353
240
97
108
Buyer's
Median prices represent properties priced above respective city benchmark prices.
– 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
FL
Naples
$1,849,000
$1,414,000
1,061
127
64
77
Buyer's
FL
Orlando
$1,619,900
$1,499,900
569
83
53
82
Buyer's
FL
Palm Beach Towns
$1,850,000
$1,265,000
471
60
39
83
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,450,000
481
45
46
101
Buyer's
GA
Atlanta
$1,150,000
$965,900
1,373
361
181
43
Buyer's
HI
Kauai
$2,997,000
$1,900,000
208
18
9
205
Buyer's
HI
Maui
$2,972,500
$1,775,000
196
19
11
249
Buyer's
IL
Chicago
$1,249,000
$1,050,000
2,095
471
354
65
Balanced
MA
Greater Boston
$2,999,700
$2,477,500
108
10
38
14
Seller's
MD
Montgomery County
$1,775,000
$1,480,000
385
80
85
20
Seller's
MI
Oakland County
$739,000
$600,200
1,322
383
199
28
Balanced
MO
St. Louis
$771,950
$686,500
242
64
46
20
Balanced
NC
Charlotte
$888,609
$796,500
1,088
223
232
43
Seller's
NC
Raleigh-Durham
$725,000
$650,750
1,045
221
234
4
Seller's
NV
Las Vegas
$728,000
$650,000
1,464
484
296
36
Balanced
NY
Brooklyn
$1,450,000
$1,300,000
169
32
14
87
Buyer's
NY
Staten Island
$1,199,000
$970,000
204
36
15
62
Buyer's
ON
GTA - York
$2,280,000
$1,925,000
752
289
67
29
Buyer's
ON
Toronto
$3,498,000
$3,135,000
403
171
42
37
Buyer's
TN
Nashville
$997,000
$850,000
386
137
83
16
Seller's
TX
Austin
$981,268
$835,950
818
228
220
31
Seller's
TX
Collin County
$699,500
$635,000
1,061
223
154
48
Buyer's
TX
Dallas
$999,900
$956,250
827
221
162
37
Balanced
TX
Fort Worth
$850,000
$745,500
870
195
182
39
Balanced
TX
Houston
$829,950
$730,000
2,012
535
315
46
Balanced
TX
The Woodlands & Spring
$773,290
$695,000
548
140
65
43
Buyer's
UT
Park City
$2,800,000
$3,000,000
281
51
27
134
Buyer's
VA
Fairfax County
$1,675,000
$1,411,500
545
91
70
53
Buyer's
WA
Seattle
$1,822,500
$1,445,000
234
75
98
13
Seller's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
$825,000
$777,500
354
103
32
35
Buyer's
AB
Calgary
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$691,500
$712,500
115
19
24
84
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,989,000
$1,765,000
682
191
52
42
Buyer's
BC
Victoria
$799,900
$741,750
221
76
66
25
Seller's
CA
Los Angeles Beach Cities
$1,665,000
$1,400,000
183
70
69
21
Seller's
CA
Los Angeles City
$1,695,000
$1,227,000
326
115
84
13
Seller's
CA
Los Angeles The Valley
$688,000
$659,500
129
75
76
23
Seller's
CA
Marin County
$1,140,000
$1,200,000
15
4
9
66
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$998,000
$907,902
527
193
169
28
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,017,500
$875,000
562
214
136
20
Seller's
CA
San Francisco
$2,995,000
$2,414,188
77
21
32
23
Seller's
CA
Santa Barbara
$2,112,500
$1,387,500
40
11
4
110
Buyer's
CA
Silicon Valley
$1,499,000
$1,414,180
57
44
111
12
Seller's
CO
Boulder
$923,000
$775,000
74
18
17
57
Seller's
CO
Denver
$722,500
$630,000
490
208
176
12
Seller's
CO
Douglas County
$650,000
$574,000
23
11
6
7
Seller's
CO
Vail
$3,447,500
$2,400,000
94
13
5
142
Buyer's
DC
Washington D.C.
$1,850,000
$1,515,000
123
30
39
30
Seller's
FL
Boca Raton & Delray Beach
$827,500
$609,000
328
49
36
55
Buyer's
FL
Greater Fort Lauderdale
$859,000
$900,000
1,147
155
61
119
Buyer's
FL
Jacksonville Beaches
$1,197,450
$1,150,000
46
9
5
67
Buyer's
FL
Miami
$995,000
$1,050,000
2,794
346
70
164
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.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,997,000
$1,875,000
260
37
15
138
Buyer's
FL
Orlando
$749,250
$822,500
72
8
8
34
Buyer's
FL
Palm Beach Towns
$1,275,000
$1,044,130
277
33
23
71
Buyer's
FL
Sarasota & Beaches
$1,349,000
$1,173,125
193
21
18
80
Buyer's
GA
Atlanta
$674,900
$595,000
563
164
79
40
Buyer's
HI
Kauai
$1,500,000
$1,312,500
153
20
10
166
Buyer's
HI
Maui
$1,695,000
$1,650,000
126
12
21
104
Balanced
IL
Chicago
$1,199,694
$1,025,000
906
246
144
34
Balanced
MA
Greater Boston
$2,334,000
$2,137,500
216
40
63
30
Seller's
MD
Montgomery County
$795,000
$675,000
171
48
55
27
Seller's
MI
Oakland County
$747,500
$547,341
70
18
3
79
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$738,148
$569,950
138
31
20
55
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$999,000
$824,000
41
10
3
281
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - York
$769,000
$710,000
148
76
13
34
Buyer's
ON
Toronto
$1,288,000
$1,195,000
359
216
114
20
Seller's
TN
Nashville
$699,900
$685,000
113
48
18
10
Balanced
TX
Austin
$740,000
$657,000
199
53
34
49
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$689,000
$712,500
193
44
20
77
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$645,000
$595,000
253
77
17
62
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,997,000
$1,362,500
157
14
10
65
Buyer's
VA
Fairfax County
$699,900
$680,000
191
71
71
16
Seller's
WA
Seattle
$1,249,500
$1,070,000
108
46
33
23
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.
Luxury is in each detail. Hubert de Givenchy
TORONTO
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | AUGUST 2018 Inventory
Sales
Luxury Benchmark Price 1: $2,500,000 $9,000,000+ $8,000,000 - $8,999,999
9
0
$7,000,000 - $7,999,999 $6,000,000 - $6,999,999
25
1
11
1
50
9
39
2
$3,500,000 - $3,749,999
23
3
44
1
$3,000,000 - $3,249,999
30
6
$2,900,000 - $2,999,999
28
3 20
2
$2,700,000 - $2,799,999
$2,500,000 - $2,599,999
Total Sales Ratio2: 10%
25
2
$3,750,000 - $3,999,999
$2,600,000 - $2,699,999
Buyer's Market
17
$4,000,000 - $4,999,999
$2,800,000 - $2,899,999
Total Sales: 42
0
$5,000,000 - $5,999,999
$3,250,000 - $3,499,999
Total Inventory: 403
29
5 25
3
28
4
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
2
0%
2 Bedrooms
$2,922,500
18
3
2
8
25%
3 Bedrooms
$3,250,000
24
4
4
36
11%
4 Bedrooms
$2,700,000
38
5
19
205
9%
5 Bedrooms
$3,865,000
22
6
12
103
12%
6+ Bedrooms
$4,050,000
39
7
5
42
12%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
TORONTO
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$3,065,000
$3,200,000
326
277
$3,125,000
59
Aug-17
Sep-17
$3,125,000
347
247
30
$3,175,000
63 Oct-17
67
Nov-17
$3,435,000 $3,047,500
30
Dec-17
31 Jan-18
$2,937,500
Solds
$3,112,500
$3,108,000
$3,100,000
528
511
425
407
362
283
241
Inventory
44
52
80
81
Feb-18
Mar-18
Apr-18
May-18
$3,177,298
494
81
Jun-18
$3,135,000
403
58 Jul-18
42 Aug-18
MEDIAN DATA INVENTORY July
SOLDS
SALES PRICE
August
July
403 VARIANCE: -18 %
58
42 VARIANCE: -28 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
494
July
August
N/A
N/A VARIANCE: N/A
July
August
August
96.01% 95.29% VARIANCE: -1 %
July
3.18m
$
August
3.14m VARIANCE: -1 % $
DAYS ON MARKET July
27
37 VARIANCE: 37 %
TORONTO MARKET SUMMARY | AUGUST 2018 • The Toronto single-family luxury market is a Buyer's Market with a 10% Sales Ratio. • Homes sold for a median of 95.29% of list price in August 2018. • The most active price band is $3,000,000-$3,249,999, where the sales ratio is 20%. • The median luxury sales price for single-family homes has decreased to $3,135,000. • The median days on market for August 2018 was 37 days, up from 27 in July 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
August
TORONTO
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | AUGUST 2018 Inventory
Sales
Luxury Benchmark Price 1: $915,000 $6,000,000+ $5,000,000 - $5,999,999
2
0
$4,000,000 - $4,999,999 $3,000,000 - $3,999,999
5
1
Total Inventory: 359 7
2
Total Sales: 114 Seller's Market
13
1
$2,000,000 - $2,999,999
4
$1,750,000 - $1,999,999
21
5
$1,500,000 - $1,749,999
36
10
$1,250,000 - $1,499,999
$1,200,000 - $1,249,999
$1,050,000 - $1,099,999
68
32 13
2
$1,150,000 - $1,199,999 $1,100,000 - $1,149,999
Total Sales Ratio2: 32%
35
24
5
12
3
31
6 9
$1,000,000 - $1,049,999
10
$950,000 - $999,999
42
21
$915,000 - $949,999
41
12
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 Bedrooms
NA
NA
NA
0
0
NA
1 Bedrooms
$1,116,000
12
2
4
31
13%
2 Bedrooms
$1,149,950
20
2
82
244
34%
3 Bedrooms
$1,300,000
21
3
27
75
36%
4 Bedrooms
$3,075,000
38
4
1
8
13%
5+ Bedrooms
NA
NA
NA
0
1
0%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
TORONTO
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$1,150,444
$1,189,000
248
235 82 Aug-17
$1,255,000
289
213 121
117
Sep-17
$1,261,250
Oct-17
$1,187,500
$1,215,000
128 46 Dec-17
$1,171,950
291
253
239
Nov-17
Inventory
55 Jan-18
$1,128,440
Solds
$1,159,000
100
Feb-18
151
138
Mar-18
414
377
318
279
$1,172,500
$1,125,000
Apr-18
173
$1,194,500
359 162
May-18
Jun-18
$1,195,000
359
114
102
Jul-18
Aug-18
MEDIAN DATA INVENTORY July
August
359
359 VARIANCE: 0 %
SALE PRICE PER SQFT. July
August
N/A
N/A VARIANCE: N/A
SOLDS July
SALES PRICE August
102
114 VARIANCE: 12 %
SALE TO LIST PRICE RATIO July
August
98.65% 97.86% VARIANCE: -1 %
July
1.19m
$
August
1.20m VARIANCE: 0 % $
DAYS ON MARKET July
14
20 VARIANCE: 43 %
TORONTO MARKET SUMMARY | AUGUST 2018 • The Toronto attached luxury market is a Seller's Market with a 32% Sales Ratio. • Homes sold for a median of 97.86% of list price in August 2018. • The most active price band is $1,000,000-$1,049,999, where the sales ratio is 111%. • The median luxury sales price for attached homes has increased to $1,195,000. • The median days on market for August 2018 was 20 days, up from 14 in July 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
August
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 “as is� 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 providers’ 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 416.284.4751.
- Chris Butryn
CHRIS BUTRYN
416.284.4751 | Chris@ChrisButryn.com | www.LuxuryPropertyinToronto.com