DAVID WALLACE
LUXURY MARKET REPORT
GREATER SEATTLE | FEBRUARY 2020
DAVID WALLACE REALTOR®, CLHMS
Century 21 Fine Homes & Estates, North Homes Realty
425-829-9565 ac7cg.dave@gmail.com As a luxury home specialist with over 30 years’ experience in marketing, negotiations, and contract management, David Wallace produces the results his clients need while providing the experience they expect. A Certified Luxury Home Marketing Specialist TM, he has the tools to stay abreast of the changes in the luxury market space and the expertise to translate those market changes into leverage for clients. Being designated as a Fine Homes and Estates broker within the CENTURY 21 brand means further leverage for David’s clients from the power of the most recognized and highly awarded brand in residential real estate. The Fine Homes and Estates brand brings with it unique extended resources for locating the perfect property to buy and for effectively marketing a property specifically to affluent buyers. • Client performance rating, 100%, satisfaction rating 98%, would recommend rating 100% • QUALITY SERVICE AWARD, 2018 • QUALITY SERVICE AWARD, 2019 • CENTURION AWARD for Productivity, 2017 • CENTURION AWARD for Productivity, 2018 • CENTURION AWARD for Productivity, 2019 • CLHMS TM • CENTURY 21 Fine Homes and Estates Broker
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 12-14 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19
LOCAL LUXURY MARKET REVIEW
PAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22-23 ATTACHED HOMES - Monthly Statistics PAGE 24
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 A Look at Wealth for 2020 “How Will the Wealthy Fare in 2020?” is an exclusive report recently published by Wealth-X1, a world leader in wealth information and insights. Understanding the impacts that affect the wealthy is obviously critical to luxury real estate as they shape the spending power and ultimately the decisions of the affluent. The report may be surprising because, despite geopolitical uncertainty and inflamed economic growth, they predict that 2020 will be “a year of solid expansion for the world’s wealthiest individuals.”
GLOBAL OUTLOOK FOR 2020 HOW WILL THE WEALTHY FARE?
Wealth-X forecast that the global wealthy population will continue to grow with the Very-High Net Worth (VHNW), whose net worth is valued between $5-$30 million rising quickly, but even more sharply among the Ultra-High Net Worth (UHNW) with wealth over $30 million.
OPULATION WILL OW AT A MODEST
LAR PERFORMANCE IN 2019
ar of solid expansion in the global eir respective wealth. This follows hat unanticipated performance in of substantial gains in the equities the wealthy improved over the yet worries remain over febrile including ongoing trade tensions, d unpredictable policymaking.
NUMBER OF WEALTHY INDIVIDUALS BY WEALTH TIER (GLOBAL) $1m-$5m in net worth
VERY HIGH NET WORTH (VHNW) $5m-$30m in net worth
2018
2019
high net worth individuals to grow on in 2020, with such individuals wealth of over $110trn. Like the h is distributed unevenly among ity rising quickly above the $5m so among those with over $30m+ ing, growth in the number of such ected to be around 5-6% across all
2020F 306,990
265,490 2,420,740
291,470
2,815,210
2,668,240
22,242,000 1
ULTRA HIGH NET WORTH (UHNW) $30m+ in net worth
23,504,710
20,066,480
Note: F stands for forecast. Source: Wealth-X Wealth and Investable Assets Model January 2020
1
Wealth-X is a preferred partner of The Institute for Luxury Home Marketing.
S AND KEY EVENTS IN 2020
WHAT DRIVES WEALTH GROWTH?
TOP 10 VHNW COUNTRIES
The number of VHNW individuals rose over 10% in 2019 as compared to only 1% in 2018 and reflects a strong bounce back in asset wealth, partially due to the stock market performances and despite a slowing global economy. This growth was not evenly distributed throughout the world though, with North America seeing the biggest increases in both numbers and collective net worth by around 15% - equivalent to a 40% global share. Asia and Africa also hit double digits, but the rest of the world saw moderate to stagnate results.
Population
Wealth
Rank
Country
2019 population
Year-on-year 2019 Year-on-year change (%) wealth ($bn) change (%)
1
United States
969,075
15.9
9,497
15.8
2
China
259,830
11.8
2,588
11.8
3
Japan
186,250
11.4
1,849
11.3
4
Germany
129,875
2.8
1,319
2.8
5
France
103,380
10.2
1,032
10.2
6
United Kingdom
97,010
2.8
959
2.8
7
Canada
76,510
9.4
795
9.4
8
Hong Kong*
63,530
10.5
663
10.5
9
South Korea
51,980
4.6
516
4.6
10
Italy
51,295
1.1
520
1.1
Note: Population numbers are rounded to the nearest 5. Annual changes are measured based on model inputs updated retrospectively and not on previously published figures. For further information about our Wealth and Investable Assets Model, please see the Methodology section. *Hong Kong is a semi-autonomous, special administrative region of China. Source: Wealth-X
Top 10 VHNW by density Both the US and Canada’s wealth countries creation were supported by stable economic conditions, good consumer (Number of VHNW individuals per million adults) spending and declining unemployment. However, as Wealth-X explains, the major increase in wealth portfolio truly came from booming equities, supported by a shift in the US Federal Reserve’s policy, which resulted in HongThis Kong* three interest-rate cuts. influx of liquidity propelled North American stock markets to9,679 record highs with the S&P 500 closing the year up by 29%; the tech-heavy NASDAQ Composite Index up by 36%; and Canada’s 6,912 Switzerland TSX Composite Index 19% higher (in local-currency terms). 5,831
Luxembourg
As we look ahead into 2020, Wealth-X predicts that the number of high net worth individuals (those with $1 4,157 Singapore million+ in net worth) by 5.7% to a total of 26.6 million, accounting for a combined wealth of over $110 trillion. United States
3,649
While the $1-5 million cohorts are still the largest group, Wealth-X expects that the significance of a 10% 3,229 look as they now command over 25% of all Sweden growth in population in the VHNW category bears a closer millionaires’ wealth. Denmark 3,178 They have their own distinctive traits, origins of wealth, and how they allocate their assets and wealth. In Ireland 3,155 particular, this group was able to the leverage the stabilization of the monetary, industrial, and economic Qatar 3,000 markets during 2019 and now have a combined wealth of $26.6 trillion. In North America, this resulted in a Norway 2,996 in net worth to a combined amount of $10.3 trillion. 15.3% growth in the number of individuals and 15.2% While VHNW individuals have common character traits region across all wealth tiers, the biggest defining difference *Hong Kong is a semi-autonomous, special administrative of China. Sources: Wealth-X 2020; World Bank is the dominance of self-created wealth, with eight in every ten being self-made.
11
WEALTH-X VERY HIGH NET WORTH HANDBOOK 2020
s term
As we have previously reported, changing working practices, especially in North America, have led to the rise in opportunity for entrepreneurship. This is especially true for those who are able to leverage technology, both to enhance their product offering, but also to reach a larger target audience. Looking forward to the rest of 2020 and beyond, Wealth-X assessed the uncertainty in the US — with global geopolitical and trade tensions, inflationary pressures and looming election, their prediction model shows What we found to constrain wealth growth in the longer term.” “that even a recession is unlikely
The good news is that even with a recession, our model predicts the total The model below predicts there is recession (similar to dot-com in the early 2000s), wealth and that the if number ofa wealthy individuals to the grow over abubble five-year 4 be impacted negatively during the recession and the following year. Thereafter, once only tinued ifthat wealth would period . In the recessionary scenario, wealth would be impacted negatively s largesteconomic recovery starts assets,and business and theyear. stockBut market push wealth and the number of during the that recession the following once will economic recovery gets underway, the stock marketgrowth and other asset prices recover, wealthy up again. If there isn’t abusinesses, recession, then a continual in the total wealth and number of wealthy both wealth and the number of wealthy individuals up. is predicted overpushing the next 5 years. y to the remain, POPULATION OF US INDIVIDUALS WITH $5M+ IN NET WORTH market ($ REFERS TO TOTAL WEALTH) perform 1,600,000
on, or on pected?
ealth of eoretical ization’s d should
ms ide
r in 0s, ose ate
CS
1,535,190 $30.0trn 1,412,960 $27.6trn
1,400,000
1,000,000 800,000
1,220,920 $23.7trn
1,062,820
1,200,000 917,830
$20.9trn $18.0trn
600,000 Wealth-X Central forecast
400,000
Optimistic scenario
Pessimistic scenario
200,000 2018
2019
2020F
2021F
2022F
2023F
2024F
Note: F stands for forecast. Source: Wealth-X Wealth and Investable Assets Model January 2020
The art of selling and buying in this market needs a critical and analytical approach. Understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to sell their luxury home in today’s market, we recommend working with a Realtor who can capitalize on the preferences of current investors.
ents with both a top-down and on-the-ground understanding of the wealthy.
s combined wealth, Wealth-X Analytics leverages our Wealth and Investable Assets Model. This model al private wealth and estimates the size of the population by level of wealth and investable assets for or over 100 of the world’s major cities.
e our unique and proprietary Wealth-X Database, the world’s largest collection of records on wealthy Dossier provides insights into an individual’s financial profile, career history, known associates, hropic endeavors, passions, hobbies, interests and much more.
e financial services, luxury, not-for-profit, and higher-education sectors to fuel strategic decision-
s our full suite of data-driven prospecting solutions, visit wealthx.com/solutions/ at wealthx.com or
– 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
DAYS ON MARKET
71 64
58
60
60 53
48
55 45
40
38
43
35 35
37 37
MAY
JUN
31
39 44
47
52
50 53
48 40
44
40
38
20
0
JAN
FEB
MAR
APR
JUL
AUG
SEP
OCT
NOV
DEC
JAN
$449 $363
$436 $369
$480 $346
$486 $358
$348
$330
$452
$492
$499 $313
$357
$348
$365
$456
$473
$519
$461
$345
$300
$354
$472
$400
$477
$500
$354
PRICE PER SQUARE FOOT
$600
$200
$100
$0
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
DEC
JAN
SALES PRICE VS. LIST PRICE
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
Discrepancies between statistics published between the December 2019 and January 2020 Luxury Market Reports are due to the addition of Durango, CO and Anne Arundel County, MD.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month December 2019 | January 2020
SINGLE-FAMILY HOMES December
January
December
January
35,379
36,427
Median List Price
$1,624,925 $1,597,450
Total Inventory
Median Sale Price
$1,275,000
$1,310,000
New Listings
4,924
10,738
Median SP/LP Ratio
96.87%
96.60%
Total Sold
6,864
5,086
Total Sales Ratio
19.40%
13.96%
60
71
$369
$363
3,741
3,685
Median Price per Sq. Ft.
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
5,814
1,778
New Listings
Total Sold
11
5.44%
Med. Sale Price
Days on Market
Sales Ratio
35,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | JANUARY 2020 •
Official Market Type: Buyer’s Market with a 13.96% Sales Ratio.1
•
Homes are selling for an average of 96.60% of list price.
•
The median luxury threshold2 price is $920,000, and the median luxury home sales price is $1,310,000.
•
Markets with the Highest Median Sales Price: LA Beach Cities ($4,500,000), San Francisco ($4,127,500), Vail ($3,637,500), and Sillicon Valley ($3,480,000).
•
Markets with the Highest Sales Ratio: Seattle (52%), Sacramento (35%), Greater Seattle (31%), and Colorado Springs (30%). 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 December 2019 | January 2020
ATTACHED HOMES December
January
Median List Price
$1,049,900
$999,900
Total Inventory
Median Sale Price
$877,000
$870,000
98.08%
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
December
January
14,986
15,159
New Listings
2,540
4,463
97.81%
Total Sold
2,505
1,992
16.72%
13.14%
Median Days on Market
44
53
$436
$449
1,999
2,055
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,923
513
New Listings
Total Sold
Med. Sale Price
Days on Market
7,000
$
9
3.58% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | JANUARY 2020 •
Official Market Type: Buyer’s Market with a 13.14% Sales Ratio.1
•
Attached homes are selling for an average of 97.81% of list price.
•
The median luxury threshold2 price is $650,000, and the median attached luxury sale price is $870.000.
•
Markets with the Highest Median Sales Price: Vail ($4,250,000), San Francisco ($2,265,000), Greater Boston ($2,150,000), and Naples ($1,975,000).
•
Markets with the Highest Sales Ratio: GTA-Durham (94%), LA - The Valley (79%), Silicon Valley (73%), and GTA-York (56%). 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.
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
AB
Calgary
$1,162,450
$1,000,000
538
221
50
52
Buyer's
AZ
Paradise Valley
$2,999,990
$2,430,000
235
48
30
106
Buyer's
AZ
Phoenix
$769,000
$632,000
610
207
152
66
Seller's
AZ
Scottsdale
$1,695,000
$1,310,000
844
183
86
94
Buyer's
AZ
Tucson
$759,933
$652,000
688
246
91
40
Buyer's
BC
Okanagan Valley
$1,599,900
$1,175,000
167
18
1
164
Buyer's
BC
Vancouver
$4,198,000
$3,400,000
934
281
33
42
Buyer's
BC
Victoria
$1,900,000
$1,415,000
289
99
34
40
Buyer's
CA
Los Angeles Beach Cities
$5,500,000
$4,500,000
417
156
66
74
Balanced
CA
Los Angeles City
$4,498,000
$2,950,000
777
337
104
53
Buyer's
CA
Los Angeles The Valley
$2,299,000
$1,750,000
439
202
93
40
Seller's
CA
Marin County
$4,200,000
$3,187,500
69
14
14
107
Balanced
CA
Napa County
$2,900,000
$2,182,500
103
10
8
157
Buyer's
CA
Orange County
$2,650,000
$1,950,000
1,137
302
249
75
Seller's
CA
Palm Springs & Palm Desert
$1,895,000
$1,450,000
514
123
57
53
Buyer's
CA
Placer County
$999,000
$860,750
137
41
32
63
Seller's
CA
Sacramento
$795,925
$682,500
515
232
182
37
Seller's
CA
San Diego
$2,395,000
$1,559,500
858
340
230
53
Seller's
CA
San Francisco
$4,600,000
$4,127,500
55
23
16
58
Seller's
CA
Santa Barbara
$3,885,000
$3,253,707
246
60
18
90
Buyer's
CA
Silicon Valley
$3,995,000
$3,480,000
200
111
49
42
Seller's
CA
Ventura County
$1,981,500
$1,435,000
330
113
57
73
Balanced
CO
Boulder
$1,895,000
$1,400,000
155
53
29
110
Balanced
CO
Colorado Springs
$780,000
$660,000
225
72
68
32
Seller's
CO
Denver
$998,000
$815,000
795
305
239
50
Seller's
CO
Douglas County
$1,249,500
$1,077,500
226
66
46
95
Balanced
CO
Durango
$1,350,000
$900,000
97
9
4
170
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
$5,072,500
$3,637,500
114
8
6
191
Buyer's
$649,000
$652,000
369
70
37
97
Buyer's
CO
Vail
CT
Central
CT
Coastal Communities of
$1,695,000
$1,290,000
1,139
248
101
147
Buyer's
DC
Washington D.C.
$3,495,000
$3,150,000
53
14
11
56
Balanced
FL
Boca Raton & Delray Beach
$2,485,000
$1,700,000
555
119
35
104
Buyer's
FL
Coastal Pinellas Towns
$1,589,772
$1,540,000
83
19
9
95
Buyer's
FL
Greater Fort Lauderdale
$1,350,000
$1,022,000
1,442
340
118
77
Buyer's
FL
Jacksonville Beaches
$1,277,000
$1,080,000
332
64
31
109
Buyer's
FL
Miami
$1,350,000
$925,000
1,331
260
85
147
Buyer's
FL
Naples
$2,225,000
$2,050,000
771
159
67
156
Buyer's
FL
Orlando
$1,595,000
$1,387,000
458
74
24
89
Buyer's
FL
Palm Beach Towns
$3,300,000
$2,317,500
417
80
28
76
Buyer's
FL
Sarasota & Beaches
$1,747,000
$1,630,000
644
120
42
95
Buyer's
FL
Tampa
$785,000
$710,000
724
198
103
78
Buyer's
GA
Atlanta
$1,249,000
$1,000,000
1,000
316
105
47
Buyer's
HI
Kauai
$2,599,500
$1,365,000
138
17
7
81
Buyer's
HI
Maui
$3,298,000
$2,100,000
219
23
11
256
Buyer's
HI
Oahu
$3,253,500
$2,570,000
242
47
13
53
Buyer's
ID
Northern
$938,000
$795,000
212
39
24
175
Buyer's
IL
Chicago
$1,257,495
$1,030,000
1,280
510
148
135
Buyer's
IN
Hamilton County
$796,500
$710,974
208
31
39
44
Balanced
MA
Greater Boston
$3,850,000
$2,600,000
85
20
22
85
Seller's
MD
Anne Arundel County
$978,000
$844,000
233
63
32
58
Buyer's
MD
Montgomery County
$1,799,000
$1,507,500
229
62
54
36
Seller's
MD
Talbot County
$1,837,500
$1,430,000
76
7
2
90
Buyer's
MD
Worcester County
$949,900
-
41
3
0
-
Buyer's
MI
Oakland County
$749,000
$650,000
865
285
97
66
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
MO
St. Louis
$790,500
$687,450
127
34
26
64
Balanced
NC
Charlotte
$949,000
$809,000
719
175
128
55
Balanced
NC
Raleigh-Durham
$724,400
$650,000
834
206
155
0
Balanced
NJ
Ocean County
$897,000
$832,500
540
157
65
82
Buyer's
NV
Las Vegas
$775,000
$630,000
1,344
410
246
60
Balanced
NV
Reno
$1,388,498
$1,175,000
92
17
15
145
Balanced
NY
Brooklyn
$1,588,000
$1,275,000
244
53
10
110
Buyer's
NY
Staten Island
$1,199,999
$1,127,500
174
45
14
95
Buyer's
ON
GTA - Durham
$1,649,450
$1,350,000
186
90
23
71
Buyer's
ON
GTA - York
$2,388,000
$1,672,500
480
226
56
37
Buyer's
ON
Toronto
$3,580,000
$3,050,000
349
202
41
14
Buyer's
TN
Knox County
$789,900
$650,050
186
27
32
89
Balanced
TN
Nashville
$1,099,900
$1,085,000
247
98
67
40
Seller's
TX
Austin
$1,250,000
$773,000
433
170
115
46
Seller's
TX
Collin County
$725,000
$630,000
674
213
100
99
Buyer's
TX
Dallas
$995,000
$892,500
658
235
103
62
Balanced
TX
Fort Worth
$899,000
$742,500
615
197
68
72
Buyer's
TX
Houston
$850,000
$697,500
1,648
549
168
56
Buyer's
TX
The Woodlands & Spring
$884,000
$703,500
360
101
42
45
Buyer's
UT
Park City
$3,684,000
$2,612,500
248
37
16
142
Buyer's
VA
Arlington & Alexandria
$1,882,000
$1,650,000
92
36
13
48
Buyer's
VA
Fairfax County
$1,850,000
$1,471,075
394
112
50
50
Buyer's
VA
McLean & Vienna
$2,199,700
$1,600,000
196
52
23
68
Buyer's
VA
Richmond
$799,500
$760,000
207
51
37
34
Balanced
WA
Greater Seattle
$2,000,000
$1,600,000
406
135
125
45
Seller's
WA
Seattle
$1,865,000
$1,510,000
114
42
59
25
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
$849,500
$812,500
227
89
18
39
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$750,000
$619,000
263
87
48
85
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,880,000
$1,605,000
682
255
44
49
Buyer's
BC
Victoria
$799,900
$749,950
242
110
30
30
Buyer's
CA
Los Angeles Beach Cities
$1,875,000
$1,330,000
148
72
33
30
Seller's
CA
Los Angeles City
$1,575,000
$1,250,000
285
116
75
47
Seller's
CA
Los Angeles The Valley
$769,000
$688,500
71
38
56
22
Seller's
CA
Marin County
$1,547,500
$1,115,000
12
5
2
6
Balanced
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,137,000
$902,500
344
137
106
41
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,159,000
$860,000
453
217
99
53
Seller's
CA
San Francisco
$2,649,500
$2,265,000
124
38
22
61
Balanced
CA
Santa Barbara
$1,799,500
$1,800,000
36
9
5
111
Buyer's
CA
Silicon Valley
$1,399,000
$1,350,000
51
37
37
18
Seller's
CA
Ventura County
$769,000
$740,000
51
22
18
59
Seller's
CO
Boulder
$999,900
$900,000
55
25
20
112
Seller's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$699,593
$609,000
424
164
133
39
Seller's
CO
Douglas County
$549,000
$659,000
19
10
3
142
Balanced
CO
Durango
$792,000
$725,000
40
4
3
78
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.
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
$3,799,000
$4,250,000
109
13
5
124
Buyer's
CO
Vail
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$795,000
$582,500
213
37
22
145
Buyer's
DC
Washington D.C.
$1,799,000
$1,472,000
138
59
46
17
Seller's
$975,000
$955,000
463
110
27
85
Buyer's
$977,000
$735,000
138
15
13
41
Buyer's
$875,000
$754,000
1,231
216
68
86
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
FL
Jacksonville Beaches
$1,150,000
$1,012,500
37
7
5
15
Buyer's
FL
Miami
$1,050,000
$860,000
2,854
375
52
237
Buyer's
FL
Naples
$2,112,500
$1,975,000
298
69
24
68
Buyer's
FL
Orlando
$689,000
$707,500
51
13
11
154
Seller's
FL
Palm Beach Towns
$1,537,500
$1,145,000
424
86
28
105
Buyer's
FL
Sarasota & Beaches
$1,350,000
$1,050,000
270
79
65
0
Seller's
FL
Tampa
$844,750
$654,000
110
35
15
41
Buyer's
GA
Atlanta
$662,458
$603,750
576
202
56
37
Buyer's
HI
Kauai
$1,395,000
$1,500,000
80
9
5
188
Buyer's
HI
Maui
$1,700,000
$1,425,000
146
23
17
148
Buyer's
HI
Oahu
$1,265,000
$1,043,000
381
76
32
57
Buyer's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,172,500
$928,000
800
329
61
100
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,325,000
$2,150,000
217
74
55
38
Seller's
MD
Anne Arundel County
$589,450
$537,495
36
14
10
81
Seller's
MD
Montgomery County
$799,000
$675,000
143
60
33
20
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$627,000
$582,500
116
21
4
36
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
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$759,900
$840,000
171
23
13
65
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$669,000
$567,000
95
22
10
117
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,299,000
$1,240,000
533
125
60
74
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$677,450
$648,750
34
39
32
8
Seller's
ON
GTA - York
$879,390
$860,000
170
162
95
12
Seller's
ON
Toronto
$1,298,000
$1,150,000
427
312
139
18
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$995,000
$615,000
83
19
17
23
Balanced
TX
Austin
$892,000
$614,250
156
52
30
46
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$749,000
$1,120,000
184
54
12
55
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$799,000
$582,450
324
93
16
48
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,996,500
$1,700,000
172
14
15
69
Buyer's
VA
Arlington & Alexandria
$1,360,000
$990,000
48
34
25
9
Seller's
VA
Fairfax County
$731,795
$665,000
152
69
45
27
Seller's
VA
McLean & Vienna
$1,328,000
$870,000
29
12
5
187
Balanced
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,134,975
$963,250
108
44
44
60
Seller's
WA
Seattle
$1,283,940
$957,500
68
18
21
72
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 is in each detail. Hubert de Givenchy
G R EA T E R S E A TT L E CI T I ES & SU B U R B S WA SHI N G T O N –February 2020–
GREATER SEATTLE
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | JANUARY 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,250,000 $7,300,000+ $6,300,000 - $7,299,999 $5,300,000 - $6,299,999
$3,100,000 - $3,699,999
5
0
Total Inventory: 406 12
0
$4,500,000 - $5,299,999
$3,700,000 - $4,499,999
22
0
Seller's Market
14
1
Total Sales Ratio2: 31%
16
0
23
3
$2,500,000 - $3,099,999 $2,100,000 - $2,499,999
Total Sales: 125
48
11
51
4
$1,900,000 - $2,099,999
40
11
$1,700,000 - $1,899,999
33
14
$1,600,000 - $1,699,999 $1,500,000 - $1,599,999
19
8
$1,400,000 - $1,499,999
16
$1,300,000 - $1,399,999
22 38
22
$1,250,000 - $1,299,999
1
36
20
27
15
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$1,380,000
3
3
27
92
29%
3,000 - 3,999
$1,627,250
4
3
60
114
53%
4,000 - 4,999
$1,483,000
4
4
29
90
32%
5,000 - 5,999
$2,250,000
4
5
7
47
15%
6,000 - 6,999
$2,000,000
5
4
1
33
3%
7,000+
NA
NA
NA
0
26
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.
GREATER SEATTLE
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,545,000
$1,504,518
118 Jan-19
222
154 Feb-19
$1,599,975
991
862
710
641
$1,577,500
Mar-19
294
Apr-19
$1,589,995
$1,592,000
1,113
1,165
368
May-19
Inventory
$1,599,000
$1,577,500
1,265
365
Jun-19
$1,570,000
1,038
354
Solds
995
304
Jul-19
Aug-19
$1,650,000
$1,575,000
850 232
Sep-19
697 278
248
Oct-19
$1,624,975
474
Nov-19
260
Dec-19
$1,600,000
406 125
Jan-20
MEDIAN DATA INVENTORY December
January
474
SOLDS December
January
406 VARIANCE: -14 %
125 VARIANCE: -52 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
December
January
453
$
476 VARIANCE: 5 % $
260
December
January
98.48% 98.30% VARIANCE: 0 %
SALES PRICE December
1.62m
$
January
1.60m VARIANCE: -2 % $
DAYS ON MARKET December
January
38
45 VARIANCE: 18 %
GREATER SEATTLE MARKET SUMMARY | JANUARY 2020 • The Greater Seattle single-family luxury market is a Seller's Market with a 31% Sales Ratio. • Homes sold for a median of 98.30% of list price in January 2020. • The most active price band is $1,400,000-$1,499,999, where the sales ratio is 73%. • The median luxury sales price for single-family homes has decreased to $1,600,000. • The median days on market for January 2020 was 45 days, up from 38 in December 2019.
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
GREATER SEATTLE
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | JANUARY 2020 Inventory
Sales
Luxury Benchmark Price 1: $800,000 $3,000,000+ $2,700,000 - $2,999,999 $2,400,000 - $2,699,999 $2,100,000 - $2,399,999
$1,900,000 - $2,099,999
0
0 0
1
Total Sales: 44
4
Seller's Market
4
Total Sales Ratio2: 41% 5
2 2
0
$1,400,000 - $1,499,999
$1,200,000 - $1,299,999
Total Inventory: 108
4
1
$1,600,000 - $1,699,999
$1,300,000 - $1,399,999
4
1
$1,700,000 - $1,899,999
$1,500,000 - $1,599,999
11
1
5
2 4
0
5
1
$1,100,000 - $1,199,999
4
5
$1,000,000 - $1,099,999
9
$900,000 - $999,999
12 25
7
16
$800,000 - $899,999
1
17
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
NA
NA
NA
0
8
0%
1,000 - 1,499
$890,000
2
2
19
32
59%
1,500 - 1,999
$969,000
3
3
13
20
65%
2,000 - 2,499
$1,058,750
4
3
6
24
25%
2,500 - 2,999
$1,021,990
4
4
4
12
33%
3,000+
$3,512,500
4
3
2
12
17%
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.
GREATER SEATTLE
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$1,035,444
$977,303
$950,000
40 Jan-19
235
208
185
161
231
65
54
Mar-19
Apr-19
38 Feb-19
$917,500
$970,702
Inventory
$1,000,000
93
May-19
$1,175,000
$1,042,500
219
Solds
$929,990
212
$995,103
219
206
$985,134
210
$1,002,495
$963,250
180 128
80
70
Jun-19
Jul-19
62
50
Aug-19
Sep-19
50 Oct-19
108
56
54
Nov-19
Dec-19
44
Jan-20
MEDIAN DATA INVENTORY December
January
128
SOLDS December
January
108 VARIANCE: -16 %
44 VARIANCE: -19 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
December
January
629
$
637 VARIANCE: 1 % $
54
December
January
98.15%
98.21% VARIANCE: 0 %
SALES PRICE December
1.00m
$
January
963k VARIANCE: -4 % $
DAYS ON MARKET December
January
32
60 VARIANCE: 88 %
GREATER SEATTLE MARKET SUMMARY | JANUARY 2020 • The Greater Seattle attached luxury market is a Seller's Market with a 41% Sales Ratio. • Homes sold for a median of 98.21% of list price in January 2020. • The most active price band is $800,000-$899,999, where the sales ratio is 106%. • The median luxury sales price for attached homes has decreased to $963,250. • The median days on market for January 2020 was 60 days, up from 32 in December 2019.
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 425-829-9565.
- David Wallace
DAVID WALLACE 425-829-9565 | ac7cg.dave@gmail.com