David Wallace Luxury Market Report JULY 2020 by The Report Group

DAVID WALLACE

LUXURY MARKET REPORT GREATER SEATTLE | JULY 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 6-10

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 priceper-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 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.

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MAP OF LUXURY RESIDENTIAL MARKETS

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.

â&#x20AC;&#x153;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 agentâ&#x20AC;&#x2122;s ability to provide safety and security while matching the speed required for many of these transactions.â&#x20AC;?

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

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

listings

medium

interactive storytelling. “Where

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

41 37

50 44

39 36

35 32

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

$476

$486

DAYS ON MARKET

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

$364

PRICE PER SQUARE FOOT

$600

$200

$100

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

Median List Price

June

$1,590,000 $1,600,000

Median Sale Price

May

June

Total Inventory

46,383

45,501

New Listings

13,601

14,648

6,530

10,830

3,552

3,609

$1,312,500

$1,312,000

Median SP/LP Ratio

96.89%

97.01%

Total Sold

Total Sales Ratio

14.08%

23.80%

Median Days on Market

$352

$347

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.



1,047

4,300

New Listings

Total Sold



500



9.72%

Days on Market

Sales Ratio

Med. Sale Price



SINGLE-FAMILY HOMES MARKET SUMMARY | JUNE 2020 •

Official Market Type: Seller's Market with a 23.8% 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: GTA-Durham (94%), Ada County (83%), Sacramento (71%), and Seattle (70%). 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

17,261

17,946

New Listings

4,471

5,804

1,673

2,644

2,082

2,068

Total Inventory

$937,500

$900,000

97.98%

98.67%

Total Sold

9.69%

14.73%

Median Days on Market

$467

$483

Average Home Size

Median prices represent properties priced above respective city benchmark prices.



1,333

971

New Listings

Total Sold



Med. Sale Price

Days on Market

37,500



5.04% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | JUNE 2020 •

Official Market Type: Buyer's Market with a 14.73% 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 (126%), Marin County (74%), Fairfax County (51%), and Tampa (48%). 1

– 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

Calgary

$1,100,000

$999,950

705

293

110

Balanced

Paradise Valley

$3,247,500

$2,373,125

194

113

Buyer's

Phoenix

$799,900

$630,000

471

151

293

Seller's

Scottsdale

$1,875,000

$1,270,000

642

107

125

Balanced

Tucson

$769,000

$635,000

517

113

143

Seller's

Okanagan Valley

$1,595,000

$1,288,000

543

144

Buyer's

Vancouver

$4,138,000

$3,400,000

897

335

Buyer's

Victoria

$1,850,000

$1,575,000

414

160

Buyer's

Central Coast

$2,998,500

$2,387,500

278

Balanced

East Bay

$2,185,000

$1,880,000

363

176

237

Seller's

Los Angeles Beach Cities

$4,850,000

$4,025,000

459

146

Buyer's

Los Angeles City

$4,295,000

$3,184,000

970

298

102

Buyer's

Los Angeles The Valley

$2,244,000

$1,740,000

560

216

127

Seller's

Marin County

$3,972,500

$3,100,000

154

Seller's

Napa County

$3,350,000

$2,662,500

149

Buyer's

Orange County

$2,598,500

$1,834,125

1,336

368

275

Balanced

Palm Springs/Palm Desert

$1,822,500

$1,575,000

362

Balanced

Placer County

$992,500

$885,000

180

Seller's

Sacramento

$799,900

$700,000

581

243

413

Seller's

San Diego

$2,182,000

$1,600,000

1,068

376

301

Seller's

San Francisco

$3,925,000

$3,385,000

124

Seller's

San Luis Obispo County

$1,500,000

$1,350,000

180

N/A

Balanced

Santa Barbara

$3,950,000

$3,665,000

252

Balanced

Silicon Valley

$3,798,000

$3,155,000

309

157

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

Ventura County

$1,999,000

$1,567,500

303

Seller's

Boulder

$1,950,000

$1,505,500

243

Balanced

Colorado Springs

$750,000

$680,000

387

145

Seller's

Denver

$1,000,000

$822,650

1,191

450

640

Seller's

Douglas County

$1,300,000

$1,109,000

293

Seller's

Durango

$1,420,000

$1,320,000

125

248

Buyer's

Mountain Communities

$2,050,000

$1,425,000

Buyer's

Vail

$4,895,000

$3,978,063

107

293

Buyer's

Central Connecticut

$649,900

$584,950

452

142

Balanced

Coastal Connecticut

$1,875,000

$1,518,750

1,357

426

196

Buyer's

Washington D.C.

$2,995,450

$2,765,500

Balanced

Boca Raton/Delray Beach

$2,395,000

$1,741,250

473

107

Buyer's

Coastal Pinellas Towns

$1,850,000

$1,500,000

Seller's

Greater Fort Lauderdale

$1,337,000

$947,500

1,326

278

156

Buyer's

Jacksonville Beaches

$1,289,500

$1,100,000

282

Seller's

Miami

$1,385,000

$875,763

1,229

232

157

Buyer's

Naples

$2,279,000

$2,049,000

659

106

Buyer's

Orlando

$1,600,000

$1,300,000

449

102

Buyer's

Palm Beach Towns

$3,500,000

$2,295,000

319

121

Buyer's

Sarasota & Beaches

$1,795,000

$1,815,500

365

Buyer's

Tampa

$800,000

$681,507

680

188

238

Seller's

Atlanta

$1,225,000

$962,500

1,181

342

204

Balanced

Island of Hawaii

$2,299,500

$1,487,500

144

Buyer's

Kauai

$2,574,000

$1,293,000

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

Maui

$3,047,000

$1,995,000

180

233

Buyer's

Oahu

$3,195,000

$2,600,000

239

Buyer's

Ada County

$765,950

$698,950

172

142

Seller's

Northern Idaho

$898,000

$745,000

368

126

Balanced

Chicago

$1,279,950

$1,019,500

1,434

562

284

Balanced

Will County

$676,500

$550,000

286

Balanced

Hamilton County

$799,900

$701,697

206

Seller's

Greater Boston

$3,099,000

$2,474,500

160

Balanced

Anne Arundel County

$995,000

$890,000

308

104

Seller's

Montgomery County

$1,850,000

$1,445,000

282

Seller's

Talbot County

$1,985,000

$1,427,500

Balanced

Worcester County

$984,500

$675,000

Buyer's

Oakland County

$749,900

$625,000

1,079

433

175

Balanced

St. Louis

$749,900

$680,000

186

Seller's

Charlotte

$991,100

$825,650

806

215

278

Seller's

Raleigh-Durham

$739,900

$655,000

909

201

324

Seller's

Ocean County

$867,900

$845,000

455

117

Seller's

Las Vegas

$754,990

$615,000

1,567

478

330

Seller's

Reno

$1,359,500

$1,125,000

116

112

Balanced

Brooklyn

$1,549,000

$1,312,000

270

Buyer's

Nassau County

$1,749,000

$1,359,000

981

312

Buyer's

Staten Island

$1,198,500

$999,000

186

108

Buyer's

Suffolk County

$1,555,000

$1,082,500

1,315

343

116

122

Buyer's

GTA - Durham

$999,900

$825,000

571

671

534

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

GTA - York

$2,398,000

$1,855,000

623

360

127

Balanced

Oakville

$2,495,000

$2,050,000

265

142

Buyer's

Toronto

$3,498,000

$3,100,000

429

324

115

Seller's

Knox County

$824,900

$636,250

172

Seller's

Nashville

$1,175,000

$965,000

349

129

101

Seller's

Austin

$1,199,000

$840,000

677

246

304

Seller's

Collin County

$734,988

$672,000

648

192

231

Seller's

Dallas

$1,032,000

$894,750

756

232

196

Seller's

Fort Worth

$875,000

$755,000

750

219

210

Seller's

Houston

$854,990

$697,500

2,083

632

352

Balanced

The Woodlands & Spring

$879,000

$667,000

443

148

105

Seller's

Park City

$3,500,000

$2,171,125

235

Buyer's

Salt Lake City

$1,200,000

$985,000

235

Seller's

Arlington & Alexandria

$1,874,900

$1,645,500

109

Buyer's

Fairfax County

$1,799,000

$1,417,500

503

142

Balanced

McLean & Vienna

$2,199,000

$1,595,000

237

Balanced

Richmond

$849,949

$755,000

257

Seller's

Greater Seattle

$1,995,000

$1,600,000

743

342

368

Seller's

Seattle

$1,795,000

$1,505,000

230

125

161

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

Calgary

$839,900

$751,000

248

Buyer's

Paradise Valley

Phoenix

Scottsdale

$745,000

$605,000

247

Balanced

Tucson

Okanagan Valley

Vancouver

$1,845,000

$1,701,500

823

346

Buyer's

Victoria

$799,999

$739,000

304

146

Buyer's

Central Coast

$1,119,000

$950,000

Balanced

East Bay

$975,000

$980,000

126

Seller's

Los Angeles Beach Cities

$1,679,000

$1,464,500

266

104

Balanced

Los Angeles City

$1,499,000

$1,159,500

437

146

Buyer's

Los Angeles The Valley

$729,450

$700,000

132

Seller's

Marin County

$1,295,000

$1,037,500

Seller's

Napa County

Orange County

$1,084,000

$955,000

462

152

141

Seller's

Palm Springs/Palm Desert

Placer County

Sacramento

San Diego

$1,125,000

$835,000

608

224

145

Seller's

San Francisco

$2,650,000

$2,202,500

163

Balanced

San Luis Obispo County

Santa Barbara

$1,699,000

$2,600,000

Buyer's

Silicon Valley

$1,449,500

$1,417,500

139

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

Ventura County

$798,500

$748,500

Seller's

Boulder

$895,000

$850,000

103

Buyer's

Colorado Springs

Denver

$712,500

$623,505

628

227

236

Seller's

Douglas County

$547,000

$604,900

Seller's

Durango

$795,000

$710,000

121

Balanced

Mountain Communities

$1,050,000

$860,000

Buyer's

Vail

$3,395,000

$2,362,000

Buyer's

Central Connecticut

Coastal Connecticut

$799,000

$680,000

244

Buyer's

Washington D.C.

$1,850,000

$1,613,000

213

Seller's

Boca Raton/Delray Beach

$1,075,000

$755,000

421

Buyer's

Coastal Pinellas Towns

$1,199,000

$822,500

132

Seller's

Greater Fort Lauderdale

$878,000

$757,500

1,206

193

122

Buyer's

Jacksonville Beaches

$1,019,000

$1,162,500

Seller's

Miami

$1,050,000

$931,750

2,751

341

184

Buyer's

Naples

$2,099,450

$1,923,500

256

Buyer's

Orlando

$699,000

$589,000

104

Buyer's

Palm Beach Towns

$1,595,000

$1,100,000

386

121

Buyer's

Sarasota & Beaches

$1,350,000

$1,250,000

233

129

Buyer's

Tampa

$730,000

$1,392,020

145

Seller's

Atlanta

$675,000

$580,000

633

185

Buyer's

Island of Hawaii

$1,899,000

$2,285,000

Buyer's

Kauai

$1,299,000

$900,000

619

Buyer's

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

Maui

$1,799,000

$2,207,250

117

179

Buyer's

Oahu

$1,299,000

$1,075,000

415

114

Buyer's

Ada County

Northern Idaho

Chicago

$1,149,900

$920,000

996

354

Buyer's

Will County

Hamilton County

Greater Boston

$2,200,000

$1,825,600

321

127

Buyer's

Anne Arundel County

$739,500

$550,000

Seller's

Montgomery County

$772,495

$635,000

202

Seller's

Talbot County

Worcester County

$649,000

$625,000

103

Seller's

Oakland County

$750,000

$660,000

Buyer's

St. Louis

Charlotte

$734,500

$585,715

184

Buyer's

Raleigh-Durham

Ocean County

$715,000

$650,000

Seller's

Las Vegas

Reno

Brooklyn

$1,298,000

$1,141,000

546

141

Buyer's

Nassau County

$1,450,000

$1,205,000

123

147

Buyer's

Staten Island

Suffolk County

$727,000

$595,000

190

Buyer's

GTA - Durham

$676,950

$653,950

Seller's

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

GTA - York

$850,000

$848,500

347

327

154

Seller's

Oakville

$1,623,500

$1,460,000

Buyer's

Toronto

$1,288,888

$1,147,000

715

650

251

Seller's

Knox County

Nashville

$949,900

$579,950

Buyer's

Austin

$860,000

$727,888

247

Buyer's

Collin County

Dallas

$829,000

$597,450

233

Buyer's

Fort Worth

Houston

$649,450

$640,000

178

Buyer's

The Woodlands & Spring

Park City

$1,994,475

$1,487,500

125

140

Buyer's

Salt Lake City

$699,000

$565,000

Buyer's

Arlington & Alexandria

$1,199,500

$977,350

Seller's

Fairfax County

$752,475

$651,625

168

Seller's

McLean & Vienna

$1,297,000

$1,000,000

Balanced

Richmond

Greater Seattle

$1,195,000

$985,000

237

100

Seller's

Seattle

$1,427,498

$1,137,500

114

Buyer's

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 W A SH I N G T O N –July 2020–

GREATER SEATTLE

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JUNE 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 $4,500,000 - $5,299,999

$3,700,000 - $4,499,999 $3,100,000 - $3,699,999

Total Inventory: 743

Total Sales: 368 Seller's Market

Total Sales Ratio2: 50%

$2,500,000 - $3,099,999

103

$2,100,000 - $2,499,999

$1,900,000 - $2,099,999

35 58

$1,700,000 - $1,899,999 $1,600,000 - $1,699,999

$1,500,000 - $1,599,999

$1,400,000 - $1,499,999

$1,300,000 - $1,399,999

53 54

$1,250,000 - $1,299,999

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Total-

-Sold/Inventory-

0 - 2,999

$1,410,000

107

169

63%

3,000 - 3,999

$1,517,500

152

218

70%

4,000 - 4,999

$1,800,000

172

44%

5,000 - 5,999

$2,890,000

24%

6,000 - 6,999

$4,185,000

16%

7,000+

$4,467,500

12%

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

$1,592,000

$1,577,500

1,265

1,165

365

Jun-19

$1,599,000

1,038

354

Jul-19

$1,570,000

995

304

Aug-19

$1,575,000

850 232

Sep-19

$1,650,000

697 278

Oct-19

248 Nov-19

Inventory

$1,624,975

474

260

Dec-19

$1,600,000

Solds

$1,560,000

189

125

Jan-20

Feb-20

$1,600,000

658

592

434

406

$1,575,000

298

Mar-20

$1,537,000

743

632

368

198

197

Apr-20

$1,600,000

May-20

Jun-20

MEDIAN DATA INVENTORY May

June

632

743 VARIANCE: 18 %

SALE PRICE PER SQFT. May

June

484

498 VARIANCE: 3 % $

SOLDS May

SALES PRICE June

198

368 VARIANCE: 86 %

SALE TO LIST PRICE RATIO May

June

98.95% 98.86% VARIANCE: 0 %

May

1.54m

June

1.60m VARIANCE: 4 % $

DAYS ON MARKET May

June

10 VARIANCE: -17 %

GREATER SEATTLE MARKET SUMMARY | JUNE 2020 • The Greater Seattle single-family luxury market is a Seller's Market with a 50% Sales Ratio. • Homes sold for a median of 98.86% of list price in June 2020. • The most active price band is $1,250,000-$1,299,999, where the sales ratio is 102%. • The median luxury sales price for single-family homes has increased to $1,600,000. • The median days on market for June 2020 was 10 days, down from 12 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.

GREATER SEATTLE

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JUNE 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 $1,700,000 - $1,899,999

1 5

$1,200,000 - $1,299,999

Total Sales Ratio2: 23%

4 3

$1,100,000 - $1,199,999

$1,000,000 - $1,099,999

Seller's Market

$1,400,000 - $1,499,999 $1,300,000 - $1,399,999

Total Sales: 55

$1,600,000 - $1,699,999 $1,500,000 - $1,599,999

Total Inventory: 237

8 14

$900,000 - $999,999

$800,000 - $899,999

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Total-

-Sold/Inventory-

0 - 999

$949,450

1,000 - 1,499

$980,000

20%

1,500 - 1,999

$865,100

19%

2,000 - 2,499

$1,125,000

41%

2,500 - 2,999

$985,240

35%

3,000+

$1,220,000

13%

GREATER SEATTLE

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$1,000,000

219

$1,042,500

212

Inventory

$1,175,000

$929,990

$995,103

219

206

$985,134

210

$1,002,495

Jun-19

Jul-19

Aug-19

Sep-19

$963,250

$999,950

180

128 80

Solds

Oct-19

Nov-19

Dec-19

Feb-20

Mar-20

Jan-20

$1,041,000

42 Apr-20

$985,000

237

192

183

154

122

108

$1,117,000

$999,950

41 May-20

Jun-20

MEDIAN DATA INVENTORY May

June

192

SOLDS May

SALES PRICE June

237 VARIANCE: 23 %

55 VARIANCE: 34 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

May

June

772

587 VARIANCE: -24 %

May

June

98.84% 100.00% VARIANCE: 1 %

May

1.04m

June

985k VARIANCE: -5 % $

DAYS ON MARKET May

June

11 VARIANCE: -42 %

GREATER SEATTLE MARKET SUMMARY | JUNE 2020 • The Greater Seattle attached luxury market is a Seller's Market with a 23% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2020. • The most active price band is $1,600,000-$1,699,999, where the sales ratio is 67%. • The median luxury sales price for attached homes has decreased to $985,000. • The median days on market for June 2020 was 11 days, down from 19 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.

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