KAUAI
|
OAHU
|
MAUI
|
HAWAII ISLAND
LUXURY MARKET REPORT HAWAII
|
MAY 2020
ABOUT ELITE PACIFIC Every success story is a tale of people who dream big and are inspired to transform the ordinary into the extraordinary. This is exactly what happened when the Elite Pacific Properties story began in 2005, when Paul Mayer, a successful entrepreneur who had recently sold his company, and Stephen Cipres, a financial analyst, were looking for their next venture. Their real estate experiences inspired them to establish a brokerage on Oahu that would forever change the face of real estate in Hawaii for both agents and clients. As an independent, local company that offers world-class service, Elite Pacific Properties started with a simple philosophy: treating every client as a friend, and every transaction as if it was our own. Honoring this philosophy, we established a culture of service and efficiency fueled by high-tech, smart investments in agents, and the tools they need to be successful at helping clients achieve their real estate goals. We understood from the start that luxury is not a price point, but an experience. And to deliver that experience, we put together an engaged team of dedicated, full-time career agents who can focus on what they do best: market knowledge and sales, while supported by a professional staff and a comprehensive suite of innovative, industry-leading technology and tools. Over the past 15+ years, focused on quality control and operational effectiveness, choosing only the most successful, experienced agents and dedicating every resource to support their success, Elite Pacific Properties has grown into the premier, independent luxury brokerage, vacation rental and property management firm serving the beautiful Hawaiian islands. Today, with over 250 talented agents and property managers, 12 offices, an extensive, specialized staff, and powered by a suite of innovative support tools, our company’s agent-centric approach and focus on creating a luxury experience for all its clients has resulted in outstanding accolades and rapid growth throughout the state. Elite Pacific is a member of Who’s Who in Luxury Real Estate, an exclusive invitation-only organization for top luxury brokerage in the world, and had the most Top 100 agents in Hawaii last year. Our company was also named to the prestigious National Inc. 5000 for the last 7 years, and recognized among the 50 fastest growing businesses in the state for the last 4 years by Pacific Business News. In 2019, Elite Pacific’s brokerage sales rose to over $1.41 billion. 2018 saw the start of another exciting chapter in our success story when Anton Steenman, formerly a VP at Intel, joined Elite Pacific to serve as President and CEO. Anton’s unique experience and vision have led to significant growth in all divisions, an enhanced portfolio of concierge services, leading-edge tools, agent development and coaching, and new marketing opportunities. Under his leadership, our company continues to thrive thanks to his professional leadership team, our dedicated, specialized staff and consistently expanding roster of distinctive real estate professionals. At Elite Pacific Properties, we know that every property is a story. Our stories are about exceptional properties and exceptional people. As we did when all this began over 15 years ago, we remain dedicated to continuously raising the bar in real estate and helping create genuine and unforgettable life moments - for our employees, guests and clients.
At Elite Pacific Properties, we know that every property is a story. Our stories are about exceptional properties and exceptional people. As we did when all this began over 15 years ago, we remain dedicated to continuously raising the bar in real estate and helping create genuine and unforgettable life moments - for our employees, guests and clients. - ANTO N STEEN MA N President & CEO
OA H U O FFIC E S Kahala Office
4211 Waialae Ave. Suite 106 Honolulu, HI 96816 (800) 315-3898
Kailua Office
419-B Kuulei Rd. Kailua, HI 96816 (800) 315-3898
M AU I O FF IC E S Wailea Office
34 Wailea Gateway Pl. Suite A-204 Kihei, HI 96753 (800) 315-3898
Turtle Bay Office
57-091 Kamehameha Hwy Kahuku, HI 96731 (800) 315-3898
KAUAI OFFI CES Lahaina Office
75 Kupuohi St. Suite 203 Lahaina, HI 96761 (800) 315-3898
Koloa Office
Princeville Office
Mauna Lani Portfolio
Waimea Office
3417 Poipu Rd. Suite 110B Koloa, HI 96756 (800) 315-3898
5-4280 Kuhio Hwy. Suite B-103 Princeville, HI 96722 (800) 315-3898
H AWA I I I S L AND OFFIC E S Hilo Office
64 Keawe St. Suite 203 Hilo, HI 96720 (800) 315-3898
Kona Office
Walua Professional Bldg. 75-5905 Walua Rd. Suite 9 Kailua-Kona, HI 96740 (800) 315-3898
Mauna Lani Auberge Resort 68-1400 Mauna Lani Dr, Suite 108 Waimea, HI 96743 (800) 315-3898
65-1291 Kawaihae Rd. Suite 101 C Kamuela, HI 96743 (800) 315-3898
TABLE OF CONTENTS PAGE 5
LUXURY REPORT EXPLAINED
PAGE 6
WELCOME MESSAGE
PAGE 7-9
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 10
13 MONTH MARKET TRENDS
PAGE 11
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 12
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 19
HAWAII LUXURY MARKET REVIEW
PAGE 20
KAUAI MARKET REVIEW
PAGE 25
OAHU MARKET REVIEW
PAGE 30
MAUI MARKET REVIEW
PAGE 35
ISLAND OF HAWAII MARKET REVIEW
PAGE 40
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.
THIS IS YOUR
LUXURY MARKET REPORT
W
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.
NORTH AMERICAN LUXURY REVIEW The Luxury Real Estate Market Remains Fairly Resilient in April Four Real Estate Brand Leaders Give a Better Perspective There has been much speculation, as well as anticipation, about COVID-19’s effect on the luxury real estate market. Those invested in this marketplace have been eagerly awaiting our April figures and statistics to assess the current situation. In early April, some real estate experts projected a 30-40% decrease in inventory and, with the vast majority of the US and Canada receiving ‘stay at home’ orders, it seemed that the number of sales would drop significantly. However, it seems instead that the luxury real estate market hit “pause” rather than the panic button. According to Coldwell Banker Global Luxury’s Vice President, Craig Hogan, “our agents are reporting fundamental differences between previous crisis situations and the current impact. Buyer and seller confidence has remained high and while transactions are taking longer to close, mainly due the logistic limitations, both property prices and inventory levels have remained steady compared to previous months.” Hogan did recognize that inventory figures were approximately 15-20% lower than the same period in 2019, but reasoned that this, combined with the pent-up demand that his luxury agents are reporting, had probably been instrumental in keeping home prices relatively stable. Taking a deeper dive into the statistics for local markets we see there has been on average a 20-25% drop in the number of sales compared to the same period in 2019, but expectations are that we will probably see a surge of buying once the virus lockdowns are lifted; with many predicting this activity to begin as soon as early summer.
However, if the statistics for April offer an indication for the future, it’s probably safe to assume that we will see a rollercoaster of highs and lows in luxury sales over the next 6 months, especially if a community becomes impacted by a rise in reported cases. The buyers of luxury real estate have often been associated with being at the forefront of new trends and smart money decisions. We asked Anne Miller, Vice President of Luxury and Commercial at RE/MAX LLC, if she was seeing any significant changes in their housing requirements. “It’s important to clarify that the affluent have wants rather than needs – so with the removal of their access to amenities such as country clubs, gyms, spas and vacation hotspots, we have seen a swift change to one of finding homes that can include their lifestyle choices within the property’s boundaries,” stated Miller. Does this mean that we will see a rise in the popularity of mega mansions, homes with large acreages and ranch properties again? Only last year we were reporting how the affluent, particularly the millennials were not investing in these types of properties, as they did not want to deal with on-going property management and maintenance. Miller clarified, “The wealthy still want luxury homes with modern design and functionality, including open floor plans, smart home technology, and wellness infrastructures. But, where previously they may have been fine with a smaller footprint offering flex spaces, now they recognize their want for a larger property providing dedicated rooms for their office, gym, relaxation area, as well as indoor recreation and outdoor activities.” While the affluent have the wealth to make decisions based on their wants, it is also very clear that they will continue to make smart money purchases. Nor are these wants short term; the affluent are equally willing to invest their money into properties that are turnkey, as they are in older properties that they will convert to their specifications once the ‘stay at home’ restrictions are lifted. President and CEO of Century 21 Real Estate LLC, Mike Miedler concurs, “we are seeing an uptick in interest of buyers who are looking to move from more densely populated urban areas to more suburban settings” he stated. “This pandemic has caused many lifelong city dwellers in the hardest hit areas to re-evaluate their living situations and seek a more suburban lifestyle –many are also looking for second homes that can serve as safe havens.” He adds, “In addition, with larger companies embracing work from home options, it is no longer as crucial to reside in these city centers.” The statistics from our report endorse this sentiment, as the percentage of new listings and sales of condominiums versus single-family homes are significantly lower, when compared to March 2020 and April 2019. Those looking to stay in luxury condominium or townhome properties are equally recognizing the need for more space and there has been a shift in demand for larger properties. Two-bedroom requests are changing to three to provide additional space for a home office or gym, there are requests for larger balconies or terraces as well as bigger kitchen/living space. The pandemic has also reaffirmed the necessity to evaluate the health
and wellness aspects of their home’s air, water, heating and cooling systems, as well as private access via an elevator or directly through their own front door. For REALTORS the key to working in this environment is to deliver high-quality service and go beyond expectations by being adaptable, agile, tech-savvy and most importantly, offer a true support system. Realty One Group’s Founder and CEO, Kuba Jewgieniew explains the changes he is seeing in the industry. “Like every crisis, there’s a lot of good that will come from the COVID-19 pandemic. We’ve already seen people come together to help and lift each other up.” Jewgieniew stated, “Brokerages are using daily Town Hall calls with leadership and real estate professionals to encourage and inspire each other, coach and train on new technologies and strategies as well as share best practices.” He adds, “We know that coming out of this, real estate will find new, better and more efficient ways and opportunities to help our buyers and sellers and we’re excited about it!” From east to west coast, high net worth buyers are looking to purchase a safe, secure environment that allows them to still create a sense of freedom for their families. Miller reports that in California, there has a been a surge in the demand for beachfront homes and mountain properties that allow the owners to walk directly outside into open spaces. Miedler shared that his affiliated agents in Florida’s Gulf Coast are seeing a strong momentum in a market that features a majority of waterfront luxury properties. “A buyer recently flew down on his private jet to check out one of these as a potential home! And an affiliated agent in Cleveland is seeing many offers over list price and in fact, just sold a luxury 8,000 square foot property that had previously been on the market for 10 months.” Hogan states that there have been record-breaking sales in the $10 million plus price band in both LA and Chicago. The Hamptons are also reporting their agents are experiencing one of their best markets, mainly in the luxury rentals, but there are expectations that these will turn into buyers. Looking to Europe, Hogan explains that although there was a heavy pause during April, they too are starting to see similar pent-up demand, and despite Italy being one of the worst effected countries, Coldwell Banker Global Luxury just opened a new luxury office and added 3 new franchisees to their network. Mielder succinctly summed up the current market. “The truth is, our industry has seen its ups and downs, from housing booms to devastating recessions, and we’ve come through stronger every time. Yes, some consumers are scared right now, but the market will eventually return and grow, especially the luxury market. What clients need, now more than ever, are knowledgeable professionals who can guide them through this time, overcome its unique challenges, and help them make the best decision for their families.”
– 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
70 61
60
53
52
48
40 40
38
35 35
31
49 49
48
37 37
44
JUN
JUL
40
59
40
39
51
39
44
42
29 30
20
0 APR
MAY
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
DEC
JAN
$344
$382
NOV
$491
$514
$491
$376
OCT
$369
$365
$476
$486
$486
$493 $372
$359
$337
$457
$492
$500 $346
$300
$357
$381
$400
$370
$466
$474
$532
$500
$356
SALES PRICE VS. LIST PRICE
PRICE PER SQUARE FOOT
$600
MAR
APR
MAR
APR
$200
$100
$0 APR
MAY
JUN
JUL
AUG
SEP
FEB
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0 APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
Discrepancies between statistics published between the April 2020 and May 2020 Luxury Market Reports are due to the addition of Cincinnati, OH, Nassau County, NY, and Suffolk County, NY.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month March 2020 | April 2020
SINGLE-FAMILY HOMES March
April
Median List Price
$1,623,500
$1,596,500
Total Inventory
Median Sale Price
$1,312,000
$1,355,750
97.54%
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
March
April
44,146
45,371
New Listings
12,145
8,734
97.24%
Total Sold
8,347
6,398
18.91%
14.10%
Median Days on Market
39
29
$356
$344
3,520
3,600
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
3,411
1,949
New Listings
Total Sold
10
4.81%
Med. Sale Price
Days on Market
Sales Ratio
$
43,000
SINGLE-FAMILY HOMES MARKET SUMMARY | APRIL 2020 •
Official Market Type: Buyer's Market with a 14.10% Sales Ratio.1
•
Homes are selling for an average of 97.24% of list price.
•
The median luxury threshold2 price is $947,500, and the median luxury home sales price is $1,355,750.
•
Markets with the Highest Median Sales Price: LA Beach Cities ($3,612,500), Vancouver ($3,400,000), Mountain Communities ($3,200,000), and San Francisco ($3,133,700).
•
Markets with the Highest Sales Ratio: East Bay (51%), Seattle (47%), Sacramento (33%), and San Francisco (33%). 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
1
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 March 2020 | April 2020
ATTACHED HOMES
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
March
April
March
April
$1,049,800
$1,019,495
Total Inventory
16,595
16,542
$897,000
$890,000
New Listings
4,189
2,869
98.92%
98.25%
Total Sold
2,976
1,914
17.93%
11.57%
42
30
$514
$491
1,980
1,979
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,320
1,062
New Listings
Total Sold
Med. Sale Price
Days on Market
7,000
$
12
6.36% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | APRIL 2020 •
Official Market Type: Buyer's Market with a 11.57% Sales Ratio.1
•
Attached homes are selling for an average of 98.25% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $890,000.
•
Markets with the Highest Median Sales Price: Vail ($2,600,000), Maui ($2,275,000), San Francisco ($2,200,000), and Greater Boston ($1,825,000).
•
Markets with the Highest Sales Ratio: East Bay (71%), Silicon Valley (67%), Arlington and Alexandria (64%), and Fairfax County (56%). 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
1
from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,134,450
$1,011,250
572
100
20
40
Buyer's
AZ
Paradise Valley
$3,250,000
$2,412,500
208
24
18
176
Buyer's
AZ
Phoenix
$754,500
$606,498
678
176
202
46
Seller's
AZ
Scottsdale
$1,775,000
$1,275,000
761
99
101
78
Buyer's
AZ
Tucson
$749,950
$615,000
627
88
107
26
Balanced
BC
Okanagan Valley
$1,595,000
$1,328,750
650
106
14
101
Buyer's
BC
Vancouver
$3,999,000
$3,400,000
827
121
31
32
Buyer's
BC
Victoria
$1,850,000
$1,485,000
338
66
37
30
Buyer's
CA
Central Coast
$2,950,000
$2,800,000
265
36
27
4
Buyer's
CA
East Bay
$2,150,000
$1,829,000
279
115
142
10
Seller's
CA
Los Angeles Beach Cities
$4,699,000
$3,612,500
409
80
30
13
Buyer's
CA
Los Angeles City
$4,224,500
$2,845,000
830
160
76
29
Buyer's
CA
Los Angeles The Valley
$2,149,500
$1,959,000
536
157
70
28
Buyer's
CA
Marin County
$3,763,500
$2,600,000
118
16
13
30
Buyer's
CA
Napa County
$3,001,050
$1,915,000
135
12
8
50
Buyer's
CA
Orange County
$2,444,000
$1,779,000
1,270
246
177
20
Buyer's
CA
Palm Springs/Palm Desert
$1,820,000
$1,607,000
461
45
34
65
Buyer's
CA
Placer County
$979,450
$926,212
216
75
40
7
Balanced
CA
Sacramento
$775,000
$710,000
711
257
235
8
Seller's
CA
San Diego
$2,172,910
$1,575,000
997
267
197
26
Balanced
CA
San Francisco
$3,992,222
$3,133,700
83
22
27
12
Seller's
CA
San Luis Obispo County
$1,598,000
$1,340,000
191
30
13
CA
Santa Barbara
$3,995,000
$2,990,000
231
32
12
112
Buyer's
CA
Silicon Valley
$3,775,000
$2,800,000
253
94
80
9
Seller's
CA
Ventura County
$1,895,000
$1,412,500
360
72
48
51
Buyer's
CO
Boulder
$1,699,000
$1,266,250
215
56
32
52
Buyer's
CO
Colorado Springs
$754,500
$665,000
362
131
93
5
Seller's
CO
Denver
$949,900
$824,500
1,184
382
362
6
Seller's
CO
Douglas County
$1,220,000
$990,000
318
87
55
12
Balanced
CO
Durango
$1,500,000
$1,549,000
94
4
3
114
Buyer's
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
CO
Mountain Communities
$1,899,000
$3,200,000
51
9
2
89
Buyer's
CO
Vail
$4,800,000
N/A
101
1
0
N/A
Buyer's
CT
Central Connecticut
$639,900
$567,250
383
50
46
46
Buyer's
CT
Coastal Connecticut
$1,779,000
$1,355,750
1,187
135
108
141
Buyer's
DC
Washington D.C.
$3,447,000
$2,495,000
56
9
11
19
Balanced
FL
Boca Raton/Delray Beach
$2,318,000
$1,712,264
531
49
28
77
Buyer's
FL
Coastal Pinellas Towns
$1,500,000
$1,395,000
82
6
11
52
Buyer's
FL
Greater Fort Lauderdale
$1,295,000
$925,000
1,525
200
121
48
Buyer's
FL
Jacksonville Beaches
$1,250,000
$1,210,500
345
40
32
78
Buyer's
FL
Miami
$1,299,000
$870,000
1,357
136
57
119
Buyer's
FL
Naples
$2,350,000
$1,600,000
755
60
55
44
Buyer's
FL
Orlando
$1,575,000
$1,320,000
439
46
33
28
Buyer's
FL
Palm Beach Towns
$3,170,000
$2,290,000
361
29
23
94
Buyer's
FL
Sarasota & Beaches
$1,750,000
$1,277,000
541
28
48
88
Buyer's
FL
Tampa
$775,000
$653,090
751
160
151
35
Balanced
GA
Atlanta
$1,195,000
$947,500
1,225
281
162
14
Buyer's
HI
Island of Hawaii
$1,999,999
$1,569,500
149
7
12
87
Buyer's
HI
Kauai
$2,600,000
$2,007,500
105
5
2
78
Buyer's
HI
Maui
$2,972,500
$1,820,000
168
16
13
184
Buyer's
HI
Oahu
$3,195,000
$2,100,500
225
27
10
129
Buyer's
ID
Ada County
$799,900
$699,384
277
86
85
11
Seller's
ID
Northern Idaho
$895,000
$692,500
307
85
45
70
Buyer's
IL
Chicago
$1,217,000
$975,000
1,656
337
233
99
Buyer's
IN
Hamilton County
$782,500
$665,392
242
50
52
24
Seller's
MA
Greater Boston
$2,996,500
$2,695,000
120
27
19
17
Balanced
MD
Anne Arundel County
$970,000
$843,750
294
59
44
8
Buyer's
MD
Montgomery County
$1,750,000
$1,445,500
270
61
72
8
Seller's
MD
Talbot County
$1,795,000
$1,530,900
99
9
5
5
Buyer's
MD
Worcester County
$1,069,000
$1,222,500
45
4
4
97
Buyer's
MI
Oakland County
$739,000
$600,000
871
127
101
23
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
$787,100
$625,000
192
61
47
14
Seller's
NC
Charlotte
$950,000
$841,800
779
146
209
7
Seller's
NC
Raleigh-Durham
$739,000
$652,568
945
175
260
2
Seller's
NJ
Ocean County
$859,975
$799,900
578
47
59
58
Buyer's
NV
Las Vegas
$730,998
$603,450
1,710
359
224
29
Buyer's
NV
Reno
$1,197,500
$1,080,000
90
24
17
79
Balanced
NY
Brooklyn
$1,550,000
$1,570,000
227
11
2
96
Buyer's
NY
Nassau County
$1,688,000
$1,420,000
996
82
63
112
Buyer's
NY
Staten Island
$1,200,000
$1,507,500
135
2
2
21
Buyer's
NY
Suffolk County
$1,495,000
$1,150,000
1,460
109
68
146
Buyer's
OH
Cincinnati
$750,000
$656,500
328
88
62
9
Balanced
ON
GTA - Durham
$1,549,000
$1,548,000
189
22
6
31
Buyer's
ON
GTA - York
$2,398,000
$1,675,000
531
109
21
33
Buyer's
ON
Oakville
$2,449,000
$2,050,000
176
36
3
23
Buyer's
ON
Toronto
$3,500,000
$2,950,000
309
81
21
23
Buyer's
TN
Knox County
$799,900
$619,900
195
42
45
48
Seller's
TN
Nashville
$979,820
$855,000
353
115
70
4
Balanced
TX
Austin
$1,064,875
$813,500
653
225
180
6
Seller's
TX
Collin County
$699,900
$695,000
757
198
115
52
Balanced
TX
Dallas
$999,000
$839,000
688
211
115
24
Balanced
TX
Fort Worth
$865,000
$775,000
724
178
129
14
Balanced
TX
Houston
$850,000
$735,000
2,015
446
235
19
Buyer's
TX
The Woodlands & Spring
$854,000
$666,250
429
100
58
15
Buyer's
UT
Park City
$3,600,000
$2,600,000
209
19
15
86
Buyer's
VA
Arlington & Alexandria
$1,875,000
$1,620,001
101
31
22
11
Seller's
VA
Fairfax County
$1,795,000
$1,425,000
489
114
77
8
Balanced
VA
McLean & Vienna
$2,195,000
$1,687,500
245
56
34
9
Buyer's
VA
Richmond
$819,950
$760,000
271
70
59
8
Seller's
WA
Greater Seattle
$1,895,000
$1,600,000
658
197
197
6
Seller's
WA
Seattle
$1,763,000
$1,430,000
195
78
92
6
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
$849,000
$795,000
215
30
7
91
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$749,900
$637,450
299
64
38
62
Buyer's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,894,000
$1,700,000
684
153
26
23
Buyer's
BC
Victoria
$795,900
$760,000
265
66
38
25
Buyer's
CA
Central Coast
$1,225,000
$1,150,000
34
1
4
47
Buyer's
CA
East Bay
$1,019,495
$990,000
80
44
57
10
Seller's
CA
Los Angeles Beach Cities
$1,770,000
$1,538,250
201
56
44
18
Seller's
CA
Los Angeles City
$1,499,999
$1,260,000
347
80
51
23
Buyer's
CA
Los Angeles The Valley
$729,000
$677,500
109
35
44
16
Seller's
CA
Marin County
$1,497,500
$1,187,500
14
0
6
18
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,073,105
$954,750
444
130
90
21
Balanced
CA
Palm Springs/Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,099,000
$806,450
632
161
94
15
Buyer's
CA
San Francisco
$2,840,000
$2,200,000
94
22
18
17
Balanced
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,797,000
$1,200,000
34
8
5
14
Buyer's
CA
Silicon Valley
$1,450,000
$1,437,500
87
47
58
7
Seller's
CA
Ventura County
$774,000
$659,000
59
11
7
72
Buyer's
CO
Boulder
$974,750
$837,500
66
20
10
61
Balanced
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$699,000
$625,000
623
175
172
13
Seller's
CO
Douglas County
$549,475
$559,900
30
9
5
7
Balanced
CO
Durango
$740,000
$720,000
39
4
3
55
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
CO
Mountain Communities
$1,050,000
$952,500
9
4
2
67
Seller's
CO
Vail
$3,295,000
$2,600,000
91
0
5
217
Buyer's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$769,000
$660,750
223
27
16
30
Buyer's
DC
Washington D.C.
$1,837,000
$1,495,000
186
57
35
10
Balanced
FL
Boca Raton/Delray Beach
$984,500
$788,500
398
24
30
99
Buyer's
FL
Coastal Pinellas Towns
$950,000
$905,000
153
13
13
25
Buyer's
FL
Greater Fort Lauderdale
$875,000
$875,000
1,171
77
43
79
Buyer's
FL
Jacksonville Beaches
$1,007,000
$890,000
42
1
8
47
Balanced
FL
Miami
$1,040,000
$1,060,000
2,787
166
49
168
Buyer's
FL
Naples
$2,122,000
$1,800,000
268
15
13
31
Buyer's
FL
Orlando
$706,950
$684,500
52
9
6
63
Buyer's
FL
Palm Beach Towns
$1,657,500
$1,225,000
356
13
25
126
Buyer's
FL
Sarasota & Beaches
$1,295,000
$1,310,000
249
22
23
72
Buyer's
FL
Tampa
$749,700
$569,000
129
20
20
50
Balanced
GA
Atlanta
$665,000
$590,000
641
141
59
33
Buyer's
HI
Island of Hawaii
$1,822,500
$1,117,050
84
8
5
29
Buyer's
HI
Kauai
$1,350,000
$1,225,000
74
7
2
75
Buyer's
HI
Maui
$1,895,000
$2,275,000
127
15
21
546
Balanced
HI
Oahu
$1,230,000
$949,000
375
39
31
71
Buyer's
ID
Ada County
-
-
-
-
-
-
-
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,140,000
$878,750
920
188
100
30
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,297,000
$1,825,000
218
47
56
21
Seller's
MD
Anne Arundel County
$692,750
$525,000
38
8
7
57
Balanced
MD
Montgomery County
$749,990
$660,000
159
47
47
8
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$625,000
$702,500
114
2
10
74
Buyer's
MI
Oakland County
$650,000
$590,000
47
5
5
21
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$722,450
$616,500
146
19
24
52
Balanced
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$719,000
$662,000
87
4
10
129
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,330,000
$995,000
503
25
17
61
Buyer's
NY
Nassau County
$1,377,500
$1,191,500
116
9
6
127
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
NY
Suffolk County
$747,000
$597,000
172
11
21
40
Buyer's
OH
Cincinnati
$647,450
$539,000
32
8
9
48
Seller's
ON
GTA - Durham
$674,495
$659,900
60
42
21
15
Seller's
ON
GTA - York
$877,990
$825,000
222
112
49
19
Seller's
ON
Oakville
$1,165,000
$932,000
38
13
1
4
Buyer's
ON
Toronto
$1,280,000
$1,085,000
530
219
64
14
Buyer's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$914,950
$589,750
98
25
8
18
Buyer's
TX
Austin
$820,000
$675,000
219
47
26
7
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$749,950
$653,500
206
32
14
42
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$675,000
$558,250
157
27
14
38
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,950,000
$1,810,000
131
2
15
65
Buyer's
VA
Arlington & Alexandria
$1,161,500
$999,000
76
38
49
6
Seller's
VA
Fairfax County
$718,400
$652,000
167
69
93
6
Seller's
VA
McLean & Vienna
$1,399,000
$905,000
26
8
10
6
Seller's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,069,000
$1,117,000
183
55
42
9
Seller's
WA
Seattle
$1,199,000
$1,190,000
106
33
13
15
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.
HAWAII
LUXURY MARKET REVIEW Elite Pacific Properties is pleased to present you with a closer look at the luxury residential real estate market in Hawaii, showcasing detailed statistical analysis of Kauai, Oahu, Maui and the Big Island of Hawaii for April 2020. Hawaii’s strict lockdown during April made it very difficult for buyers to visit the islands, which in turn has obviously had a direct impact on the number of sales for the entire real estate industry – and the luxury market is no exception. In general, the sales activity was slow, although single-family homes fared better than condos, which are down by an additional 16%. This significant drop in condo sales, especially in the luxury market, reflects a change in demand by the affluent who, due to Covid-19, are now looking to invest in stand-alone properties to ensure a safe haven for their families. Our agents also report that conversations with potential buyers about their priorities have swiftly changed. Previously there had been a high demand for properties with smaller footprints, now discussions centered around finding a larger living room and kitchen space, having a dedicated home office as well as recreational and outdoor spaces for activities. At this time, the true demand for properties in Hawaii is masked by the situation and therefore difficult to assess. Not only have demands changed, but sales have been delayed and listings removed from the market. However, we are seeing significant interest in our luxury portfolio, although the current state of our quarantine combined with the volatility of the stock market are also causing affluent buyers and sellers to have to play the waiting game. Ultimately this pent up tension should be positive for our luxury market especially once travel restrictions are lifted. The amount of interest, combined with persistently low inventory, should create promising growth opportunities as we come out of the COVID-19 lockdown. That being said, our agents have always dealt with off-island clients and, having already embraced some of the more sophisticated technologies and methodologies, are now refining and modifying their systems to successfully provide their services to sellers and buyers who wish to move forward. As we move into the next phase of ‘starting to open up’, there will be new processes and approaches that will constantly require agents to stay agile, which is why Elite Pacific Properties is committed to being a progressive real estate company that embraces change.
KAUA I HAWA I I –May 2020–
KAUAI
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,025,000 $8,500,000+ $7,300,000 - $8,499,999
$6,100,000 - $7,299,999 $5,100,000 - $6,099,999 $4,300,000 - $5,099,999 $3,500,000 - $4,299,999 $2,900,000 - $3,499,999 $2,300,000 - $2,899,999
$1,300,000 - $1,399,999
$1,200,000 - $1,299,999 $1,025,000 - $1,199,999
1
Total Inventory: 105 4
0
Total Sales: 2 Buyer's Market
3
0
Total Sales Ratio2: 2%
5
0
9
0
9
0
16
0 9
1
$1,700,000 - $1,899,999
$1,400,000 - $1,499,999
3
0
$1,900,000 - $2,299,999
$1,500,000 - $1,699,999
14
0
1
2
10
0 3
0
3
0
11
0 4
0
Square Feet3
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
3
0%
2 Bedrooms
$1,725,000
126
2
1
17
6%
3 Bedrooms
NA
NA
NA
0
41
0%
4 Bedrooms
$2,290,000
29
4
1
30
3%
5 Bedrooms
NA
NA
NA
0
9
0%
6+ Bedrooms
NA
NA
NA
0
5
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.
KAUAI
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,537,500
Solds $2,007,500
$1,850,000 $1,530,000
Inventory
$1,687,500
$1,677,000 $1,475,000
$1,442,500
$1,469,000
$1,365,000
$1,270,000
$1,200,000
$1,100,000
165
160
156
10 Apr-19
159
120
115
10
7
May-19
Jun-19
10 Jul-19
138
128
119
116
136
110
105
14
5
9
7
3
7
3
13
2
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
MEDIAN DATA INVENTORY March
April
110
SOLDS March
SALES PRICE April
105 VARIANCE: -5 %
2 VARIANCE: -85 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
664
N/A VARIANCE: N/A
$
13
March
April
92.93%
96.08% VARIANCE: 3 %
March
1.20m
$
April
2.01m VARIANCE: 67 % $
DAYS ON MARKET March
101
78 VARIANCE: -23 %
KAUAI MARKET SUMMARY | APRIL 2020 • The Kauai single-family luxury market is a Buyer's Market with a 2% Sales Ratio. • Homes sold for a median of 96.08% of list price in April 2020. • The most active price band is $1,700,000-$1,899,999, where the sales ratio is 50%. • The median luxury sales price for single-family homes has increased to $2,007,500. • The median days on market for April 2020 was 78 days, down from 101 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
KAUAI
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $850,000 $3,700,000+ $3,300,000 - $3,699,999
$2,900,000 - $3,299,999 $2,500,000 - $2,899,999 $2,200,000 - $2,499,999 $1,900,000 - $2,199,999 $1,700,000 - $1,899,999
$1,100,000 - $1,299,999 $1,000,000 - $1,099,999 $950,000 - $999,999 $900,000 - $949,999
$875,000 - $899,999 $850,000 - $874,999
1
2
0
Total Inventory: 74 5
0
Buyer's Market Total Sales Ratio2: 3%
3
0
2
0
0
Total Sales: 2
4
0
$1,500,000 - $1,699,999
$1,300,000 - $1,499,999
7
0
1 6
1
8
0
12
0
7
0
8
0 3
0
4
0 1
2
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
NA
NA
NA
0
5
0%
2 Bedrooms
$1,225,000
75
3
2
36
6%
3 Bedrooms
NA
NA
NA
0
17
0%
4 Bedrooms
NA
NA
NA
0
9
3%
5 Bedrooms
NA
NA
NA
0
4
0%
6+ Bedrooms
NA
NA
NA
0
3
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.
KAUAI
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
Solds $1,500,000
$1,255,000
$919,348
58
$1,225,000 $945,000
$963,839
91
87
Apr-19
$1,008,000
86
84
7
May-19
Jun-19
13 Jul-19
80
66
56
12
$1,095,000
$874,802
82
57
14
$1,000,000
$1,225,000 $1,100,000
$1,050,000
81
79
74
4
6
4
4
9
5
11
10
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
2 Apr-20
MEDIAN DATA INVENTORY March
April
81
SOLDS March
SALES PRICE April
74 VARIANCE: -9 %
2 VARIANCE: -80 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
675
489 VARIANCE: -28 %
$
$
10
March
April
99.83%
97.34% VARIANCE: -2 %
March
1.10m
$
April
1.23m VARIANCE: 12 % $
DAYS ON MARKET March
92
75 VARIANCE: -18 %
KAUAI MARKET SUMMARY | APRIL 2020 • The Kauai attached luxury market is a Buyer's Market with a 3% Sales Ratio. • Homes sold for a median of 97.34% of list price in April 2020. • The most active price band is $850,000-$874,999, where the sales ratio is 50%. • The median luxury sales price for attached homes has increased to $1,225,000. • The median days on market for April 2020 was 75 days, down from 92 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
OA H U HAWA I I –May 2020–
OAHU
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,875,000 $9,250,000+ $8,250,000 - $9,249,999
$7,250,000 - $8,249,999 $6,250,000 - $7,249,999 $5,450,000 - $6,249,999
$2,250,000 - $2,449,999 $2,050,000 - $2,249,999
0
1
11
Buyer's Market
11
Total Sales Ratio2: 4% 21
1 2
0
25
1 14
0
33
1
18
0 16
1
21
1
$1,950,000 - $2,049,999 $1,875,000 - $1,949,999
Total Sales: 10
0
$2,650,000 - $3,049,999 $2,450,000 - $2,649,999
Total Inventory: 225
2
0
$3,450,000 - $4,049,999
$3,050,000 - $3,449,999
2
0
$4,650,000 - $5,449,999 $4,050,000 - $4,649,999
26
0
15
3 8
2
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$1,965,000
4
4
4
50
8%
3,000 - 3,999
$2,998,000
4
6
3
46
7%
4,000 - 4,999
$2,183,000
5
5
1
33
3%
5,000 - 5,999
$2,365,000
6
5
1
37
3%
6,000 - 6,999
$5,000,000
5
7
1
22
5%
7,000+
NA
NA
NA
0
35
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.
OAHU
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Inventory
Solds
$2,940,000
$2,458,000
$2,525,000
$2,252,500
8
13
Apr-19
May-19
$2,240,000
20 Jun-19
$2,300,000
20 Jul-19
$2,365,000
268
265
262
245
233
223
$2,637,500
270
265
23
20
Aug-19
Sep-19
$2,317,938
18 Oct-19
$2,613,000
$2,570,000
$2,300,000
253
242
238
21
16
Nov-19
Dec-19
13 Jan-20
242
$2,100,500
225
17
13
Feb-20
Mar-20
10 Apr-20
MEDIAN DATA INVENTORY March
April
242
SOLDS March
SALES PRICE April
225 VARIANCE: -7 %
10 VARIANCE: -23 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
679
$
720 VARIANCE: 6 % $
13
March
April
96.63%
92.96% VARIANCE: -4 %
March
2.30m
$
April
2.10m VARIANCE: -9 % $
DAYS ON MARKET March
130
129 VARIANCE: -1 %
OAHU MARKET SUMMARY | APRIL 2020 • The Oahu single-family luxury market is a Buyer's Market with a 4% Sales Ratio. • Homes sold for a median of 92.96% of list price in April 2020. • The most active price band is $1,875,000-$1,949,999, where the sales ratio is 25%. • The median luxury sales price for single-family homes has decreased to $2,100,500. • The median days on market for April 2020 was 129 days, down from 130 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
OAHU
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $835,000 $7,100,000+ $6,100,000 - $7,099,999
$2,700,000 - $3,299,999
$1,600,000 - $1,899,999 $1,300,000 - $1,599,999 $1,100,000 - $1,299,999 $1,000,000 - $1,099,999
Total Sales: 31 Total Sales Ratio2: 8%
8
0
17
0
19
0 9
2
23
1
26
1
45
1
45
2 29
3
$900,000 - $999,999 $835,000 - $899,999
1
Buyer's Market
9
1
$2,300,000 - $2,699,999
$1,900,000 - $2,299,999
Total Inventory: 375 7
1
$4,500,000 - $5,299,999
$3,300,000 - $3,899,999
6
0
$5,300,000 - $6,099,999
$3,900,000 - $4,499,999
4
0
55
11
73
8
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$920,000
2
1
5
101
5%
1,000 - 1,499
$965,000
2
2
18
131
14%
1,500 - 1,999
$925,000
3
3
5
64
8%
2,000 - 2,499
$5,400,000
3
4
2
38
5%
2,500 - 2,999
$842,750
4
3
1
18
6%
3,000+
NA
NA
NA
0
22
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.
OAHU
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$980,000
422
435
419
52
50 Apr-19
$1,023,000
Jun-19
$1,150,000 $1,009,500
445
431
48
May-19
Solds
$1,360,000
$1,250,000 $975,000
Inventory
47 Jul-19
$1,115,000
442
425
44
51
Aug-19
Sep-19
400
41 Oct-19
$1,210,000
$1,162,500
$1,225,000
$1,043,000
393
$949,000
393
381
30
52
Nov-19
Dec-19
32 Jan-20
390
375
33
37
Feb-20
Mar-20
31 Apr-20
MEDIAN DATA INVENTORY March
April
390
SOLDS March
SALES PRICE April
375 VARIANCE: -4 %
31 VARIANCE: -16 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
1,186
$
847 VARIANCE: -29 % $
37
March
April
97.42%
97.35% VARIANCE: 0 %
March
1.23m
$
949k VARIANCE: -23 % $
DAYS ON MARKET March
81
April
71 VARIANCE: -12 %
OAHU MARKET SUMMARY | APRIL 2020 • The Oahu attached luxury market is a Buyer's Market with an 8% Sales Ratio. • Homes sold for a median of 97.35% of list price in April 2020. • The most active price band is $2,300,000-$2,699,999, where the sales ratio is 22%. • The median luxury sales price for attached homes has decreased to $949,000. • The median days on market for April 2020 was 71 days, down from 81 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
M AUI HAWA I I –May 2020–
MAUI
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,422,000 $7,000,000+ $6,000,000 - $6,999,999
$5,000,000 - $5,999,999
4
0
16
9 14
1
16
2
$2,000,000 - $2,499,999
23
1 12
0
$1,800,000 - $1,899,999
6
3
$1,700,000 - $1,799,999
6
1
$1,600,000 - $1,699,999
14
2
$1,500,000 - $1,599,999
1
Total Sales Ratio2: 8%
1
$2,500,000 - $2,999,999
$1,422,000 - $1,499,999
Buyer's Market
2
0
$3,000,000 - $3,499,999
Total Sales: 13
13
1
$3,500,000 - $3,999,999
$1,900,000 - $1,999,999
Total Inventory: 168
0
$4,500,000 - $4,999,999 $4,000,000 - $4,499,999
24
0
4
1
5
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$1,675,000
3
3
1
36
3%
2,000 - 2,999
$1,820,000
3
3
3
38
8%
3,000 - 3,999
$2,700,000
4
4
3
45
7%
4,000 - 4,999
$1,800,000
4
5
5
22
23%
5,000 - 5,999
$3,875,000
4
5
1
10
10%
6,000+
NA
NA
NA
0
17
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.
MAUI
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$2,077,500
$1,862,500
211
216
12
Apr-19
$2,257,500
$2,450,000 $2,100,000
$2,311,200 $1,820,000
209
15
$2,337,500
$2,175,000
$2,110,000
Solds
$2,612,500
$2,487,500 $2,150,000
Inventory
12
May-19
209
202
Jun-19
200
7
20
13
Jul-19
Aug-19
Sep-19
220
198
191
20 Oct-19
219
12
18
Nov-19
Dec-19
213
11 Jan-20
181
168
9
15
Feb-20
Mar-20
13 Apr-20
MEDIAN DATA INVENTORY March
April
181
SOLDS March
SALES PRICE April
168 VARIANCE: -7 %
13 VARIANCE: -13 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
610
722 VARIANCE: 18 %
$
$
15
March
April
93.36%
93.06% VARIANCE: 0 %
March
2.31m
$
April
1.82m VARIANCE: -21 % $
DAYS ON MARKET March
135
184 VARIANCE: 36 %
MAUI MARKET SUMMARY | APRIL 2020 • The Maui single-family luxury market is a Buyer's Market with an 8% Sales Ratio. • Homes sold for a median of 93.06% of list price in April 2020. • The most active price band is $1,800,000-$1,899,999, where the sales ratio is 50%. • The median luxury sales price for single-family homes has decreased to $1,820,000. • The median days on market for April 2020 was 184 days, up from 135 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
MAUI
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,183,200 $4,000,000+
22
0
$3,000,000 - $3,999,999
11
3
$2,500,000 - $2,999,999
16
2 10
$2,000,000 - $2,499,999 $1,900,000 - $1,999,999 $1,800,000 - $1,899,999 $1,700,000 - $1,799,999 $1,600,000 - $1,699,999
$1,400,000 - $1,449,999 $1,350,000 - $1,399,999 $1,300,000 - $1,349,999
$1,250,000 - $1,299,999 $1,183,200 - $1,249,999
1
Total Sales: 21 Balanced Market
13
Total Sales Ratio2: 17%
3
2
5
0 3
0
6
0
$1,500,000 - $1,599,999 $1,450,000 - $1,499,999
Total Inventory: 127
6
1
6
0
5
0
9
0
9
0 6
0
10
0
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
10
0%
1,000 - 1,499
$2,062,500
2
2
2
41
5%
1,500 - 1,999
$3,100,000
2
3
1
35
3%
2,000 - 2,499
$2,265,000
3
3
16
18
89%
2,500 - 2,999
$3,999,000
3
4
1
21
5%
3,000+
$3,500,000
3
4
1
2
50%
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.
MAUI
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
$2,275,000
$2,175,000 $1,930,000
$1,389,000
$1,360,000
146
15
17
13
Apr-19
142
141
May-19
$2,065,500
Jun-19
$1,500,000
Jul-19
11 Aug-19
$1,445,000
$1,425,000
14 Sep-19
149
143
139
132
131
13
$1,980,000
$1,725,000
$1,712,500
$1,700,000
151
Solds
22 Oct-19
146
17
12
Nov-19
Dec-19
141
140
17
24
13
Jan-20
Feb-20
127
Mar-20
21 Apr-20
MEDIAN DATA INVENTORY March
April
141
SOLDS March
SALES PRICE April
127 VARIANCE: -10 %
21 VARIANCE: -13 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
1,078
$
1,131 VARIANCE: 5 % $
24
March
April
97.76% 100.00% VARIANCE: 2 %
March
1.98m
$
April
2.28m VARIANCE: 15 % $
DAYS ON MARKET March
292
546 VARIANCE: 87 %
MAUI MARKET SUMMARY | APRIL 2020 • The Maui attached luxury market is a Balanced Market with a 17% Sales Ratio. • Homes sold for a median of 100.00% of list price in April 2020. • The most active price band is $2,000,000-$2,499,999, where the sales ratio is 130%. • The median luxury sales price for attached homes has increased to $2,275,000. • The median days on market for April 2020 was 546 days, up from 292 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
April
ISL A N D O F HAWA I I HAWA I I –May 2020–
ISLAND OF HAWAII
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,075,000 $10,000,000+ $8,600,000 - $9,999,999
$7,400,000 - $8,599,999 $6,200,000 - $7,399,999 $5,200,000 - $6,199,999 $4,400,000 - $5,199,999
9
0 4
0
5
0
$1,900,000 - $2,199,999
0
1
9
2 5
0
11
2 5
0
12
0
13
2
18
1
$1,200,000 - $1,399,999 $1,075,000 - $1,199,999
Total Sales Ratio2: 8%
6
0
$1,600,000 - $1,899,999 $1,400,000 - $1,599,999
Buyer's Market 12
$2,600,000 - $2,999,999 $2,200,000 - $2,599,999
Total Sales: 12
4
0
$3,600,000 - $4,399,999 $3,000,000 - $3,599,999
Total Inventory: 149
17
3
19
2
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$2,800,000
3
3
5
46
11%
3,000 - 3,999
$1,100,000
4
4
3
30
10%
4,000 - 4,999
NA
NA
NA
0
19
0%
5,000 - 5,999
$3,725,000
3
6
1
8
13%
6,000 - 6,999
NA
NA
NA
0
4
0%
7,000+
NA
NA
NA
0
5
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.
ISLAND OF HAWAII
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Inventory
Solds
$2,462,500 $1,999,999
$1,575,000
$1,400,000
119
118
$1,345,000
Apr-19
120
118
17
15
$1,517,024
13
May-19
Jun-19
$1,492,500
8
17
14
Jul-19
Aug-19
Sep-19
12 Oct-19
$1,622,500
$1,798,750
$1,737,500
$1,569,500 $1,320,000
9
18
Nov-19
Dec-19
165
160
154
145
135
127
118
111
$1,450,000
20 Jan-20
149
14
14
Feb-20
Mar-20
12 Apr-20
MEDIAN DATA INVENTORY March
April
165
SOLDS March
SALES PRICE April
149 VARIANCE: -10 %
12 VARIANCE: -14 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
790
599 VARIANCE: -24 %
$
$
14
March
April
95.92%
94.46% VARIANCE: -2 %
March
1.80m
$
April
1.57m VARIANCE: -13 % $
DAYS ON MARKET March
April
114
87 VARIANCE: -24 %
ISLAND OF HAWAII MARKET SUMMARY | APRIL 2020 • The Island of Hawaii single-family luxury market is a Buyer's Market with an 8% Sales Ratio. • Homes sold for a median of 94.46% of list price in April 2020. • The most active price band is $3,600,000-$4,399,999, where the sales ratio is 22%. • The median luxury sales price for single-family homes has decreased to $1,569,500. • The median days on market for April 2020 was 87 days, down from 114 in March 2020. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
ISLAND OF HAWAII
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | APRIL 2020 Inventory
Sales
Luxury Benchmark Price 1: $925,000 $4,500,000+ $4,000,000 - $4,499,999
$3,500,000 - $3,999,999 $3,100,000 - $3,499,999 $2,700,000 - $3,099,999 $2,400,000 - $2,699,999
$1,300,000 - $1,399,999 $1,200,000 - $1,299,999
$925,000 - $999,999
1
5
Total Sales: 5 Buyer's Market
6
0
Total Sales Ratio2: 6%
5
0
7
0 4
1
6
0
10
1 7
0
7
0 6
0 1
$1,100,000 - $1,199,999
$1,000,000 - $1,099,999
Total Inventory: 84
0
$1,600,000 - $1,799,999 $1,400,000 - $1,599,999
2
0
$2,100,000 - $2,399,999 $1,800,000 - $2,099,999
7
0
2 4
0
7
1
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
4
0%
1,000 - 1,499
NA
NA
NA
0
5
0%
1,500 - 1,999
NA
NA
NA
0
15
0%
2,000 - 2,499
$1,117,050
3
2
1
16
6%
2,500 - 2,999
$1,105,000
3
4
3
18
17%
3,000+
NA
NA
NA
0
15
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.
ISLAND OF HAWAII
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
Solds
$2,712,500
$1,500,000
$1,429,000
$1,750,000
$1,125,000
$1,700,000 $1,100,000
65
61
60 15
14
Apr-19
May-19
$1,324,500
87
78
75
72
67
59
$1,150,000
$1,384,500
$1,200,000 87
4
9
5
5
6
4
8
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
86
17 Jan-20
$1,315,000
$1,117,050
84
84
12
9
5
Feb-20
Mar-20
Apr-20
MEDIAN DATA INVENTORY March
April
84
SOLDS March
SALES PRICE April
84 VARIANCE: 0 %
5 VARIANCE: -44 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
April
532
$
474 VARIANCE: -11 % $
9
March
April
100.00% 97.87% VARIANCE: -2 %
March
1.32m
$
April
1.12m VARIANCE: -15 % $
DAYS ON MARKET March
April
42
29 VARIANCE: -31 %
ISLAND OF HAWAII MARKET SUMMARY | APRIL 2020 • The Island of Hawaii attached luxury market is a Buyer's Market with a 6% Sales Ratio. • Homes sold for a median of 97.87% of list price in April 2020. • The most active price band is $1,100,000-$1,199,999, where the sales ratio is 200%. • The median luxury sales price for attached homes has decreased to $1,117,050. • The median days on market for April 2020 was 29 days, down from 42 in March 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
LUXURY EXPERIENCE WITH ALOHA SPIRIT
WW W.E L I T E PAC I FI C .CO M
KAUAI
|
OAHU
|
MAUI
|
HAWAII ISLAND