GEORGETTE
SOLANO L U X U RY MARKET REPORT
LOS ANGELES CITY JUNE 2020
GEORGETTE SOLANO Broker Associate | DRE #01817587 Solano & Associates, Inc. | C21 Allstars
562.222.5847
Georgette@SolanosInc.com www.SolanosInc.com Communication and Accessibility are key. I learn about You; Your Property and Your Goals then develop a system to deliver. The process is focused on you. Raised in the San Gabriel Valley, I understand the numerous intangible benefits of life in this community, with its unmatched California weather, culture, and diversity. Highly regarded by my clients and professionals in the field, I am well-connected and actively involved in the community. My contacts and life-long residency leverage my enthusiasm and expertise and enhance my client dedication. My strengths are extensive marketing, advertising strategies, partners, market knowledge, exclusive contact base, and true love of luxury sales. My formula for success is smarter, harder work. I do this by use of innovative technology, continual education, community involvement, listening to my clients and keeping my finger to the pulse of the real estate market. As your Realtor, I will be an advocate for you. Whether you are buying, selling, or renting, I will work tirelessly to promote your best interests. When you are selling, I will work with you to get you the Maximum value, in the least amount of time, by using state-of-the-art technology, team collaboration, and customized marketing materials which highlight the features and strengths of your home. When you are buying, I will work hard to not only match your wants and needs to your future home; more so, to provide you with the best information and market data to inform and assist you so you can be a well-prepared buyer with the strongest possible negotiating position. It’ll be a pleasure to work with you. Sincerely,
Georgette
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 Proven Marketing Strategies Provide Effective Solutions During the Covid-19 Pandemic The majority of real estate experts now agree that the luxury real estate market has proven resilient to the negative effects initially anticipated as a result of the COVID-19 pandemic. That being said, the Institute does recognise that there have been individuals adversely affected, at varying degrees depending upon their personal circumstances. The statistics show that luxury property prices have continued to remain stable, and although inventory levels in June are still lower when compared to 2019, that pent-up demand is starting to drive new sales. However, in these uncertain times, there are still many homeowners who are hesitant about or unsure of how to move forward with the sale of their home. The Institute connected with three of their preferred strategic partners to discuss how their strategies are helping wealthy homeowners and their Realtors overcome the current obstacles. We also took the opportunity to gain their insights about affluent buying trends. Maverick Commins, CEO/Co-Founder of Supreme Auctions, shared some of the insights discussed during a recent Town Hall Series with Mansion Global and the Wall Street Journal. “The luxury market paused during the last few months, but we are now starting to see pent-up demand from buyers and sellers push the market back into action” reported Commins. “Tastes have changed; last year the affluent were looking to downsize, now they are seeking larger properties of 12-15,000 square feet that will
allow them to work from home, as well as provide space and safety for their family.” Commins explained that one of the main obstacles faced by luxury sellers is the need to ensure that buyers can feel safe when viewing their property; as it’s still very unlikely that someone buying at $3 million dollars and above will not want to view the property personally. Equally, sellers are keen to make up lost ground from the spring season, which is typically the prime period for real estate sales. “Selling by auction is a strategy that enables homeowners to address the obstacles of control and time. The viewing process can be managed safely as the timeline for showings is controlled by the auction date – this also provides the sellers with an absolute date for their property sale,” stated Commins. “Add to this a current market with increased buyer demand and stable price points, and this becomes a prime opportunity to leverage a competitive market.” This current situation has also created the need for Realtors and homeowners alike to investigate other options that will connect them to their target audience who are, for the most part, now geographically dispersed. In addition, Commins says that he has noticed an increasing shift in behavior patterns as technology and the acceptability of video conferencing is now affording the affluent an opportunity to make significant lifestyle and location changes. “Fortunately, programs such as Supreme Auctions’ Accelerated Marketing Strategy, addresses these geographic problems,” stated Commins. “Our complex marketing network already interfaces online with over 300,000 potential buyers, allowing us to effectively connect with them when suitable properties come available for auction.” Another behavioral change was identified by David Friedman of WealthQuotient, whose data-driven relational mapping and referral program requires a continuous focused analysis to provide a highly complex understanding of the trends and spending power of the wealthy. “The pandemic has created a change in the spending patterns of the wealthy; notably luxury items such as supercars, planes, art, and estate properties or second homes have unexpectedly seen substantial surges in sales,” reveals Friedman, who believes that this could be partially due to the affluent having more time on their hands, but equally for safety reasons or investment opportunities outside of the stock market. WealthQuotient’s analysis also revealed that second homes are quickly becoming primary residences in the face of safety issues, coupled with the virtualization of work. “The pandemic has accelerated the decoupling of lifestyle and work, which were often in conflict and now are being resolved with the virtualization of work,” stated Friedman. Friedman further explained that how the affluent choose to manage their money during this time will have a direct impact on their luxury choices; if they can keep their wealth intact, as well as maintain cash liquidity, then they can leverage opportunities in real estate, the stock market, and other forms of investments. For homeowners looking to sell or buy now, Friedman believes that a strong referral network must be a critical component in any Realtor’s marketing strategy. In today’s market, prospecting wealthy clients is even more challenging; especially as access and networking are limited, as are the opportunities to build trust and relationships, all which are essential when working within the ultra-wealthy demographic.
Friedman shared that the WealthQuotient platform offers an answer to today’s networking challenges. The platform provides and defines accessible target markets through a data-driven systematic relational mapping strategy. “We will be deepening our partnership with the Institute, by offering exclusive training to certify their members in the WealthQuotient program. These luxury professionals will be able to effectively and efficiently scale referrals by becoming even more proactive, as they can systematically access future clients through a social graph of their existing relationships,” stated Friedman. David Collins, of REAL Marketing Inc., concurs with Friedman and Commins about the necessity for Realtors to leverage dynamic strategies when it comes to connecting with affluent homeowners. “Knowledge must be a core fundamental when creating marketing strategies to connect with the ultrawealthy,” explains Collins. “It must run the gamut of in-depth research, leveraging data, sharing insights, and providing clarity – this is especially important in the current market where mixed messages have been creating obstacles and uncertainty for many homeowners.” Collins recommends that the first step in any strategy should be to complete an in-depth market analysis as the foundation for a marketing plan to achieve maximum exposure. “Perception often doesn’t match reality” Collins explains. “For instance, many people believe that the majority of the oceanfront properties north of San Diego are owned by out-of-state homeowners. However, out of the 641 homes we analyzed, 25% were second homeowners from San Diego and 58% were full time residents, meaning only 17% are actually out-of-town residents!” Utilizing key market insights like the above, REAL Marketing’s cornerstone service assists Realtors in crafting a marketing program that pairs the right message with professional design and photography to maximize the listing’s exposure to the right target audience – creating successful sales and happy sellers during the pandemic. Interestingly, Collins perceives that the current pandemic situation is not, for the most part, truly affecting the affluent and the luxury real estate market in the same manner as previous market crashes. He believes this is because over 67% of the ultrawealthy are now self-made and still at the forefront of managing their companies. These owners and managers are taking advantage of the government stimulus packages, as well as low interest rate loans, to leverage investment opportunities while safeguarding their current assets. Even so, Collins who has been through numerous market downturns, is still happy to share this key piece of advice. “Continue to focus on your business, and you will survive. Those who increase their marketing, especially while others stop, will see the greatest returns.” These three industry experts clearly demonstrate their belief in the strength of the luxury real estate market and although there seems to be a large diversity in their marketing strategies, there is a clear synergy when integrated. These as well as many other resources have been carefully selected to provide the Institute’s members with tools and strategies focused on giving a sophisticated service to affluent homeowners.
– 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
61
60
54
54
49
41 40
37
35 36
51
48
44
41
52
44
40
39
35
59
50 39 42
29 30
35 36
0 MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
$491
20
$486
DAYS ON MARKET
71
JAN
FEB
MAR
APR
MAY
SALES PRICE VS. LIST PRICE
$472 $355
$494 $349
$523 $357
$495 $372
$495 $392
$380
$371
$498 $373
$462 $361
$344
$498
$500 $347
$300
$372
$474
$400
$501
$500
$359
PRICE PER SQUARE FOOT
$600
$200
$100
$0
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
APR
MAY
$2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month April 2020 | May 2020
SINGLE-FAMILY HOMES April
May
Median List Price
$1,649,000 $1,680,000
Median Sale Price
$1,375,375 $1,350,000
Median SP/LP Ratio
97.26%
96.85%
Total Sales Ratio
14.14%
13.58%
$349
$355
Median Price per Sq. Ft.
April
May
44,802
45,600
New Listings
8,620
13,192
Total Sold
6,336
6,193
29
35
3,597
3,526
Total Inventory
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
4,572
143
New Listings
Total Sold
6
0.56%
Med. Sale Price
Days on Market
Sales Ratio
25,375
$
SINGLE-FAMILY HOMES MARKET SUMMARY | MAY 2020 •
Official Market Type: Buyer's Market with a 13.58% Sales Ratio.1
•
Homes are selling for an average of 96.85% of list price.
•
The median luxury threshold2 price is $950,000, and the median luxury home sales price is $1,350,000.
•
Markets with the Highest Median Sales Price: Santa Barbara ($4,750,000), San Francisco ($3,874,056), LA Beach Cities ($3,500,000), and Silicon Valley ($3,200,000).
•
Markets with the Highest Sales Ratio: Seattle (50%), Ada County (48%), Sacramento (35%), and Silicon Valley (33%). 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 April 2020 | May 2020
ATTACHED HOMES April
Median List Price Median Sale Price
May
$1,029,748 $1,032,500 $897,500
$944,186
Median SP/LP Ratio
98.17%
98.02%
Total Sales Ratio
11.54%
9.68%
$494
$472
Median Price per Sq. Ft.
April
May
16,510
17,226
New Listings
2,861
4,465
Total Sold
1,905
1,668
30
36
1,991
2,078
Total Inventory
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,604
237
New Listings
Total Sold
Med. Sale Price
Days on Market
46,686
$
6
1.86% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | MAY 2020 •
Official Market Type: Buyer's Market with a 9.68% Sales Ratio.1
•
Attached homes are selling for an average of 98.02% of list price.
•
The median luxury threshold2 price is $711,225, and the median attached luxury sale price is $944,186.
•
Markets with the Highest Median Sales Price: Santa Barbara ($2,725,000), San Francisco ($2,300,000), Vail ($2,250,000), and Park City ($1,900,000).
•
Markets with the Highest Sales Ratio: GTA-Durham (102%), Arlington and Alexandria (38%), Fairfax County (38%), and GTA-York (35%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,127,000
$1,000,000
618
242
53
54
Buyer's
AZ
Paradise Valley
$3,297,495
$2,300,000
194
23
11
116
Buyer's
AZ
Phoenix
$785,000
$619,000
597
169
192
46
Seller's
AZ
Scottsdale
$1,795,000
$1,265,000
749
133
80
106
Buyer's
AZ
Tucson
$749,950
$630,000
587
132
98
31
Balanced
BC
Okanagan Valley
$1,590,000
$1,365,000
502
115
21
88
Buyer's
BC
Vancouver
$4,196,500
$3,198,000
800
206
57
23
Buyer's
BC
Victoria
$1,895,000
$1,550,000
379
142
31
37
Buyer's
CA
Central Coast
$2,964,000
$2,450,000
282
70
7
5
Buyer's
CA
East Bay
$2,149,800
$1,946,500
343
205
106
12
Seller's
CA
Los Angeles Beach Cities
$4,711,000
$3,500,000
448
137
35
32
Buyer's
CA
Los Angeles City
$4,249,000
$3,125,000
935
312
45
38
Buyer's
CA
Los Angeles The Valley
$2,150,000
$1,842,500
569
205
90
36
Balanced
CA
Marin County
$3,797,500
$2,750,000
154
47
22
26
Buyer's
CA
Napa County
$3,047,500
$2,350,000
146
23
9
111
Buyer's
CA
Orange County
$2,499,000
$1,881,634
1,377
399
148
32
Buyer's
CA
Palm Springs/Palm Desert
$1,795,000
$1,500,000
428
69
42
81
Buyer's
CA
Placer County
$998,750
$883,750
238
84
52
12
Seller's
CA
Sacramento
$799,000
$691,411
709
297
250
13
Seller's
CA
San Diego
$2,155,000
$1,472,839
1,037
421
173
22
Balanced
CA
San Francisco
$3,895,000
$3,874,056
129
47
16
15
Buyer's
CA
San Luis Obispo County
$1,549,000
$1,350,000
193
32
15
CA
Santa Barbara
$3,950,000
$4,750,000
255
63
19
53
Buyer's
CA
Silicon Valley
$3,788,000
$3,200,000
291
149
95
0
Seller's
CA
Ventura County
$1,895,000
$1,400,000
345
94
36
66
Buyer's
CO
Boulder
$1,695,000
$1,425,000
269
116
24
62
Buyer's
CO
Colorado Springs
$749,900
$703,500
389
156
92
13
Seller's
CO
Denver
$992,500
$850,000
1,280
524
285
12
Seller's
CO
Douglas County
$1,295,000
$1,130,000
329
101
43
33
Buyer's
CO
Durango
$1,447,500
$1,030,000
116
30
2
150
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
$1,712,000
$1,750,000
60
12
2
646
Buyer's
CO
Vail
$4,650,000
$2,600,000
99
9
3
508
Buyer's
CT
Central Connecticut
$649,900
$587,496
406
104
81
39
Balanced
CT
Coastal Connecticut
$1,825,000
$1,355,000
1,272
362
126
80
Buyer's
DC
Washington D.C.
$2,999,900
$2,250,000
61
24
11
4
Balanced
FL
Boca Raton/Delray Beach
$2,395,000
$1,675,000
518
95
33
48
Buyer's
FL
Coastal Pinellas Towns
$1,799,999
$1,537,500
67
10
11
76
Balanced
FL
Greater Fort Lauderdale
$1,322,000
$935,000
1,438
226
86
76
Buyer's
FL
Jacksonville Beaches
$1,278,995
$1,217,200
316
56
33
47
Buyer's
FL
Miami
$1,320,000
$1,025,000
1,283
182
69
120
Buyer's
FL
Naples
$2,249,000
$1,365,000
725
94
47
103
Buyer's
FL
Orlando
$1,549,000
$1,160,000
435
70
29
41
Buyer's
FL
Palm Beach Towns
$3,450,000
$1,950,000
345
53
24
144
Buyer's
FL
Sarasota & Beaches
$1,762,500
$1,450,000
412
59
25
82
Buyer's
FL
Tampa
$799,000
$667,990
720
187
149
39
Balanced
GA
Atlanta
$1,200,000
$940,000
1,237
385
157
25
Buyer's
HI
Island of Hawaii
$2,272,000
$1,250,000
156
30
10
68
Buyer's
HI
Kauai
$2,450,000
$2,175,000
103
11
5
122
Buyer's
HI
Maui
$2,950,000
$1,990,000
172
24
11
110
Buyer's
HI
Oahu
$2,995,000
$2,890,000
234
38
11
28
Buyer's
ID
Ada County
$799,900
$693,333
253
94
122
7
Seller's
ID
Northern
$849,950
$801,000
384
118
41
96
Buyer's
IL
Chicago
$1,220,000
$1,039,250
1,742
585
190
45
Buyer's
IN
Hamilton County
$785,000
$724,000
229
71
72
23
Seller's
MA
Greater Boston
$3,150,000
$2,300,000
141
51
19
18
Buyer's
MD
Anne Arundel County
$995,000
$860,369
312
85
59
21
Balanced
MD
Montgomery County
$1,782,418
$1,423,000
290
82
54
17
Balanced
MD
Talbot County
$1,975,000
$1,150,000
93
13
2
113
Buyer's
MD
Worcester County
$1,124,950
$1,312,500
48
7
4
45
Buyer's
MI
Oakland County
$750,000
$600,000
1,023
437
84
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
$755,750
$645,000
192
72
49
31
Seller's
NC
Charlotte
$986,000
$789,000
824
238
169
8
Balanced
NC
Raleigh-Durham
$746,825
$654,092
980
250
234
0
Seller's
NJ
Ocean County
$849,000
$855,900
532
113
61
55
Buyer's
NV
Las Vegas
$749,900
$620,000
1,597
476
195
28
Buyer's
NV
Reno
$1,385,000
$1,357,500
131
40
16
92
Buyer's
NY
Brooklyn
$1,537,000
$1,242,500
226
26
10
83
Buyer's
NY
Nassau County
$1,680,000
$1,465,500
983
176
72
100
Buyer's
NY
Staten Island
$1,199,999
$1,075,000
147
27
13
78
Buyer's
NY
Suffolk County
$1,495,000
$1,156,250
1,331
209
92
120
Buyer's
ON
GTA - Durham
$1,599,111
$1,250,000
186
97
31
17
Balanced
ON
GTA - York
$2,399,000
$1,717,500
530
212
50
54
Buyer's
ON
Oakville
$2,517,500
$2,155,000
178
83
17
26
Buyer's
ON
Toronto
$3,498,000
$3,150,000
330
178
47
13
Buyer's
TN
Knox County
$799,000
$650,000
197
38
44
12
Seller's
TN
Nashville
$1,062,500
$934,700
352
142
77
7
Seller's
TX
Austin
$1,200,000
$790,000
678
257
171
8
Seller's
TX
Collin County
$723,750
$685,270
738
263
144
31
Balanced
TX
Dallas
$1,050,000
$850,000
754
287
97
22
Buyer's
TX
Fort Worth
$859,000
$765,000
768
265
137
24
Balanced
TX
Houston
$840,000
$652,500
2,068
640
207
31
Buyer's
TX
The Woodlands & Spring
$850,000
$630,000
441
138
63
22
Buyer's
UT
Park City
$3,295,000
$2,000,000
236
55
12
178
Buyer's
VA
Arlington & Alexandria
$1,900,000
$1,880,452
111
34
14
43
Buyer's
VA
Fairfax County
$1,775,000
$1,425,000
494
117
71
25
Buyer's
VA
McLean & Vienna
$2,199,000
$1,500,000
225
42
31
29
Buyer's
VA
Richmond
$850,000
$776,587
292
76
59
6
Balanced
WA
Greater Seattle
$1,955,000
$1,537,000
632
244
198
12
Seller's
WA
Seattle
$1,750,000
$1,430,000
185
80
93
7
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 – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$835,000
$790,000
215
72
20
78
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$735,000
$650,000
291
53
32
54
Buyer's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,859,000
$1,800,000
702
215
46
31
Buyer's
BC
Victoria
$829,450
$756,000
240
89
34
26
Buyer's
CA
Central Coast
$1,175,000
$1,139,288
39
10
2
15
Buyer's
CA
East Bay
$989,000
$980,000
114
76
24
14
Seller's
CA
Los Angeles Beach Cities
$1,699,000
$1,379,000
210
68
26
8
Buyer's
CA
Los Angeles City
$1,527,000
$1,445,000
402
126
27
37
Buyer's
CA
Los Angeles The Valley
$729,500
$705,000
124
58
29
26
Seller's
CA
Marin County
$1,295,000
$1,474,000
15
8
4
60
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,059,500
$999,000
462
155
66
35
Buyer's
CA
Palm Springs/Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,099,000
$832,500
618
224
67
24
Buyer's
CA
San Francisco
$2,775,000
$2,300,000
141
52
9
24
Buyer's
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,797,000
$2,725,000
36
7
4
145
Buyer's
CA
Silicon Valley
$1,460,640
$1,426,000
125
65
33
0
Seller's
CA
Ventura County
$769,000
$712,000
62
24
4
50
Buyer's
CO
Boulder
$949,000
$840,000
87
33
5
50
Buyer's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$699,917
$622,621
628
240
132
14
Seller's
CO
Douglas County
$537,663
$563,500
29
11
1
49
Buyer's
CO
Durango
$775,000
$735,000
33
1
1
146
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
$1,075,000
$1,825,000
11
3
1
5
Buyer's
CO
Vail
$3,359,000
$2,250,000
89
2
5
25
Buyer's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$796,500
$620,000
236
66
24
87
Buyer's
DC
Washington D.C.
$1,895,000
$1,589,000
200
70
37
15
Balanced
FL
Boca Raton/Delray Beach
$1,025,000
$742,500
436
90
20
97
Buyer's
FL
Coastal Pinellas Towns
$982,000
$835,000
158
22
13
16
Buyer's
FL
Greater Fort Lauderdale
$879,000
$875,000
1,201
168
30
133
Buyer's
FL
Jacksonville Beaches
$939,450
$1,062,500
40
5
6
194
Balanced
FL
Miami
$1,040,000
$980,000
2,757
262
33
231
Buyer's
FL
Naples
$2,100,000
$1,815,000
270
38
15
26
Buyer's
FL
Orlando
$694,000
$549,250
58
12
2
98
Buyer's
FL
Palm Beach Towns
$1,672,000
$1,340,000
366
58
23
100
Buyer's
FL
Sarasota & Beaches
$1,300,000
$1,595,000
235
24
7
71
Buyer's
FL
Tampa
$725,000
$1,090,000
135
47
39
2
Seller's
GA
Atlanta
$671,445
$570,000
622
178
61
47
Buyer's
HI
Island of Hawaii
$1,762,500
$1,395,000
94
16
5
109
Buyer's
HI
Kauai
$1,397,000
$1,223,000
67
6
2
116
Buyer's
HI
Maui
$1,897,000
$1,495,000
116
14
9
203
Buyer's
HI
Oahu
$1,252,500
$937,500
384
55
14
22
Buyer's
ID
Ada County
-
-
-
-
-
-
-
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,100,000
$898,000
1,059
352
73
49
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,217,500
$1,700,000
268
101
27
16
Buyer's
MD
Anne Arundel County
$696,000
$520,662
53
23
14
12
Seller's
MD
Montgomery County
$849,000
$654,500
173
52
42
11
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$625,000
$695,000
93
16
6
158
Buyer's
MI
Oakland County
$649,500
$725,000
68
33
3
74
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
$757,450
$685,000
170
45
23
28
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$715,000
$750,000
73
12
5
152
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,296,500
$999,999
506
61
33
86
Buyer's
NY
Nassau County
$1,449,500
$1,032,500
118
25
6
220
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
NY
Suffolk County
$699,900
$600,000
185
44
19
51
Buyer's
ON
GTA - Durham
$689,900
$645,500
43
38
44
16
Seller's
ON
GTA - York
$875,000
$834,000
239
167
84
16
Seller's
ON
Oakville
$1,548,000
$1,225,000
21
10
4
66
Balanced
ON
Toronto
$1,269,000
$1,130,000
489
310
130
12
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$899,950
$755,000
100
25
10
40
Buyer's
TX
Austin
$819,900
$652,500
249
75
38
21
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$817,500
$566,250
218
53
14
70
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$799,950
$668,200
356
84
16
24
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,950,000
$1,900,000
125
5
5
124
Buyer's
VA
Arlington & Alexandria
$1,199,000
$950,872
69
23
26
10
Seller's
VA
Fairfax County
$727,500
$670,000
170
50
64
10
Seller's
VA
McLean & Vienna
$1,287,450
$960,000
28
11
9
7
Seller's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,084,975
$1,041,000
192
83
41
19
Seller's
WA
Seattle
$1,150,000
$1,045,475
113
44
20
27
Balanced
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
L O S A N G EL E S CITY C ALI F O R N I A –June 2020–
LA - CITY
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | MAY 2020 Inventory
Sales
Luxury Benchmark Price 1: $2,100,000 $20,000,000+ $14,100,000 - $19,999,999
49
0
$10,100,000 - $14,099,999 $8,100,000 - $10,099,999
56
54
48
1
75
0 55
4
$3,100,000 - $3,499,999
77
8
$2,700,000 - $3,099,999
1
80
4
$3,500,000 - $3,899,999
$2,100,000 - $2,299,999
Total Sales Ratio2: 5%
2
$4,500,000 - $5,299,999
$2,300,000 - $2,499,999
Buyer's Market
36
1
$5,300,000 - $6,099,999
Total Sales: 45
53
0
$6,100,000 - $7,099,999
$2,500,000 - $2,699,999
Total Inventory: 935
2
$7,100,000 - $8,099,999
$3,900,000 - $4,499,999
65
1
92
4 46
1
67
8
82
9
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$2,325,000
3
3
11
183
6%
3,000 - 3,999
$2,375,000
4
4
11
193
6%
4,000 - 4,999
$3,467,500
5
5
8
167
5%
5,000 - 5,999
$3,365,000
5
6
3
91
3%
6,000 - 6,999
$6,275,000
6
7
4
68
6%
7,000+
$7,725,000
6
9
4
174
2%
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.
LA - CITY
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$3,050,000
964
165
May-19
$2,925,000
$3,000,000
1,022
1,070
139
961
128
Jun-19
$3,052,500
Jul-19
$3,310,000
Aug-19
$3,260,000 $2,877,500
985
940
128
Inventory
122
Sep-19
888
127
$2,950,000
Nov-19
123 Dec-19
$3,119,000
$3,025,000
874
777
703
112
Oct-19
$2,800,000
Solds
104 Jan-20
$2,845,000
137
97
Feb-20
935
830
775
Mar-20
$3,125,000
76 Apr-20
45
May-20
MEDIAN DATA INVENTORY April
May
830
SOLDS April
SALES PRICE May
935 VARIANCE: 13 %
45 VARIANCE: -41 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
April
May
856
$
846 VARIANCE: -1 % $
76
April
May
96.16%
95.21% VARIANCE: -1 %
April
2.85m
$
May
3.13m VARIANCE: 10 % $
DAYS ON MARKET April
29
38 VARIANCE: 31 %
LA - CITY MARKET SUMMARY | MAY 2020 • The LA - City single-family luxury market is a Buyer's Market with a 5% Sales Ratio. • Homes sold for a median of 95.21% of list price in May 2020. • The most active price band is $2,300,000-$2,499,999, where the sales ratio is 12%. • The median luxury sales price for single-family homes has increased to $3,125,000. • The median days on market for May 2020 was 38 days, up from 29 in April 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
May
LA - CITY
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | MAY 2020 Inventory
Sales
Luxury Benchmark Price 1: $992,799 $5,000,000+ $4,500,000 - $4,999,999 $4,000,000 - $4,499,999 $3,500,000 - $3,999,999
$3,000,000 - $3,499,999 $2,500,000 - $2,999,999
27
0 8
0
7
0
0
28
27
3
31
3
47
6
$1,250,000 - $1,499,999
85
2
$1,200,000 - $1,249,999
12
3
$1,150,000 - $1,199,999
1
Total Sales Ratio2: 7%
1
$1,500,000 - $1,749,999
$992,799 - $1,049,999
Buyer's Market 21
$1,750,000 - $1,999,999
$1,050,000 - $1,099,999
Total Sales: 27 8
0
$2,000,000 - $2,499,999
$1,100,000 - $1,149,999
Total Inventory: 402
26
4 22
1
22
1
31
3
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
6
0%
1,000 - 1,599
$1,150,000
2
3
6
90
7%
1,600 - 2,199
$1,275,000
3
3
9
161
6%
2,200 - 2,799
$1,700,000
2
3
7
78
9%
2,800 - 3,399
$2,102,912
3
4
2
30
7%
3,400+
$1,743,000
4
5
3
31
10%
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.
LA - CITY
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$1,240,000
$1,292,500
403
391
370
$1,189,000
$1,225,000
386
$1,290,000
384
Inventory
$1,175,000
381
$1,255,000
$1,300,000
Solds
$1,250,000
350
69 May-19
90
68 Jun-19
Jul-19
79
81
Aug-19
Sep-19
73 Oct-19
70
77
Nov-19
Dec-19
75
Jan-20
$1,260,000
60
87
Feb-20
Mar-20
$1,445,000
402
347
311
307
285
265
$1,355,000
$1,247,500
51
27
Apr-20
May-20
MEDIAN DATA INVENTORY April
May
347
SOLDS April
SALES PRICE May
402 VARIANCE: 16 %
27 VARIANCE: -47 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
April
May
692
$
724 VARIANCE: 5 % $
51
April
May
97.89% 96.00% VARIANCE: -2 %
April
1.26m
$
May
1.45m VARIANCE: 15 % $
DAYS ON MARKET April
23
37 VARIANCE: 61 %
LA - CITY MARKET SUMMARY | MAY 2020 • The LA - City attached luxury market is a Buyer's Market with a 7% Sales Ratio. • Homes sold for a median of 96.00% of list price in May 2020. • The most active price band is $1,200,000-$1,249,999, where the sales ratio is 25%. • The median luxury sales price for attached homes has increased to $1,445,000. • The median days on market for May 2020 was 37 days, up from 23 in April 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
May
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 562.222.5847
- Georgette Solano
GEORGETTE SOLANO
562.222.5847 | Georgette@SolanosInc.com | www.Solanosinc.com