JANET SHER L U X U RY MARKET REPORT
HOUSTON AUGUST 2018
JANET SHER
REALTOR®, CNE, GRI, ILHM Member
832.895.9077
Janet.Sher@GaryGreene.com www.SHERJanetsRealEstate.com As a REALTOR®, I prefer to focus my best efforts on you, my client. Whether you need help with marketing, negotiating the best deal, or just finding that perfect home, I am able to not only meet but exceed expectations every time. I hope you will think of me whenever you, or someone you know, is considering buying, selling, relocating, or investing in properties. Let Me “SHER” Your Real Estate Experience With YOU!
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-13 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 14-15 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 17
LOCAL LUXURY MARKET REVIEW
PAGE 18-19 SINGLE FAMILY HOMES - Monthly Statistics PAGE 20-21 ATTACHED HOMES - Monthly Statistics PAGE 22
THANK YOU TORONTO
SINGLE-FAMILY HOMES
13-MONTH LUXURY MARKET TREND 4 Median Sales Price
$3,120,000
181
82 Apr-17
$3,310,000
106
143
$2,997,500
144
May-17
$3,219,000
54 Jul-17
$3,200,000
Inventory
$3,125,000
$3,175,000
Solds
$3,125,000
347
326
277
199 80
Jun-17
$3,065,000
247
30
59
Aug-17
Sep-17
67
Nov-17
$3,047,500
30 Dec-17
31 Jan-18
$3,112,500
$2,937,500
425
407
362
283
241 63
Oct-17
$3,435,000
44
52
80
Feb-18
Mar-18
Apr-18
MEDIAN DATA INVENTORY March
April
407
425 VARIANCE: 4 %
SALE PRICE PER SQFT. March
N/A
April
N/A VARIANCE: N/A
SOLDS March
SALES PRICE April
52
80 VARIANCE: 54 % SALE TO LIST PRICE RATIO March
April
97.26% 98.48% VARIANCE: 1 %
March
$
2.94m
April
3.11m 6%
$
VARIANCE:
DAYS ON MARKET March
April
10
10 0%
VARIANCE:
TORONTO MARKET SUMMARY | APRIL 2018 • The Toronto single-family luxury market is a Balanced Market with a 19% Sales Ratio. • Homes sold for a median of 98.48% of list price in April 2018. • The most active price band is $8,000,000-$8,999,999, where the sales ratio is 40%. • The median luxury sales price for single-family homes has increased to $3,112,500.
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More indepth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceeds current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2018 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute annually. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN J U LY LUXURY REVIEW 2 0 1 8 In July’s report, the topic “the year of change” for the luxury real estate market was reviewed; with an emphasis on how the market was thought to be slowing down in major metropolitans and existing key luxury locations, while secondary markets were emerging and evolving with unexpected upswings. Also reviewed were the impact of tax and government regulations on real estate decision making, as well as investigating the main cause of the shift in demand from the luxury McMansions to ‘smart’ technology and design-based homes. In August’s report these changes, as well as more specific trends and influencers, will be examined to further understand their impact to the luxury market and the affluent buyers and sellers. On reviewing the North American luxury market statistically, the immediate reaction is there was very little change overall month over month in terms of the median luxury sold price, this is to be expected as August is typically a slower month for real estate in general. The median luxury Single-Family sales price is up just 3.2% in July 2018 from June 2018 and up a mere 2.5% over July 2017. Attached homes, where the median luxury sales price is down 4.0% this month over June 2018 and down just 0.6% over July 2018. Statistics do open up a whole gambit of questions – where the median PRICE may not flucutate, what is interesting to see is that over the last 3 years there has been a marked increase in the NUMBER of sales. The number of luxury Single-Family home sales rose 9.4% in July 2018 compared to July 2017. Luxury Attached home sales are ahead of July 2017 by 13.7%. This now begs the question, if money is remaining within the luxury real estate market, what is the change in spending power? Dive into this question and the results show a number of trends that have become the signature of change for 2018; an increasing number of luxury homeowners are buying additional properties outside their domiciles and contributing to growth in markets not generally considered to be key luxury locations. These secondary homes, not to be confused with the purchase of only one
second home, are juxtaposed to their current residence being chosen for their recreational, leisure, summer or winter retreat, international and/or cultural importance. There is also an important reason buyers are easing away from traditional markets, which is reflected in the types of amenities that have become firm favorites: environmental sustainability, efficent use of energy and space, and sophisticated technology that fits with their lifestyle considerations. Accommodating these amenities to create Green Homes, Smart Homes, and Serviced Apartments all lend themselves to needing flexibility in building or conversion that historic properties in larger impacted cities generally cannot provide, physically or economically. The spring market saw an upsurge in luxury buyers looking for Summer Retreats but with a difference – no longer is the requirement for a 2-week getaway, but rather a home for the entire summer. Technology and working trends have shifted the necessity of being in the office as sophisticated telecommunications have become a key factor in second home purchases, even if that home is a hideaway in a remote mountain location. The importance of a large mansion is less a necessity in these secondary homes, instead open plan environments that also bring the outside in and vice versa have been identified as a significant expectation. Lavish, state of the art kitchens with plenty of counter space – not just for food preparation – but for entertaining and engaging with guests need to be elegantly designed and a showcase for the home. Storage is always a major consideration, and not just inside, outside space for toys as small as a soccer ball to housing large ATVs are equally important. Recreation at home has also become a big factor from the traditional expectations of swimming pools and tennis courts to the more specific sporting requirements of BMX bike parks, ice hockey rinks, equestrian stables, water slides and private access to beaches, forests and bridle paths, accompanied by spa facilities such as saunas, steam rooms and outdoor massage facilities. While it seems that McMansions are no longer the flavor of the year, it must be noted that locations such as Scottsdale, San Diego and across Florida are seeing a new buying trend from builders. Also, it should be put into perspective – what is one man’s McMansion is another man’s standard of living. In many locations where land is plentiful many a 20,000 sq. ft. home is being built. The word built is key here, it is often not the size that is the deterrent, but the style of the home and the time required to modernize it. So too it is the era of the home – properties built from the 1970s through to the 2000s are not considered to be historic, just outdated!
Developers and builders have recognized this opportunity and are now purchasing these homes at less than market value, affording them the ability to restructure the property in line with today’s demands. Statistics also show anomalies in the luxury market, and one such market which has seen a significant change in the last year is the increase in the purchasing of luxury condominiums. One of the most startling increases in luxury condo ownership is in Florida. Bloomberg reported that prices for the Top 5% of the market are rising at their fastest pace in five years. For condos there was a 16% jump in transactions the second quarter of this year against the same period in 2017! On the local level, two Florida cities stood out on this month's Luxury Market Report. Naples, FL had the third highest luxury median Attached sales price, just under tech giant San Francisco. Jacksonville Beaches also reported the second highest luxury attached market sales ratio, second place only to Silicon Valley, who has unprecedented demand each month. The trigger for this surge is thought to be a result of the new tax reforms implemented at the beginning of 2018; Florida is now seen a tax haven for the high-income earner. Another factor that will start to affect the choice of property purchased is the rise in wealth of women; substantial changes of their role within the economy – globally as well as in North America – is seeing an upswing in the amount of financial influence being exerted more than ever before. An important concept to realize is their lifestyle requirements are very different from their male counterparts! Key differences include taking more breaks through their career, they wish to couple their professional goals with their commitment of caring for their family, many are not starting families until later, the rising work from home trend, and that their life expectancy is longer. The influence of women of wealth has already impacted the style of homes – everything from open plan concepts, second home offices, technology being integrated in fridges to tell you the contents, spa facilities, and quiet lounging spaces. Women have distinct preferences with more emphasis on security, privacy, technology and safety. Women are also the driving force of health and wellness with high demand for a gym and workout room (for yoga and pilates) in their homes or within their condominium building. The Global Wellness Institute reported in 2017 that wellness-lifestyle real estate was valued at approx. $120 million and estimated a growth rate of 9% per year with 2020 seeing the value at $150 million. It is important to understand these trends and their impacts as they can greatly influence the value of a home, especially the luxury real estate market. Understanding trends can help prevent a property becoming outdated, explain how outside influences such as tax can create unexpected consequences, and explain why a property’s value is not just reflective of local factors - as luxury buyers are becoming more global, varied in their lifestyle choices, and influenced by technology. While this report seeks to give an overall view of the luxury market and concurs that luxury real estate is firmly entering into a year of change, it is still important to recognize that individual markets must be reviewed separately too – certainly one of the most significant observations is that there are many markets in the ‘change’ process and the trends described above are causing a variety of influences that are often in contradiction to current expectations.
– 13 - MONTH MARKET TRENDS* – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
DAYS ON MARKET
80
60
56
52
49
55
52
64
62
57
43
40
42
40
41
39
33
42
41
41
33
40
38
32 32
32
APR
MAY
33 32
32
20
0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
JUN
JUL
$508 $367
$562 $369
$551 $368
$540 $372
$504 $353
$366
$339
$322
$458
$507
$525
$517 $365
$509
$510
$338
$300
$377
$400
$360
$468
$501
$500
$360
PRICE PER SQUARE FOOT
$600
$200
$100
$0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
JUN
JUL
SALES PRICE VS. LIST PRICE
$2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2018 | July 2018
SINGLE-FAMILY HOMES June
July
June
July
Median List Price
$1,685,000 $1,685,000
Total Inventory
40,388
39,675
Median Sale Price
$1,352,000 $1,395,000
New Listings
10,759
9,505
7,648
6,389
33
40
3,710
3,660
Median SP/LP Ratio
97.58%
96.98%
Total Sales Ratio
18.94%
16.10%
$369
$367
Median Price per Sq. Ft.
Total Sold Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,254
1,259
New Listings
Total Sold
7
2.84%
Med. Sale Price
Days on Market
Sales Ratio
43,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | JULY 2018 •
Official Market Type: Balanced Market with a 16.10% Sales Ratio.1
•
Homes are selling for an average of 96.98% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,395,000.
•
Markets with the Highest Median Sales Price: LA-Beach Cities ($3,872,000), Vail ($3,525,000), Silicon Valley ($3,200,000), and Vancouver ($3,180,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (88%), San Francisco (79%), Seattle (51%), and Sacramento (38%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2018 | July 2018
ATTACHED HOMES June
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
July
$1,024,500 $1,014,000
June
July
13,408
13,049
New Listings
3,774
3,175
2,471
2,072
32
32
2,002
1,990
Total Inventory
$937,450
$899,500
98.44%
98.47%
Total Sold
18.43%
15.88%
Median Days on Market
$562
$508
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
599
399
New Listings
Total Sold
1
2.55%
Med. Sale Price
Days on Market
Sales Ratio
37,950
$
ATTACHED HOMES MARKET SUMMARY | JULY 2018 •
Official Market Type: Balanced Market with an 15.88% Sales Ratio.1
•
Attached homes are selling for an average of 98.47% of list price.
•
The median luxury threshold2 price is $711,225, and the median attached luxury sale price is $899,500.
•
Markets with the Highest Median Sales Price: Vail ($2,550,000), San Francisco ($2,253,380), Naples ($1,900,000), and Greater Boston ($1,867,500).
•
Markets with the Highest Sales Ratio: Silicon Valley (167%), Jacksonville Beaches (78%), LA-The Valley (70%), and Marin County (54%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,100,000
$1,050,000
766
215
103
50
Buyer's
AZ
Paradise Valley
$2,924,582
$2,302,000
186
18
14
244
Buyer's
AZ
Phoenix
$707,900
$630,000
799
167
189
57
Seller's
AZ
Scottsdale
$1,675,000
$1,327,500
743
78
80
133
Buyer's
AZ
Tucson
$749,900
$630,000
695
97
73
69
Buyer's
BC
Okanagan Valley
$1,599,000
$1,440,000
674
126
41
69
Buyer's
BC
Vancouver
$3,939,000
$3,180,000
1,516
297
31
34
Buyer's
BC
Victoria
$1,800,000
$1,460,000
429
131
44
23
Buyer's
CA
Los Angeles - Beach Cities
$4,850,000
$3,872,000
395
112
55
31
Buyer's
CA
Los Angeles - City
$4,299,500
$3,088,073
828
242
145
41
Balanced
CA
Los Angeles - The Valley
$2,250,000
$1,765,000
681
246
130
35
Balanced
CA
Marin County
$3,995,000
$2,810,000
113
12
33
46
Seller's
CA
Napa County
$2,800,000
$2,027,500
135
15
18
60
Buyer's
CA
Orange County
$2,395,000
$1,908,888
1,607
387
291
41
Balanced
CA
Palm Springs & Palm Desert
$1,795,000
$1,600,000
406
40
42
100
Buyer's
CA
Sacramento
$769,505
$710,000
853
342
328
19
Seller's
CA
San Diego
$2,285,000
$1,549,270
1,361
425
277
37
Balanced
CA
San Francisco
$3,947,500
$3,077,500
48
17
38
14
Seller's
CA
Santa Barbara
$3,684,700
$2,444,000
251
54
23
69
Buyer's
CA
Silicon Valley
$5,375,000
$3,200,000
155
63
137
13
Seller's
CO
Boulder
$1,795,000
$1,510,000
218
59
58
50
Seller's
CO
Denver
$950,000
$850,000
1,266
381
458
12
Seller's
CO
Vail
$4,292,000
$3,525,000
142
19
4
97
Buyer's
DC
Washington D.C.
$3,400,000
$2,400,000
61
8
12
30
Balanced
FL
Boca Raton & Delray Beach
$1,999,000
$1,470,000
587
76
49
125
Buyer's
FL
Greater Fort Lauderdale
$1,250,000
$925,000
1,603
295
135
77
Buyer's
FL
Jacksonville Beaches
$1,248,295
$999,688
328
53
32
74
Buyer's
FL
Miami
$1,350,000
$959,500
1,356
244
85
119
Buyer's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,849,000
$1,452,500
1,097
131
82
103
Buyer's
FL
Orlando
$1,600,000
$1,250,000
557
77
50
43
Buyer's
FL
Palm Beach Towns
$3,250,000
$1,900,000
339
40
23
78
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,417,500
523
61
30
109
Buyer's
GA
Atlanta
$1,175,000
$950,000
1,330
333
216
36
Balanced
HI
Maui
$2,997,000
$2,105,250
210
28
16
194
Buyer's
IL
Chicago
$1,250,000
$1,020,000
2,169
582
320
52
Buyer's
MA
Greater Boston
$2,999,900
$2,697,500
119
16
26
11
Seller's
MD
Montgomery County
$1,798,500
$1,390,000
412
67
81
24
Balanced
MI
Oakland County
$749,900
$620,350
1,271
419
212
21
Balanced
MO
St. Louis
$796,700
$662,500
228
54
64
18
Seller's
NC
Charlotte
$899,900
$775,000
1,095
205
227
27
Balanced
NC
Raleigh-Durham
$734,900
$655,000
1,009
191
241
7
Seller's
NV
Las Vegas
$749,900
$600,500
1,325
398
282
35
Seller's
NY
Brooklyn
$1,400,000
$1,230,000
197
50
10
81
Buyer's
NY
Staten Island
$1,199,999
$1,012,500
209
42
12
57
Buyer's
ON
GTA - York
$2,189,450
$1,880,000
932
334
51
34
Buyer's
ON
Toronto
$3,388,000
$3,177,298
494
198
58
27
Buyer's
TN
Nashville
$1,000,000
$867,450
385
137
80
16
Balanced
TX
Austin
$999,000
$815,500
851
231
247
26
Seller's
TX
Collin County
$700,000
$660,000
1,138
279
182
36
Balanced
TX
Dallas
$999,000
$890,738
865
212
155
29
Balanced
TX
Fort Worth
$875,000
$775,000
935
215
171
25
Balanced
TX
Houston
$820,000
$750,000
2,100
586
312
38
Buyer's
TX
The Woodlands & Spring
$785,000
$672,500
583
143
78
71
Buyer's
UT
Park City
$2,950,000
$2,200,000
272
49
19
63
Buyer's
VA
Fairfax County
$1,650,000
$1,377,500
565
98
86
19
Balanced
WA
Seattle
$1,750,000
$1,400,000
263
110
133
9
Seller's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
$820,000
$760,000
369
88
33
35
Buyer's
AB
Calgary
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$682,500
$609,950
124
31
22
84
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,988,000
$1,616,250
766
230
42
27
Buyer's
BC
Victoria
$840,000
$752,500
193
61
62
21
Seller's
CA
Los Angeles Beach Cities
$1,699,000
$1,425,000
177
75
85
17
Seller's
CA
Los Angeles City
$1,699,000
$1,330,000
308
134
85
17
Seller's
CA
Los Angeles The Valley
$699,000
$661,709
100
50
70
29
Seller's
CA
Marin County
$1,250,000
$1,150,000
13
4
7
32
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,029,000
$909,000
447
140
151
25
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,099,000
$890,000
537
224
145
34
Seller's
CA
San Francisco
$3,100,000
$2,253,380
71
11
28
28
Seller's
CA
Santa Barbara
$2,475,000
$1,554,500
37
7
4
18
Buyer's
CA
Silicon Valley
$1,498,000
$1,450,000
60
47
100
10
Seller's
CO
Boulder
$867,808
$781,250
77
29
20
45
Seller's
CO
Denver
$698,250
$618,110
474
154
184
14
Seller's
CO
Vail
$3,643,000
$2,550,000
86
11
3
404
Buyer's
DC
Washington D.C.
$1,800,000
$1,557,500
143
44
32
11
Seller's
FL
Boca Raton & Delray Beach
$867,000
$750,000
354
41
34
46
Buyer's
FL
Greater Fort Lauderdale
$859,000
$735,000
1,150
149
61
98
Buyer's
FL
Jacksonville Beaches
$1,199,000
$865,000
41
4
32
113
Buyer's
FL
Miami
$999,000
$958,125
2,757
296
74
196
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,998,889
$1,900,000
257
20
19
43
Buyer's
FL
Orlando
$791,000
$589,500
74
11
2
38
Buyer's
FL
Palm Beach Towns
$1,297,000
$1,675,000
282
38
15
132
Buyer's
FL
Sarasota & Beaches
$1,295,000
$1,302,500
203
34
20
64
Buyer's
GA
Atlanta
$675,000
$647,500
494
130
76
58
Balanced
HI
Maui
$1,695,000
$1,470,036
140
19
23
248
Balanced
IL
Chicago
$1,199,000
$977,500
957
302
160
32
Balanced
MA
Greater Boston
$2,475,000
$1,867,500
211
49
62
35
Seller's
MD
Montgomery County
$789,990
$645,500
191
69
60
18
Seller's
MI
Oakland County
$846,000
$617,500
66
27
14
24
Seller's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$699,900
$618,755
118
17
22
27
Balanced
NC
Raleigh-Durham
-
-
-
-
-
-
-
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$996,500
$1,073,500
78
19
6
101
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - York
$779,000
$714,000
180
80
14
24
Buyer's
ON
Toronto
$1,299,000
$1,194,500
359
216
102
14
Seller's
TN
Nashville
$699,950
$625,000
90
25
17
25
Balanced
TX
Austin
$710,000
$643,500
208
57
38
25
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$699,900
$600,000
195
44
23
62
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$625,000
$665,000
251
65
31
43
Buyer's
TX
The Woodlands and Spring
-
-
-
-
-
-
-
UT
Park City
$1,996,000
$1,777,500
156
16
14
165
Buyer's
VA
Fairfax County
$719,900
$685,000
164
67
81
11
Seller's
WA
Seattle
$1,250,000
$930,000
91
40
26
11
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
Luxury is in each detail. Hubert de Givenchy
HOUSTON
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | JULY 2018 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $4,000,000+ $3,500,000 - $3,999,999 $3,000,000 - $3,499,999 $2,500,000 - $2,999,999
$2,000,000 - $2,499,999 $1,750,000 - $1,999,999 $1,500,000 - $1,749,999 $1,250,000 - $1,499,999
50
2 25
3
Total Inventory: 2,100
22
2
Total Sales: 312
4 79
5
87
11
195
26 176
27
$750,000 - $999,999
$650,000 - $699,999
$600,000 - $649,999
431
74
106
24
184
24 165
19
$550,000 - $599,999 $500,000 - $549,999
Total Sales Ratio2: 15%
94
$1,000,000 - $1,249,999
$700,000 - $749,999
Balanced Market
43
5
212
47
231
39
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$603,750
3
3
82
355
23%
2,500 - 3,499
$714,750
4
4
96
693
14%
3,500 - 4,499
$970,000
4
4
81
487
17%
4,500 - 5,499
$1,318,750
4
5
32
284
11%
5,500 - 6,499
$1,675,500
5
6
5
136
4%
6,500+
$2,500,000
5
6
15
131
11%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
HOUSTON
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$727,000
$740,000
$700,000
280 Jul-17
231
218 Aug-17
Sep-17
$702,500
1,654
1,518
1,388
1,298
1,250
$732,919
235 Oct-17
$720,313
Nov-17
$680,000
1,618
1,485
220
Inventory
279 Dec-17
Jan-18
$720,000
$715,000
261
189 Feb-18
$750,000
Mar-18
$735,000
2,067
1,876
1,777
1,613
127
Solds
Apr-18
2,100
2,019
412
349
309
$750,000
$735,000
May-18
312
Jun-18
Jul-18
MEDIAN DATA INVENTORY June
July
2,019
2,100 VARIANCE: 4 %
SALE PRICE PER SQFT. June
July
266
$
267 VARIANCE: 0 % $
SOLDS June
SALES PRICE July
412
312 VARIANCE: -24 % SALE TO LIST PRICE RATIO June
July
97.53% 97.47% VARIANCE: 0 %
June
735k
$
July
750k VARIANCE: 2 % $
DAYS ON MARKET June
July
38
38 VARIANCE: 0 %
HOUSTON MARKET SUMMARY | JULY 2018 • The Houston single-family luxury market is a Balanced Market with a 15% Sales Ratio. • Homes sold for a median of 97.47% of list price in July 2018. • The most active price band is $700,000-$749,999, where the sales ratio is 23%. • The median luxury sales price for single-family homes has increased to $750,000. • The median days on market for July 2018 was 38 days, remaining the same from June 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
HOUSTON
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | JULY 2018 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $1,400,000+ $1,300,000 - $1,399,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999
8
0 0
3
0
2
$950,000 - $999,999
$850,000 - $899,999
$800,000 - $849,999 $750,000 - $799,999 $700,000 - $749,999
Total Sales Ratio2: 12% 7
2
4
1
10
1
11
1
21
1
20
3
25
4 24
3
$550,000 - $599,999 $500,000 - $549,999
Buyer's Market
3
$650,000 - $699,999
$600,000 - $649,999
Total Sales: 31 4
1
$1,000,000 - $1,099,999
$900,000 - $949,999
Total Inventory: 251
1
57
8
54
3
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$550,000
3
4
3
41
7%
2,500 - 2,999
$595,000
3
4
11
82
13%
3,000 - 3,499
$698,500
3
4
8
80
10%
3,500 - 3,999
$1,012,450
3
4
8
31
26%
4,000 - 4,499
NA
NA
NA
0
9
0%
4,500+
$680,000
5
5
1
8
13%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
HOUSTON
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$657,000
$605,000
$588,000
27 Jul-17
11
25
Aug-17
Sep-17
$666,500
221
196
170
152
126
$638,756
22 Oct-17
Inventory
$620,000
$600,000
201
204
19
20
Nov-17
Dec-17
$645,000
$672,750
212
189
$619,250
$632,000
$624,900
217
230
235
17
28
34
32
Feb-18
Mar-18
Apr-18
May-18
13
Jan-18
Solds
$665,000
251
31
31
Jun-18
Jul-18
MEDIAN DATA INVENTORY June
July
235
251 VARIANCE: 7 %
SALE PRICE PER SQFT. June
July
211
$
229 VARIANCE: 9 % $
SOLDS June
SALES PRICE July
31
31 VARIANCE: 0 %
SALE TO LIST PRICE RATIO June
July
97.20% 97.42% VARIANCE: 0 %
June
625k
$
665k VARIANCE: 6 % $
DAYS ON MARKET June
56
July
43 VARIANCE: -23 %
HOUSTON MARKET SUMMARY | JULY 2018 • The Houston attached luxury market is a Buyer's Market with a 12% Sales Ratio. • Homes sold for a median of 97.42% of list price in July 2018. • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 67%. • The median luxury sales price for attached homes has increased to $665,000. • The median days on market for July 2018 was 43 days, down from 56 in June 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
July
Thank you for viewing this report. Please contact me for more information about this report and the services I can offer to you and your luxury property. Please contact me at 832.895.9077.
- Janet Sher
JANET SHER
832.895.9077 | Janet.Sher@GaryGreene.com | www.SHERJanetsRealEstate.com