JANET SHER L U X U RY MARKET REPORT
HOUSTON J U LY 2 0 1 8
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 N E LUXURY REVIEW 2 0 1 8 2018 was predicted as the year of change – not just in North America but globally – for the luxury real estate market. Predications included the slowing down of the global luxury real estate market, specifically in major metropolitans and existing key luxury locations, but an increase of demand in secondary markets. There were also concerns about the negative impact of tax changes and government regulations including tariffs against foreign investors. In terms of types of properties selling, predictions indicated that demand would increase for luxury developments with outstanding amenities but decrease for “McMansion-style” properties. Now, at the mid-point of 2018, it’s time to look at the validity of these predictions by analyzing the data over the last 6 months and reviewing the trends that have developed – to see if indeed, this is the year of change. Location has always been paramount when money is no object, whether a home is steps from the beach, situated in the mountains or the heart of the city – and the wealthiest and most powerful players have always trended towards the same cities and locations to buy their properties. But the world’s richest who, according to Wealth-X, currently own nearly $3 trillion worth of real estate, are changing their spending habits. This wealth and who owns it is evolving because the majority, upward of 65% of these ultrawealthy are new self-made entrepreneurs. Their needs are different because their businesses are often both technology driven and globally located. In addition to their primary residence, they often have 2-5 other properties located near their key business locations, or in a major city of influence and/or a favored leisure destination. Distribution of this wealth has also changed geographically and there has also been a significant increase in the number of ultra-wealthy individuals – with predictions of a further global 20% rise over the next 2-3 years - with the strongest growth from the Asia-Pacific region.
During 2017, the luxury single-family detached home sales showed a very stable and dependable market. In the early part of 2018, inventory constraints eased with a growing number of luxury properties coming on the market. Prices started to level off, rather than the anticipated fall, because demand remain consistent. Six months into 2018 and all indicators illustrate that overall this market segment remains healthy. However, not all luxury market segments thrived in 2018. Luxury residential development of McMansion style properties in many cities proved to be “white elephants” – although smart thinking has seen many turned into multi-family homes. The ultra high-end showed a substantial slow down too, although not due to affordability - rather in part due to the types of properties available on the market not matching the new trend for homes with quality-rich amenities. Large palatial homes are still in demand, but simply not to the extent that meets the new ultra-wealthy’s criteria for numerous homes that offer ‘smart’ technology and design. These homeowners still want homes that offer plenty of space, privacy and protection, but with today’s clever technology this can be achieved in homes half the size. Instead features such as smart home automation, unique designs, and custom spaces are achieving the extraordinary price tags. Trends such as expansive windows, indoor-outdoor living spaces, magnificent garages to house all the toys, resort-style spa with pools, saunas and hot tubs, statement cellars and attention to eco-friendly features. Conversely, secondary and emerging luxury markets saw a favorable shift. Advances in technology has made homes more accessible for buyers to be no longer constrained by location, especially in luxury markets near tech hubs such as Greater Seattle, Greater Tacoma, Portland, Raleigh-Durham, San Francisco and Silicon Valley where there are still significant growth and sales. Three of these tech cities, Silicon Valley, Seattle, and San Francisco are consistently in the top 3 markets for sales ratio, meaning that homes sell almost or as quickly as they enter the market. Other markets such as Denver, Dallas, Houston, Nashville and Las Vegas are still seeing an increase in demand for their luxury markets as entrepreneurs and baby boomers look for homes in locations that offer and appreciate their requirements for unique experiences, new opportunities and value for money. As an example, the Denver luxury single-family market has the 4th highest sales ratio of the cities included in this report at 45%, with only tech giant cities showing higher ratios. Luxury condominiums have proven to be one of the strongest sectors in this market, especially over the last few months. Early predictions of a steady demand in most markets, with downtown cores showing strongest growth,
have proven to be correct. The combination of young professionals looking for live-work-play lifestyles, global entrepreneurs using wealth from their businesses and baby boomers leveraging equity from their single-family residences to purchase luxurious full amenity condos are the main drivers in this market. Those selling luxury condos can continue to expect top dollar in 2018, despite recent initiatives to cool urban markets. In June 2018, the larger cities with the highest luxury median attached price were San Francisco ($2,456,000), Greater Boston ($2,002,500) and Naples ($1,812,500), all of whom are known for having strong attached property markets. The exponential growth and price increases in the global real estate market has created a significant problem in many of the world’s major cities – causing difficulties for their local population to purchase homes. Governments have sought to find solutions by bringing in cooling measures – 2018 saw the biggest overhaul of the US tax code, and major cities in Canada implemented additional taxes on second homes, foreign buyers and on properties valued over the luxury threshold. The plan to remove tax deductions in the US for state and local income tax caused many of the wealthy self-employed, empty nesters, second homeowners and foreign investors to move or change their primary residences from high-tax states such as New York, Connecticut, Illinois, California to states without the same income tax levels such as Florida, Texas, Nevada and Tennessee. Significant increases in taxes do hamper people’s ability to move, when costs become a major consideration in the choice of whether to move, it restricts the natural flow in the property market. There have been a significant drop in prices in some markets as a result of these taxes changes being keenly felt, The Big Apple, Washington D.C., and Boston saw prices dropping as much as 6% against the same period in 2017 to attract buyers—a trend likely to continue throughout 2018. In Canada, the cities of Vancouver, Toronto and Greater Toronto Area markets saw significant drops in sales as well as a substantial increase in inventory. For example, in June 2018 Vancouver's single-family luxury median sales price dropped 9.2% its number of sales decreased by 45% against June 2017 while its luxury median attached price rose 2% over last year but experienced a 38% decrease in sales. How these tax implications will continue to impact the North American real estate market as a whole and within individual markets will need to be watched as carefully as the new trends in buying and the spending power of the ultra-wealthy. 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 viewed 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
53
49
55
52
65
63
59
43
41 40
41
35
43
42
41
42
42
41
35
40
44
34
31 33
32
32
20
0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
$545 $375
$567 $379
$551 $386
$527 $385
$502 $372
$351
$323
$476
$523
$534 $372
$517 $381
$468
$524 $371
$300
$349
$365
$488
$400
$501
$500
$354
PRICE PER SQUARE FOOT
$600
$200
$100
$0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
MAY
JUN
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
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
Discrepancies between statistics published between the June 2018 and July 2018 Luxury Market Reports are due to the addition of Okanagan Valley, BC; Orlando, FL; Greater Toronto - York, ON; Charlotte, NC; Fort Worth, TX; revisions to Jacksonville Beaches; and the separation of Paradise Valley, AZ from Scottsdale, AZ.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month May 2018 | June 2018
SINGLE-FAMILY HOMES May
June
May
June
42,794
44,052
Median List Price
$1,650,000 $1,675,000
Total Inventory
Median Sale Price
$1,450,000 $1,349,000
New Listings
13,051
11,595
7,644
8,001
40
34
3,648
3,700
Median SP/LP Ratio
97.59%
97.56%
Total Sold
Total Sales Ratio
17.86%
18.16%
Median Days on Market
$379
$375
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,456
357
New Listings
Total Sold
6
0.3%
Med. Sale Price
Days on Market
Sales Ratio
101,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | JUNE 2018 •
Official Market Type: Balanced Market with a 18.16% Sales Ratio.1
•
Homes are selling for an average of 97.56% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,349,000.
•
Markets with the Highest Median Sales Price: Vail ($3,911,500), LA-Beach Cities ($3,500,000), Vancouver ($3,200,500), and Toronto ($3,100,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (93%), Seattle (60%), San Francisco (59%), and Denver (45%).
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 May 2018 | June 2018
ATTACHED HOMES May
June
Median List Price
$999,000
$999,000
Total Inventory
Median Sale Price
$901,990
$940,000
Median SP/LP Ratio
99.00%
Total Sales Ratio Median Price per Sq. Ft.
May
June
13,356
13,600
New Listings
4,108
3,838
98.34%
Total Sold
2,416
2,456
18.09%
18.06%
Median Days on Market
32
32
$567
$545
2,089
2,024
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
New Listings
Total Sold
270
40
0
0.03%
Med. Sale Price
Days on Market
Sales Ratio
38,010
$
ATTACHED HOMES MARKET SUMMARY | JUNE 2018 •
Official Market Type: Balanced Market with an 18.06% Sales Ratio.1
•
Attached homes are selling for an average of 98.34% of list price.
•
The median luxury threshold2 price is $720,000, and the median attached luxury sale price is $940,000.
•
Markets with the Highest Median Sales Price: Vail ($4,300,000), San Francisco ($2,456,000), Park City ($2,400,000), and Greater Boston ($2,002,500).
•
Markets with the Highest Sales Ratio: Silicon Valley (191%), Marin County (94%), Fairfax County (64%), and LA-Beach Cities (63%).
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
$993,500
855
304
145
31
Balanced
AZ
Paradise Valley
$2,853,000
$2,610,000
196
33
16
122
Buyer's
AZ
Phoenix
$724,900
$682,000
851
207
192
70
Seller's
AZ
Scottsdale
$1,675,000
$1,292,500
812
104
130
110
Balanced
AZ
Tucson
$750,000
$645,500
713
115
118
39
Balanced
BC
Okanagan Valley
$1,599,000
$1,355,000
653
133
36
59
Buyer's
BC
Vancouver
$3,899,500
$3,200,500
1,562
413
62
25
Buyer's
BC
Victoria
$1,799,900
$1,550,000
437
152
67
27
Balanced
CA
Los Angeles Beach Cities
$4,785,000
$3,500,000
432
126
85
25
Balanced
CA
Los Angeles City
$4,898,000
$3,087,500
701
242
124
41
Balanced
CA
Los Angeles The Valley
$2,100,000
$1,765,000
669
239
151
51
Seller's
CA
Marin County
$3,891,500
$2,968,750
142
18
52
28
Seller's
CA
Napa County
$2,795,000
$2,100,000
149
20
19
34
Buyer's
CA
Orange County
$2,380,000
$1,782,500
1,676
478
316
28
Balanced
CA
Palm Springs & Palm Desert
$1,782,000
$1,327,500
482
64
63
125
Buyer's
CA
Sacramento
$782,500
$710,000
896
364
339
13
Seller's
CA
San Diego
$2,195,000
$1,625,000
1,452
475
297
29
Balanced
CA
San Francisco
$4,342,500
$3,000,000
70
24
41
11
Seller's
CA
Santa Barbara
$3,689,850
$2,850,000
268
52
21
11
Buyer's
CA
Silicon Valley
$4,958,000
$3,010,000
196
95
183
10
Seller's
CO
Boulder
$1,737,500
$1,335,500
230
77
73
56
Seller's
CO
Denver
$979,500
$833,750
1,149
435
522
8
Seller's
CO
Vail
$4,269,500
$3,911,500
138
21
6
217
Buyer's
DC
Washington D.C.
$3,495,000
$2,410,000
69
17
17
9
Seller's
FL
Boca Raton & Delray Beach
$1,999,000
$1,731,250
610
84
44
91
Buyer's
FL
Greater Fort Lauderdale
$1,275,000
$905,000
1,645
321
163
72
Buyer's
FL
Jacksonville Beaches
$1,239,000
$1,060,000
323
64
39
44
Buyer's
FL
Miami
$1,345,000
$920,265
1,390
221
112
89
Buyer's
FL
Naples
$1,800,000
$1,567,500
1,137
115
128
94
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
Orlando
$1,647,000
$1,400,000
581
90
43
70
Buyer's
FL
Palm Beach Towns
$3,097,500
$2,437,432
360
38
36
102
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,540,000
546
73
47
95
Buyer's
GA
Atlanta
$1,175,000
$950,000
1,391
351
268
34
Balanced
HI
Maui
$3,247,500
$2,200,000
208
27
11
232
Buyer's
IL
Chicago
$1,269,450
$1,050,000
2,284
671
421
45
Balanced
MA
Greater Boston
$2,950,000
$2,500,000
140
29
47
16
Seller's
MD
Montgomery County
$1,775,000
$1,385,000
435
118
110
19
Seller's
MI
Oakland County
$750,000
$630,000
1,303
486
201
23
Balanced
MO
St. Louis
$786,500
$702,500
244
72
76
10
Seller's
NC
Charlotte
$899,000
$789,000
1,255
280
264
20
Seller's
NC
Raleigh-Durham
$725,000
$652,000
1,056
235
303
4
Seller's
NV
Las Vegas
$749,900
$610,000
1,327
387
318
28
Seller's
NY
Brooklyn
$1,454,000
$1,270,000
192
49
17
69
Buyer's
NY
Long Island
$1,489,000
$1,160,000
3,664
836
353
55
Buyer's
NY
Staten Island
$1,199,999
$980,750
199
58
20
66
Buyer's
ON
Greater Toronto - York
$2,288,000
$1,750,000
573
238
57
29
Buyer's
ON
Toronto
$3,388,000
$3,100,000
528
247
81
13
Balanced
TN
Nashville
$994,900
$914,381
371
147
110
18
Seller's
TX
Austin
$1,012,500
$832,400
810
233
256
20
Seller's
TX
Collin County
$705,649
$656,000
1,117
309
201
29
Balanced
TX
Dallas
$1,062,000
$925,000
882
264
185
42
Balanced
TX
Fort Worth
$879,000
$769,795
925
255
231
16
Seller's
TX
Houston
$835,000
$735,000
2,019
568
412
38
Balanced
TX
The Woodlands & Spring
$785,000
$686,750
582
164
96
40
Balanced
UT
Park City
$2,962,500
$1,975,000
274
53
28
131
Buyer's
VA
Fairfax County
$1,629,000
$1,349,000
631
153
98
27
Balanced
WA
Seattle
$1,699,450
$1,550,000
252
151
150
8
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
$825,000
$789,375
368
147
40
32
Buyer's
AB
Calgary
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$696,800
$600,000
117
31
25
63
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,968,000
$1,737,500
832
287
54
14
Buyer's
BC
Victoria
$825,000
$802,500
217
99
55
15
Seller's
CA
Los Angeles Beach Cities
$1,598,000
$1,472,000
75
39
47
12
Seller's
CA
Los Angeles City
$1,625,400
$1,204,750
316
124
92
35
Seller's
CA
Los Angeles The Valley
$699,000
$687,500
141
74
70
35
Seller's
CA
Marin County
$1,197,000
$1,085,000
16
3
15
21
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,050,000
$950,000
505
194
137
24
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,083,950
$865,000
518
243
163
21
Seller's
CA
San Francisco
$3,050,000
$2,456,000
90
25
34
17
Seller's
CA
Santa Barbara
$1,697,500
$1,359,000
44
13
5
31
Buyer's
CA
Silicon Valley
$1,488,880
$1,452,500
67
55
128
9
Seller's
CO
Boulder
$850,500
$812,000
66
23
13
35
Balanced
CO
Denver
$699,900
$627,355
429
167
206
9
Seller's
CO
Vail
$3,395,000
$4,300,000
85
19
7
152
Buyer's
DC
Washington D.C.
$1,800,000
$1,690,000
162
52
32
10
Balanced
FL
Boca Raton & Delray Beach
$830,000
$710,000
367
55
49
63
Buyer's
FL
Greater Fort Lauderdale
$850,000
$822,318
1,201
276
168
21
Buyer's
FL
Jacksonville Beaches
$1,225,000
$1,412,500
47
15
10
76
Seller's
FL
Miami
$999,000
$940,000
2,803
356
108
169
Buyer's
FL
Naples
$1,995,000
$1,812,500
290
29
28
90
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
Orlando
$799,000
$574,250
87
13
8
84
Buyer's
FL
Palm Beach Towns
$1,477,500
$1,296,250
192
21
20
110
Buyer's
FL
Sarasota & Beaches
$1,199,500
$1,131,250
220
33
26
52
Buyer's
GA
Atlanta
$675,000
$593,750
513
122
84
43
Balanced
HI
Maui
$1,725,000
$1,662,500
139
24
19
248
Buyer's
IL
Chicago
$1,178,888
$934,900
1,041
332
161
35
Balanced
MA
Greater Boston
$2,399,000
$2,002,500
229
54
80
17
Seller's
MD
Montgomery County
$812,495
$645,000
182
59
66
10
Seller's
MI
Oakland County
$787,000
$570,000
64
16
9
25
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$716,990
$680,000
127
27
37
29
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$998,500
$1,138,000
68
15
2
129
Buyer's
NY
Long Island
$900,445
$948,000
302
82
23
70
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
Greater Toronto - York
$765,000
$720,000
143
78
27
28
Balanced
ON
Toronto
$1,299,450
$1,172,500
414
313
162
11
Seller's
TN
Nashville
$699,450
$577,500
102
29
18
5
Balanced
TX
Austin
$700,000
$640,000
201
53
27
54
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$710,000
$597,500
209
49
30
46
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$649,000
$624,900
235
77
31
56
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,090,000
$2,400,000
155
14
19
84
Buyer's
VA
Fairfax County
$700,573
$657,825
132
56
84
12
Seller's
WA
Seattle
$1,299,995
$1,150,000
89
45
37
16
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 | JUNE 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
49
3 22
2
Total Inventory: 2,019
24
1
Total Sales: 412 Balanced Market
44
4 16
73
11
108
17
186
21
$1,000,000 - $1,249,999
166
41
$750,000 - $999,999 $700,000 - $749,999 $650,000 - $699,999
$600,000 - $649,999 $550,000 - $599,999 $500,000 - $549,999
Total Sales Ratio2: 20%
87
415
80
93
30
165
32
165
47
205
52
217
55
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$582,000
3
3
109
317
34%
2,500 - 3,499
$732,500
3
4
146
675
22%
3,500 - 4,499
$935,150
4
4
92
472
19%
4,500 - 5,499
$1,469,500
4
5
40
283
14%
5,500 - 6,499
$1,995,000
5
6
14
129
11%
6,500+
$3,165,000
5
7
10
127
8%
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
$700,000
$727,000
389 Jun-17
280
Jul-17
$700,000
218
Aug-17
$732,919
231
Sep-17
$702,500
1,654
1,518
1,388
1,298
1,250
1,191
$740,000
235
Oct-17
Inventory
$720,313
279
220 Nov-17
Dec-17
$715,000
$680,000
1,618
1,485
Solds
189
127
Jan-18
Feb-18
$735,000
Mar-18
Apr-18
2,019
412
349
309
261
$735,000
2,067
1,876
1,777
1,613
$750,000
$720,000
May-18
Jun-18
MEDIAN DATA INVENTORY May
June
2,067
2,019 VARIANCE: -2 %
SALE PRICE PER SQFT. May
June
262
$
266 VARIANCE: 2 % $
SOLDS May
SALES PRICE June
349
412 VARIANCE: 18 %
SALE TO LIST PRICE RATIO May
June
97.81%
97.53% VARIANCE: 0 %
May
735k
$
June
735k VARIANCE: 0 % $
DAYS ON MARKET May
June
43
38 VARIANCE: -12 %
HOUSTON MARKET SUMMARY | JUNE 2018 • The Houston single-family luxury market is a Balanced Market with a 20% Sales Ratio. • Homes sold for a median of 97.53% of list price in June 2018. • The most active price band is $700,000-$749,999, where the sales ratio is 32%. • The median luxury sales price for single-family homes has remained at $735,000. • The median days on market for June 2018 was 38 days, down from 43 in May 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 | JUNE 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
$1,000,000 - $1,099,999
$650,000 - $699,999
Total Sales: 31 Buyer's Market
3
0 0
7
1
5
0
11
2 8
0
19
3
16
2
30
3
$600,000 - $649,999 $550,000 - $599,999
Total Sales Ratio2: 13%
5
$750,000 - $799,999 $700,000 - $749,999
Total Inventory: 235
2
0
$850,000 - $899,999
$800,000 - $849,999
2
0
$950,000 - $999,999 $900,000 - $949,999
7
1
19
7
51
3
$500,000 - $549,999
50
9
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$558,000
3
4
4
39
10%
2,500 - 2,999
$585,000
3
4
13
80
16%
3,000 - 3,499
$701,868
3
4
8
67
12%
3,500 - 3,999
$812,500
3
5
4
29
14%
4,000 - 4,499
$1,499,000
3
4
1
10
10%
4,500+
$635,000
4
4
1
9
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
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$575,000
$657,000
$588,000
39 Jun-17
27 Jul-17
$638,756
11
25
Aug-17
Sep-17
$666,500
221
196
170
152
126
122
$605,000
Inventory
22 Oct-17
$620,000
$600,000
201
204
19
20
Nov-17
Dec-17
Solds
$645,000
212
189
17
28
Feb-18
Mar-18
13
Jan-18
$672,750
$619,250
$632,000
$624,900
217
230
235
34
32
Apr-18
May-18
31
Jun-18
MEDIAN DATA INVENTORY May
June
230
235 VARIANCE: 2 %
SALE PRICE PER SQFT. May
June
211
$
211 VARIANCE: 0 % $
SOLDS May
SALES PRICE June
32
31 VARIANCE: -3 % SALE TO LIST PRICE RATIO May
June
97.25% 97.20% VARIANCE: 0 %
May
632k
$
625k VARIANCE: -1 % $
DAYS ON MARKET May
62
June
56 VARIANCE: -10 %
HOUSTON MARKET SUMMARY | JUNE 2018 • The Houston attached luxury market is a Buyer's Market with a 13% Sales Ratio. • Homes sold for a median of 97.20% of list price in June 2018. • The most active price band is $600,000-$649,999, where the sales ratio is 37%. • The median luxury sales price for attached homes has decreased to $624,900. • The median days on market for June 2018 was 56 days, down from 62 in May 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
June
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