Janet Sher Luxury Report October 2018

JANET SHER L U X U RY MARKET REPORT

HOUSTON OCTOBER 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 12-14 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 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.

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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 S E P T E M B E R LUXURY REVIEW 2 0 1 8 The luxury market remains steady and pretty much unwavering in this overarching review of the current median price for a luxury home – whether its attached or detached. The most significant trend is that the North American luxury market is decidedly in the buyer’s control, with only a few markets showing a demand that is stronger than its current inventory – which signifies a Seller’s Market.

To add some significance to this month’s overall swing into a Buyer’s Market from last month’s reported Balanced Market, this is due, in part, to a substantial drop of roughly 10% in the sales ratio of markets that have been especially high in their Seller Market ratios to date, such as Silicon Valley, Seattle, and San Francisco.

In contrast, demand for high-end luxury condominiums saw some cities experience increases in their sales ratios. Cities such as Kauai, Greater Boston, and Los Angeles saw landmark luxury condominium sales, which caused a spike in their median sales price.

These landmark sales, whose rarity is hard to use as an absolute barometer, could prove an indication of growth in the luxury condo market if they continue to increase in frequency.

However, as we move into the Fall/Winter season, it is anticipated that many markets will continue to see an upswing in inventory, which may result in a downward pressure on their current list price. In communities known for their ‘snowbird’ appeal, such as Scottsdale, Kauai, and much of Florida, this is actually the start of their busy season – so we will watch with keen interest on whether any significant or unexpected trends emerge.

For now, statistics show that, based on the luxury markets reviewed in our report, the median price for a luxury detached home is just under $1.4 million and for an attached home slightly above $850,000. New listings are steadily increasing, as are the average number of

days that a property remains on the market – however, these trends are still a far cry away from indicating any form of dramatic volatility.

As we stated in previous reports, although the luxury market represents only a small portion of the overall real estate activity, it is important to realize that the buyers and sellers of these homes are truly the influencers of trends, spending, and innovation.

Understanding the diversity of these individuals is key to many of the new exciting opportunities being created – whether its inspired designs, new concepts in living, an appreciation for embracing wellness into their lifestyle or the ability to move between homes in locations unbound by tradition, but all chosen to serve their personal requirements. Currently, research shows there are an unprecedented number of ultra-wealthy individuals, these numbers are increasing each year, and that wealth is not controlled by gender nor borders.

In a recent report, released by our partner – Wealth-X about the ultra-wealthy and major drivers influencing their net worth – it was very clear that GDP and Equities

MAJOR WEALTH DRIVERS IN 2017 Negative (low, medium, high)

Positive (low, medium, high)

Region

GDP

Equities

Local currency against the US dollar

Africa Europe Middle East North America Asia Latin America and the Caribbean Pacific World

Note: GDP represents the sum of each country’s real GDP (constant 2010 $ prices) within each region and equities the sum of stock market values. Currency movements were aggregated based on each country’s proportion of GDP within its region.

Sources: Wealth-X; International Monetary Fund; World Bank; national stock market exchanges.

were highly influential in the growth of this market during 2017. The North American ultra-wealthy population grew by 9.5% to 90,440 individuals and their net worth by a staggering 13.1%.

In their future focus statement, Wealth-X predicts that global wealth will increase and its distribution will become more balanced.

“Following the robust expansion of the global ultra-wealthy population and its collective net worth in 2017, a slight moderation in growth is expected over the next five years. Nevertheless, our forecasts show a healthy increase in the number of ultra-high net worth (UHNW) individuals and their combined wealth in the period to 2022, with solid gains in each of the three global regions: the Americas; Asia-Pacific; and Europe, the Middle East and Africa (EMEA).

By 2022, we expect the global ultra-wealthy population to total 360,390 people, an increase of almost 105,000 compared with 2017. The level of UHNW wealth is projected to rise to $44.3trn, implying an additional $12.8trn of newly created wealth over the next five years. At a global level, our forecasts show identical compound annual growth rates of 7.1% for the ultra-wealthy population and combined wealth, which points to a stable pattern in average net worth. We anticipate more varied rates

TOP 10 UHNW COUNTRIES

of expansion at the regional level, however, maintaining the recent trend towards a more balanced distribution of global ultra-wealth.”

UHNW wealth ($bn) 2017

Year-on-year change in population (%)

Year-on-year change in wealth (%)

Whether there are any real correlations or

Rank

Country

UHNW population 2017

1

United States

79,595

9,845

8.9

12.9

2

Japan

17,915

1,685

11.0

13.4

increasing numbers of ultra-wealthy so too are

3

not, it is also interesting to note that like the

China

16,875

2,421

14.1

32.8

the quantities of properties being purchased

4

Germany

15,080

1,815

12.3

15.6

5

10,840

1,153

13.9

14.8

by this group of real estate investors. As their

Canada

6

France

10,120

1,077

17.3

16.5

7

Hong Kong*

10,010

1,295

31.0

31.5

8

United Kingdom

9,370

1,035

9.3

10.6

9

Switzerland

6,400

877

13.9

15.0

10

Italy

5,960

692

7.9

10.8

Note: Population numbers are rounded to the nearest 10. Annual changes are measured based on model inputs updated retrospectively and not on previously published figures. For further information about our wealth and investable assets model, please see the Methodology section.

wealth expands so too do the number of homes they own – not necessarily the value of their individual purchases – but rather through an emphasis on the expansion their real estate portfolio.

Which brings us full circle back to the trend

*Hong Kong is a semi-autonomous, special administrative region of China.

Source: Wealth-X

that luxury homeowners are looking for TOP 10 FASTEST-GROWING UHNW COUNTRIES (2012-2017)

more than just a single expansive mansion CAGR (%) 17.3%

Bangladesh 13.4%

China

12.7%

Vietnam

10.7%

India 9.3%

Hong Kong*

9.1%

Ireland Israel

United States

8.6% 8.4% 8.1%

*Hong Kong is a semi-autonomous, special administrative region of China.

CAGR stands for compound annual growth rate.

Source: Wealth-X

surrounds their choices of location and offers them flexibility of movement.

11.7%

Kenya

Pakistan

style home, but rather for the lifestyle that

Luxury real estate professionals are keenly aware of having to understand this new reality, which is further complicated by necessity of appreciating the nuances and customs of their international luxury buyers and sellers.

– 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

62

61

59

54

53

52 46

43 40

42

41

40

35

29

42

31

36

29

35

37

31

38

32

32

31

MAY

JUN

JUL

36

20

0

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

AUG

SEP

$544 $323

$488 $316

$503 $321

$527 $354

$523 $357

$514 $319

$334

$471

$487 $335

$336

$482

$512 $322

$482

$344

$300

$357

$493

$400

$500

$500

$345

PRICE PER SQUARE FOOT

$600

$200

$100

$0

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

AUG

SEP

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

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

Discrepancies between statistics published between the August 2018 and September 2018 Luxury Market Reports are due to the addition of Placer County, CA; Arlington & Alexandria, VA; and McLean & Vienna, VA.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2018 | September 2018

SINGLE-FAMILY HOMES August

September

August

September

40,129

40,980

Median List Price

$1,695,000 $1,695,000

Total Inventory

Median Sale Price

$1,395,000 $1,380,000

New Listings

9,549

10,164

Total Sold

6,605

4,551

46

53

3,772

3,760

Median SP/LP Ratio

97.15%

97.01%

Total Sales Ratio

16.46%

11.11%

$316

$323

Median Price per Sq. Ft.

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.





615

2,054

New Listings

Total Sold





7

5.35%

Med. Sale Price

Days on Market

Sales Ratio

15,000

$



SINGLE-FAMILY HOMES MARKET SUMMARY | SEPTEMBER 2018 •

Official Market Type: Buyer's Market with an 11.11% Sales Ratio.1

•

Homes are selling for an average of 97.01% of list price.

•

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,380,000.

•

Markets with the Highest Median Sales Price: San Francisco ($3,300,000), LA-Beach Cities ($3,250,000), Marin County ($3,200,000), and Paradise Valley ($3,100,000).

•

Markets with the Highest Sales Ratio: Silicon Valley (36%), Seattle (32%), San Francisco (28%), and Denver (22%).

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 August 2018 | September 2018

ATTACHED HOMES August

Median List Price Median Sale Price

September

$999,500 $1,008,750

August

September

13,454

14,455

New Listings

3,350

4,020

2,134

1,626

38

36

2,184

1,971

Total Inventory

$916,451

$869,500

Median SP/LP Ratio

98.11%

98.12%

Total Sold

Total Sales Ratio

15.86%

11.25%

Median Days on Market

$488

$544

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





670

508

New Listings

Total Sold





2

4.61%

Med. Sale Price

Days on Market

Sales Ratio

46,951

$



ATTACHED HOMES MARKET SUMMARY | SEPTEMBER 2018 •

Official Market Type: Buyer's Market with an 11.25% Sales Ratio.1

•

Attached homes are selling for an average of 98.12% of list price.

•

The median luxury threshold2 price is $731,250, and the median attached luxury sale price is $869,500.

•

Markets with the Highest Median Sales Price: Vail ($3,975,000), Maui ($2,587,500), Greater Boston ($2,550,000), and San Francisco ($2,100,000).

•

Markets with the Highest Sales Ratio: Silicon Valley (78%), Marin County (60%), Douglas County (40%), and LA-The Valley (36%).

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

$1,135,000

$1,030,000

759

297

67

36

Buyer's

AZ

Paradise Valley

$2,992,500

$3,100,000

212

46

12

126

Buyer's

AZ

Phoenix

$699,950

$649,950

792

238

140

72

Balanced

AZ

Scottsdale

$1,625,000

$1,490,000

751

162

66

111

Buyer's

AZ

Tucson

$750,000

$656,500

689

123

66

65

Buyer's

BC

Okanagan Valley

$1,649,450

$1,325,000

668

118

25

116

Buyer's

BC

Vancouver

$3,988,000

$3,044,000

1,486

392

40

53

Buyer's

BC

Victoria

$1,780,000

$1,516,000

396

134

38

46

Buyer's

CA

Los Angeles Beach Cities

$4,944,000

$3,250,000

412

119

53

27

Buyer's

CA

Los Angeles City

$3,999,444

$3,077,500

916

340

108

45

Buyer's

CA

Los Angeles The Valley

$2,124,500

$1,716,250

712

222

116

39

Balanced

CA

Marin County

$3,525,000

$3,200,000

146

37

29

37

Balanced

CA

Napa County

$2,912,500

$2,047,500

144

13

18

71

Buyer's

CA

Orange County

$2,300,000

$1,900,380

1,679

392

233

55

Buyer's

CA

Palm Springs & Palm Desert

$1,750,000

$1,325,000

391

81

30

127

Buyer's

CA

Placer County

$1,122,000

$899,000

288

37

33

54

Buyer's

CA

Sacramento

$779,000

$715,000

973

200

143

20

Buyer's

CA

San Diego

$2,195,000

$1,595,000

1,399

399

223

37

Balanced

CA

San Francisco

$3,507,500

$3,300,000

82

35

23

15

Seller's

CA

Santa Barbara

$3,695,000

$2,727,500

274

51

20

39

Buyer's

CA

Silicon Valley

$3,999,000

$3,000,000

240

128

87

14

Seller's

CO

Boulder

$1,749,000

$1,365,000

227

65

35

65

Balanced

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

CO

Denver

$938,000

$831,000

1,279

397

282

19

Seller's

CO

Douglas County

$1,297,000

$1,107,500

358

83

50

53

Buyer's

CO

Vail

$4,497,500

$2,700,000

132

5

3

61

Buyer's

DC

Washington D.C.

$3,472,500

$2,308,500

62

24

5

37

Buyer's

FL

Boca Raton & Delray Beach

$1,995,000

$1,590,000

572

85

29

108

Buyer's

FL

Greater Fort Lauderdale

$1,295,000

$925,000

1,596

268

104

93

Buyer's

FL

Jacksonville Beaches

$1,234,500

$1,102,500

312

54

24

102

Buyer's

FL

Miami

$1,299,900

$882,500

1,428

218

74

148

Buyer's

FL

Naples

$1,800,000

$1,750,000

1,117

137

67

108

Buyer's

FL

Orlando

$1,599,975

$1,550,000

560

67

31

93

Buyer's

FL

Palm Beach Towns

$1,799,000

$1,140,000

475

80

30

96

Buyer's

FL

Sarasota & Beaches

$1,695,000

$1,441,250

390

36

18

113

Buyer's

GA

Atlanta

$1,150,000

$992,500

1,415

389

102

58

Buyer's

HI

Kauai

$2,045,000

$1,400,000

323

45

31

53

Buyer's

HI

Maui

$2,910,000

$1,700,000

193

27

11

231

Buyer's

IL

Chicago

$1,195,000

$1,021,250

1,600

403

124

77

Buyer's

MA

Greater Boston

$2,995,000

$2,347,500

130

40

12

46

Buyer's

MD

Montgomery County

$1,699,000

$1,365,000

428

131

37

51

Buyer's

MI

Oakland County

$739,500

$615,000

1,299

352

145

28

Buyer's

MO

St. Louis

$774,900

$625,500

249

58

36

29

Buyer's

NC

Charlotte

$889,000

$795,000

1,108

202

155

47

Buyer's

NC

Raleigh-Durham

$729,000

$650,000

1,046

167

144

7

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

NV

Las Vegas

$719,950

$620,000

1,513

417

237

34

Balanced

NY

Brooklyn

$1,400,000

$1,380,000

199

45

7

34

Buyer's

NY

Staten Island

$1,197,500

$945,000

196

26

10

63

Buyer's

ON

GTA - York

$2,188,000

$1,800,000

898

471

59

31

Buyer's

ON

Toronto

$3,399,500

$2,980,000

550

359

79

10

Buyer's

TN

Nashville

$999,988

$977,450

407

147

54

17

Buyer's

TX

Austin

$1,000,000

$869,000

777

191

158

31

Balanced

TX

Collin County

$693,999

$650,000

985

175

123

41

Buyer's

TX

Dallas

$999,700

$880,000

890

246

119

54

Buyer's

TX

Fort Worth

$851,298

$749,250

840

165

114

59

Buyer's

TX

Houston

$820,000

$713,000

2,016

509

225

69

Buyer's

TX

The Woodlands & Spring

$752,471

$665,000

530

101

55

100

Buyer's

UT

Park City

$2,875,000

$2,280,000

265

23

18

62

Buyer's

VA

Arlington & Alexandria

$1,758,333

$1,740,000

97

38

11

30

Buyer's

VA

Fairfax County

$1,649,995

$1,429,344

568

144

51

39

Buyer's

VA

McLean & Vienna

$1,849,948

$1,539,740

258

71

22

38

Buyer's

WA

Seattle

$1,695,000

$1,417,500

283

139

90

12

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

AB

Calgary

$819,000

$777,500

355

124

22

46

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$652,500

$568,279

126

30

13

104

Buyer's

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,900,000

$1,677,500

789

318

36

13

Buyer's

BC

Victoria

$839,000

$746,000

221

106

38

47

Balanced

CA

Los Angeles Beach Cities

$1,699,000

$1,400,000

204

77

61

26

Seller's

CA

Los Angeles City

$1,549,500

$1,515,000

366

142

63

18

Balanced

CA

Los Angeles The Valley

$699,000

$699,745

140

62

50

22

Seller's

CA

Marin County

$1,200,000

$1,100,000

15

4

9

31

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,022,500

$955,000

522

156

109

32

Balanced

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,050,000

$851,348

600

217

120

25

Balanced

CA

San Francisco

$2,825,000

$2,100,000

135

62

18

36

Buyer's

CA

Santa Barbara

$1,615,000

$1,250,200

48

10

6

30

Buyer's

CA

Silicon Valley

$1,427,500

$1,475,000

90

59

70

13

Seller's

CO

Boulder

$908,000

$668,730

70

16

6

39

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

CO

Denver

$705,000

$637,904

575

199

153

19

Seller's

CO

Douglas County

$640,000

$565,000

25

11

10

48

Seller's

CO

Vail

$3,500,000

$3,975,000

89

3

6

101

Buyer's

DC

Washington D.C.

$1,800,000

$1,687,500

165

77

29

17

Balanced

FL

Boca Raton & Delray Beach

$805,347

$855,000

344

65

23

53

Buyer's

FL

Greater Fort Lauderdale

$861,000

$744,000

1,192

179

55

104

Buyer's

FL

Jacksonville Beaches

$1,195,000

$840,000

53

16

3

65

Buyer's

FL

Miami

$995,000

$855,000

2,936

380

50

136

Buyer's

FL

Naples

$2,045,156

$1,775,000

284

34

16

163

Buyer's

FL

Orlando

$764,250

$769,000

80

16

7

60

Buyer's

FL

Palm Beach Towns

$1,337,500

$1,325,000

228

46

13

116

Buyer's

FL

Sarasota & Beaches

$1,347,000

$1,050,000

203

25

14

31

Buyer's

GA

Atlanta

$676,500

$638,250

534

128

60

52

Buyer's

HI

Kauai

$1,310,000

$893,124

170

17

24

17

Buyer's

HI

Maui

$1,697,500

$2,587,500

130

21

12

98

Buyer's

IL

Chicago

$1,199,500

$950,000

925

321

121

41

Buyer's

MA

Greater Boston

$2,216,750

$2,550,000

262

108

39

35

Buyer's

MD

Montgomery County

$829,500

$700,000

183

64

46

28

Seller's

MI

Oakland County

$752,450

$597,826

72

12

5

0

Buyer's

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$689,000

$707,000

153

27

12

59

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

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

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$979,000

$1,492,500

78

12

2

353

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$770,350

$752,500

184

102

12

22

Buyer's

ON

Toronto

$1,280,000

$1,175,000

476

360

133

11

Seller's

TN

Nashville

$699,000

$640,000

113

30

9

63

Buyer's

TX

Austin

$755,350

$655,000

236

82

20

57

Buyer's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$735,000

$585,000

213

49

10

26

Buyer's

TX

Fort Worth

-

-

-

-

-

-

-

TX

Houston

$625,000

$616,500

263

65

13

47

Buyer's

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$1,950,000

$1,700,000

151

23

9

99

Buyer's

VA

Arlington & Alexandria

$1,047,000

$1,035,607

118

49

34

26

Seller's

VA

Fairfax County

$699,900

$690,000

184

56

41

14

Seller's

VA

McLean & Vienna

$963,000

$884,000

25

8

6

17

Seller's

WA

Seattle

$1,212,500

$1,141,000

130

52

18

29

Buyer's

Luxury is in each detail.

Hubert de Givenchy

HOUSTON

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | SEPTEMBER 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

56

4 23

0

23

0

$600,000 - $649,999 $550,000 - $599,999 $500,000 - $549,999

Buyer's Market

44

Total Sales Ratio2: 11%

84

5 74

3

89

14

168

16

169

27

$750,000 - $999,999

$650,000 - $699,999

Total Sales: 225

1

$1,000,000 - $1,249,999

$700,000 - $749,999

Total Inventory: 2,016

414

34

101

15

168

21

161

22

215

29

227

34

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$600,000

3

3

63

319

20%

2,500 - 3,499

$699,500

4

4

76

700

11%

3,500 - 4,499

$916,500

4

4

38

485

8%

4,500 - 5,499

$1,397,500

4

5

32

252

13%

5,500 - 6,499

$1,200,000

4

5

11

118

9%

6,500+

$5,800,000

5

8

4

130

3%

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

$732,919

$702,500

1,654

1,518

1,388

231 Sep-17

235

Nov-17

$680,000

1,618

1,485

220

Oct-17

$720,313

279 Dec-17

$715,000

Jan-18

$720,000

189 Feb-18

$750,000

261 Mar-18

Solds

$735,000

2,067

1,876

1,777

1,613

127

Inventory

Apr-18

2,100

2,019

412

349

309

May-18

$750,000

$735,000

$730,000

2,016

2,012

315

312

Jun-18

$713,000

Jul-18

225

Aug-18

Sep-18

MEDIAN DATA INVENTORY August

September

2,012

2,016 VARIANCE: 0 %

SALE PRICE PER SQFT. August

September

261

$

263 VARIANCE: 1 % $

SOLDS August

September

315

225 VARIANCE: -29 % SALE TO LIST PRICE RATIO August

September

97.46% 96.86% VARIANCE: -1 %

SALES PRICE August

730k

$

September

713k VARIANCE: -2 % $

DAYS ON MARKET August

September

46

69 VARIANCE: 50 %

HOUSTON MARKET SUMMARY | SEPTEMBER 2018 • The Houston single-family luxury market is a Buyer's Market with an 11% Sales Ratio.

• Homes sold for a median of 96.86% of list price in September 2018.

• The most active price band is $1,000,000-$1,249,999, where the sales ratio is 16%.

• The median luxury sales price for single-family homes has decreased to $713,000.

• The median days on market for September 2018 was 69 days, up from 46 in August 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 | SEPTEMBER 2018 Inventory

Sales

Luxury Benchmark Price 1: $500,000 $1,400,000+ $1,300,000 - $1,399,999 $1,200,000 - $1,299,999

0 0

$950,000 - $999,999 $900,000 - $949,999 $850,000 - $899,999

$800,000 - $849,999

$650,000 - $699,999

6

1 0

$500,000 - $549,999

Buyer's Market

4

Total Sales Ratio2: 5% 6

4

0

12

0 9

0

18

1

18

0

29

0

$600,000 - $649,999 $550,000 - $599,999

Total Sales: 13

4

0

$750,000 - $799,999 $700,000 - $749,999

Total Inventory: 263

0

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

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

6

0

28

5

59

1

60

5

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$535,000

3

3

3

36

8%

2,500 - 2,999

$542,500

3

3

5

86

6%

3,000 - 3,499

$628,950

4

4

4

84

5%

3,500 - 3,999

$1,150,000

3

4

1

32

3%

4,000 - 4,499

NA

NA

NA

0

16

0%

4,500+

NA

NA

NA

0

9

0%

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

$605,000

$666,500

$638,756

221

196

170

25 Sep-17

22

Oct-17

$620,000

$600,000

201

204

19

20

Nov-17

Dec-17

Inventory

$645,000

212

189

13

Jan-18

$672,750

Solds

$619,250

$632,000

$624,900

217

230

235

17

28

34

32

Feb-18

Mar-18

Apr-18

May-18

$665,000

$616,500

$595,000

31

31

Jun-18

263

253

251

Jul-18

17

13

Aug-18

Sep-18

MEDIAN DATA INVENTORY August

September

253

263 VARIANCE: 4 %

SALE PRICE PER SQFT. August

September

219

210 VARIANCE: -4 %

$

$

SOLDS August

September

17

13 VARIANCE: -24 % SALE TO LIST PRICE RATIO August

SALES PRICE

September

98.06% 97.81% VARIANCE: 0 %

August

595k

$

September

617k VARIANCE: 4 % $

DAYS ON MARKET August

September

62

47 VARIANCE: -24 %

HOUSTON MARKET SUMMARY | SEPTEMBER 2018 • The Houston attached luxury market is a Buyer's Market with a 5% Sales Ratio.

• Homes sold for a median of 97.81% of list price in September 2018.

• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 25%.

• The median luxury sales price for attached homes has increased to $616,500.

• The median days on market for September 2018 was 47 days, down from 62 in August 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

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