JANET SHER L U X U RY MARKET REPORT
HOUSTON NOVEMBER 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.
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 O C TO B E R LUXURY REVIEW 2 0 1 8 THE SHIFT INTO CHANGE Today, we are reporting from The Institute for Luxury Home Marketing’s signature event – Leaders in Luxury – where both industry leaders and some of the finest minds in luxury real estate come together to review, network, and anticipate the future of the market. This year’s event focused on addressing the concerns of ‘the winds of change,’ claims of a slowing market to forecasts of recession by 2020. However, in her opening statement, Institute President Diane Hartley stated that she believes 2019 will actually be a year of opportunity for both sellers and buyers provided that they remain agile, innovative, and adaptable to their local market influences. Leslie Appleton-Young, Chief Economist for the California Association of REALTORS®, gave the attendees a new view: From Great to Good. In a masterfully in-depth review of the real estate market, she highlighted all the variables from inventory and pricing to equity markets, job growth, home equity, inflation, and personal wealth that impact a market, and coined our current situation as “Great to Good.” The luxury market is often considered a barometer during times of change and this month’s statistics show a move back into a balanced market – with increases in sold prices and volume of sales - that further goes to validate Leslie’s belief that “uncertainty” and “affordability” are the causes of flux at this time. As Leslie stated, “investment in real estate needs to be viewed over the long term – not just compared to the last month – only then will the story become obvious.” Long term statistics show that the market is now moving at a more even rate rather than at the
rapid, overcharged pace following the market crash in 2008. In looking at the overall North American luxury market data, comparing month-overmonth and over the last 18 months, the picture is clear. Single-family luxury home prices have fallen as much as 5% from one month to the next, but over the last 18 months, the median sold price has remained right around $1.4 million, illustrating a steady stabilization of the market. Attached luxury homes faced as much as an 8% drop month-over-month, and yet the median sales price is consistently around $915,000. The statistic with the greatest drama has been days on market for single-family homes, which has seen a high of 62 days and a low of 31. Upon closer look however, these numbers are merely conforming to traditional swings from the winter to spring market. The luxury single-family median days on market has since swung back up to 53 as we move towards the winter season. In these cases, Leslie's investment advice proves true. While at microscopic scrutiny, the luxury real estate market may look like a downward trend, viewed through a larger lens, it proves to be a "good" stable market. The economies of Canada and the US are considered to be in strong positions, and the small concessions by both sides in the recent agreement to uphold the 25-year free-trade relationship will have little consequence. If employment is at an all-time high, unemployment at its lowest, little change in inflation, and consumer confidence at its highest, then what is causing this uncertainty in the housing market? In strong economies, it is typical for governments to raise interest rates and this together with affordability could be the tipping point. With increased home values (due to the escalating prices since 2009), any
small increase in the rate of interest on the mortgage will actually have a significant impact on a household’s disposable income. This also affects the amount required for a down payment and income level required to qualify for a mortgage. Supply and demand are also key factors in today’s market with price points in some markets far outside the reach of its general population, especially in the higher priced coastal regions. This affordability problem has further created a supply disconnect. While the quantity of higher priced homes on the market is increasing, supply has not kept up with demand in lower priced areas which, in turn, is causing prices to increase. The increased inventory in the high-end market does create an opportunity for buyers. Those who previously could not purchase a home due to lack of inventory have come back into the market to find a home – and at a more leisurely pace! So as you can see, these few variables can create uncertainty in the market. As to where this leaves the luxury real estate market and future predictions for 2019 – in terms of price points, it is predicated that we will simply see a slowing of the price growth rather than the next great implosion. The stabilization of the price point will naturally slow the market’s investors as will the situation that long-time homeowners are not moving in the volumes expected. Typically these homeowners are "baby boomers" with high equity values and low mortgage rates who are concerned about where they will go and how their mortgage rate will be affected. The luxury market's slow-down is also related to world trade activities; the affluent of countries with political and financial uncertainty still find North America a highly desirable destination to invest in real estate. However, the current demand from the global investor is reported to be softening, with many investors waiting to see if prices will be affected by increasing inventory. In conclusion, we refer back to Diane Hartley's comment that both sellers and buyers need to remain agile and fully aware of the variables affecting their real estate investment portfolio.
– 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.
60
63
59
54
62 53
52
35
29
42
41
40
35
31
36
31
37
32
32
31
APR
MAY
JUN
JUL
$506
40
53
46
43
$514
DAYS ON MARKET
80
29
38
36
AUG
SEP
42
20
0
OCT
NOV
DEC
JAN
FEB
MAR
OCT
$517 $357
$535 $323
$488 $316
$503 $321
$527 $354
$357
$319
$503 $334
$478 $335
$497
$482 $336
$300
$322
$482
$400
$357
$500
$500
$344
PRICE PER SQUARE FOOT
$600
$200
$100
$0
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
SEP
OCT
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
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
Discrepancies between statistics published between the September 2018 and October 2018 Luxury Market Reports are due to the reconfiguration of Brooklyn, NY.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month September 2018 | October 2018
SINGLE-FAMILY HOMES September
October
September
October
Median List Price
$1,695,000 $1,676,500
Total Inventory
41,036
41,189
Median Sale Price
$1,400,000 $1,430,000
New Listings
10,163
10,273
4,558
5,388
53
53
3,760
3,740
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
97.01%
96.87%
Total Sold
11.11%
13.08%
Median Days on Market
$323
$357
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
110
830
New Listings
Total Sold
0
1.97%
Med. Sale Price
Days on Market
Sales Ratio
30,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | OCTOBER 2018 •
Official Market Type: Buyer's Market with a 13.08% Sales Ratio.1
•
Homes are selling for an average of 96.87% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,480,000.
•
Markets with the Highest Median Sales Price: LA-Beach Cities ($3,937,500), Vancouver ($3,550,000), San Francisco ($3,450,000), and Washington D.C. ($3,387,500).
•
Markets with the Highest Sales Ratio: Silicon Valley (59%), San Francisco (57%), Seattle (37%), and Sacramento (32%).
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 September 2018 | October 2018
ATTACHED HOMES September
Median List Price Median Sale Price
October
$1,034,750 $1,003,250 $869,500
$904,500
Median SP/LP Ratio
98.10%
97.94%
Total Sales Ratio
11.25%
11.80%
$535
$517
Median Price per Sq. Ft.
September
October
14,918
15,487
New Listings
4,128
4,166
Total Sold
1,678
1,828
36
42
2,017
1,970
Total Inventory
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
38
150
New Listings
Total Sold
7
0.55%
Med. Sale Price
Days on Market
Sales Ratio
35,000
$
ATTACHED HOMES MARKET SUMMARY | OCTOBER 2018 •
Official Market Type: Buyer's Market with an 11.8% Sales Ratio.1
•
Attached homes are selling for an average of 97.94% of list price.
•
The median luxury threshold2 price is $731,250, and the median attached luxury sale price is $904,500.
•
Markets with the Highest Median Sales Price: Vail ($3,387,500), San Francisco ($2,297,500), Greater Boston ($2,075,000), and Naples ($1,900,000).
•
Markets with the Highest Sales Ratio: Marin County (111%), Silicon Valley (103%), LA-The Valley (32%), and Fairfax County (31%).
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
$1,152,450
$1,010,500
720
171
79
42
Buyer's
AZ
Paradise Valley
$3,000,000
$2,455,000
224
40
10
36
Buyer's
AZ
Phoenix
$699,000
$655,176
844
244
168
66
Balanced
AZ
Scottsdale
$1,625,000
$1,430,000
847
221
84
120
Buyer's
AZ
Tucson
$750,000
$637,000
755
177
83
38
Buyer's
BC
Okanagan Valley
$1,650,000
$1,485,000
625
114
20
100
Buyer's
BC
Vancouver
$3,980,000
$3,550,000
1,404
340
55
36
Buyer's
BC
Victoria
$1,799,900
$1,502,500
373
100
44
57
Buyer's
CA
Los Angeles Beach Cities
$4,724,000
$3,937,500
410
117
62
42
Balanced
CA
Los Angeles City
$3,995,000
$3,090,000
929
308
125
31
Buyer's
CA
Los Angeles The Valley
$2,125,000
$1,820,250
676
217
138
39
Balanced
CA
Marin County
$3,695,000
$2,800,000
132
30
42
28
Seller's
CA
Napa County
$3,292,500
$2,335,000
126
20
15
76
Buyer's
CA
Orange County
$2,299,950
$1,845,000
1,660
416
249
53
Balanced
CA
Palm Springs & Palm Desert
$1,795,000
$1,325,000
505
174
35
111
Buyer's
CA
Placer County
$1,075,000
$850,000
243
56
42
56
Balanced
CA
Sacramento
$788,944
$704,000
852
300
274
27
Seller's
CA
San Diego
$2,211,000
$1,700,000
1,344
415
243
47
Balanced
CA
San Francisco
$3,847,500
$3,450,000
92
39
52
14
Seller's
CA
Santa Barbara
$3,795,000
$2,482,500
271
47
26
63
Buyer's
CA
Silicon Valley
$3,982,504
$3,125,000
236
114
139
11
Seller's
CO
Boulder
$1,750,000
$1,321,350
208
50
46
62
Seller'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
CO
Denver
$929,200
$840,000
1,176
324
336
22
Seller's
CO
Douglas County
$1,299,000
$1,024,000
312
49
45
65
Buyer's
CO
Vail
$4,500,000
$3,100,000
127
6
14
99
Buyer's
DC
Washington D.C.
$3,195,000
$3,387,500
63
12
4
166
Buyer's
FL
Boca Raton & Delray Beach
$2,100,000
$1,925,000
588
98
34
95
Buyer's
FL
Greater Fort Lauderdale
$1,299,000
$932,500
1,638
315
133
105
Buyer's
FL
Jacksonville Beaches
$1,234,000
$1,100,000
325
54
35
108
Buyer's
FL
Miami
$1,299,900
$930,000
1,463
265
67
125
Buyer's
FL
Naples
$1,890,000
$1,699,250
1,205
228
68
108
Buyer's
FL
Orlando
$1,599,000
$1,295,000
535
65
37
90
Buyer's
FL
Palm Beach Towns
$2,999,000
$2,200,000
375
69
25
126
Buyer's
FL
Sarasota & Beaches
$1,670,000
$1,287,000
542
97
20
119
Buyer's
GA
Atlanta
$1,150,000
$975,000
1,420
353
153
37
Buyer's
HI
Kauai
$1,999,999
$1,650,000
466
64
37
47
Buyer's
HI
Maui
$2,972,500
$2,030,000
194
28
11
123
Buyer's
IL
Chicago
$1,250,000
$1,008,531
2,003
503
198
80
Buyer's
MA
Greater Boston
$2,995,000
$3,000,000
125
30
23
19
Balanced
MD
Montgomery County
$1,695,000
$1,350,000
365
81
41
54
Buyer's
MI
Oakland County
$741,250
$645,000
1,206
358
157
35
Buyer's
MO
St. Louis
$750,000
$646,700
245
55
44
21
Balanced
NC
Charlotte
$898,500
$775,000
1,025
175
153
40
Buyer's
NC
Raleigh-Durham
$716,775
$663,500
1,032
198
161
5
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
NV
Las Vegas
$729,000
$635,000
1,665
484
259
35
Balanced
NY
Brooklyn
$1,544,000
$1,550,000
278
58
29
85
Buyer's
NY
Staten Island
$1,250,000
$1,148,000
187
47
12
131
Buyer's
ON
GTA - York
$2,186,495
$1,830,000
906
352
53
29
Buyer's
ON
Toronto
$3,398,888
$3,075,000
575
295
82
14
Buyer's
TN
Nashville
$999,000
$979,450
411
142
88
22
Seller's
TX
Austin
$999,900
$800,000
729
173
173
46
Seller's
TX
Collin County
$693,995
$679,402
958
205
134
73
Buyer's
TX
Dallas
$999,999
$872,000
880
235
121
37
Buyer's
TX
Fort Worth
$885,000
$750,000
812
175
107
48
Buyer's
TX
Houston
$822,250
$750,000
1,928
490
253
39
Buyer's
TX
The Woodlands & Spring
$750,000
$654,355
497
105
50
71
Buyer's
UT
Park City
$2,950,000
$2,105,250
263
36
30
135
Buyer's
VA
Arlington & Alexandria
$1,897,000
$2,150,000
100
32
6
25
Buyer's
VA
Fairfax County
$1,676,500
$1,541,395
566
136
50
90
Buyer's
VA
McLean & Vienna
$1,850,000
$2,110,000
267
61
17
109
Buyer's
WA
Seattle
$1,745,000
$1,438,888
261
110
97
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
AB
Calgary
$819,000
$787,500
335
86
22
53
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$655,000
$624,500
137
44
22
73
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,950,000
$1,738,000
800
294
47
21
Buyer's
BC
Victoria
$829,450
$775,000
210
75
48
31
Seller's
CA
Los Angeles Beach Cities
$1,599,000
$1,299,000
234
106
47
17
Balanced
CA
Los Angeles City
$1,564,500
$1,281,500
386
136
78
22
Balanced
CA
Los Angeles The Valley
$717,000
$662,500
130
55
42
28
Seller's
CA
Marin County
$1,185,000
$1,050,000
9
1
10
35
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$999,000
$916,500
503
154
114
22
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,007,500
$867,500
624
228
134
29
Seller's
CA
San Francisco
$2,847,500
$2,297,500
144
40
38
16
Seller's
CA
Santa Barbara
$1,615,000
$1,625,000
46
14
5
217
Buyer's
CA
Silicon Valley
$1,499,309
$1,430,000
86
51
89
9
Seller's
CO
Boulder
$880,000
$770,000
77
30
15
67
Balanced
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
$699,000
$649,500
585
187
130
23
Seller's
CO
Douglas County
$663,340
$550,000
27
12
4
19
Buyer's
CO
Vail
$3,643,000
$3,387,500
80
3
4
86
Buyer's
DC
Washington D.C.
$1,662,500
$1,581,250
172
60
26
27
Balanced
FL
Boca Raton & Delray Beach
$817,000
$779,500
386
86
34
92
Buyer's
FL
Greater Fort Lauderdale
$882,000
$892,500
1,239
246
68
123
Buyer's
FL
Jacksonville Beaches
$1,400,000
$1,200,000
65
19
3
55
Buyer's
FL
Miami
$989,000
$800,000
3,068
439
61
134
Buyer's
FL
Naples
$2,125,000
$1,900,000
323
58
23
74
Buyer's
FL
Orlando
$755,750
$691,500
80
17
8
66
Buyer's
FL
Palm Beach Towns
$1,295,000
$1,111,500
329
67
20
117
Buyer's
FL
Sarasota & Beaches
$1,349,900
$1,425,000
233
48
7
124
Buyer's
GA
Atlanta
$660,853
$602,500
562
164
74
51
Buyer's
HI
Kauai
$1,406,000
$1,207,500
206
33
22
47
Buyer's
HI
Maui
$1,712,500
$1,780,000
134
27
11
168
Buyer's
IL
Chicago
$1,160,000
$1,162,500
937
244
110
68
Buyer's
MA
Greater Boston
$2,379,820
$2,075,000
259
75
39
32
Balanced
MD
Montgomery County
$772,450
$710,000
176
60
30
36
Balanced
MI
Oakland County
$787,000
$592,983
64
12
8
27
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$722,948
$650,000
150
22
15
26
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
$1,299,000
$1,070,000
645
156
53
50
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - York
$769,000
$735,000
185
94
33
26
Balanced
ON
Toronto
$1,248,400
$1,150,000
478
340
133
16
Seller's
TN
Nashville
$724,900
$640,000
118
33
18
22
Balanced
TX
Austin
$792,000
$662,540
220
48
25
35
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$699,000
$672,000
206
47
14
55
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$629,000
$612,450
235
59
26
38
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,895,000
$1,692,500
159
20
20
150
Buyer's
VA
Arlington & Alexandria
$1,049,000
$966,000
109
36
14
47
Buyer's
VA
Fairfax County
$714,500
$719,250
161
60
50
46
Seller's
VA
McLean & Vienna
$985,125
$883,650
27
14
4
149
Buyer's
WA
Seattle
$1,150,000
$980,000
148
66
30
20
Balanced
Luxury is in each detail. Hubert de Givenchy
HOUSTON
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | OCTOBER 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
32
0
$1,500,000 - $1,749,999
Total Sales: 253
10 65
5
95
9
158
25 138
22
$550,000 - $599,999 $500,000 - $549,999
388
47
$700,000 - $749,999
$600,000 - $649,999
Total Sales Ratio2: 13%
92
$750,000 - $999,999
$650,000 - $699,999
Buyer's Market
41
5
$1,250,000 - $1,499,999
$1,000,000 - $1,249,999
Total Inventory: 1,928
21
1
$2,000,000 - $2,499,999 $1,750,000 - $1,999,999
58
3
97
26
168
17 157
19
213
29
205
35
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$586,000
3
3
64
298
21%
2,500 - 3,499
$727,000
4
4
89
643
14%
3,500 - 4,499
$955,900
4
4
59
460
13%
4,500 - 5,499
$1,375,000
4
5
19
261
7%
5,500 - 6,499
$2,387,220
5
6
14
119
12%
6,500+
$2,497,500
5
7
6
135
4%
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
$732,919
$720,313
$702,500
1,654
1,518
235 Oct-17
1,618
1,485
279
220
Nov-17
$680,000
Dec-17
Jan-18
189
$735,000
2,067
1,876
1,777
Feb-18
$750,000
$720,000
$715,000
1,613
127
Inventory
Mar-18
$735,000
Apr-18
May-18
$750,000
2,100
2,019
412
349
309
261
Solds
Jun-18
$730,000
2,016
2,012
315
312 Jul-18
$750,000
$713,000
Aug-18
1,928
253
225 Sep-18
Oct-18
MEDIAN DATA INVENTORY September
October
2,016
1,928 VARIANCE: -4 %
SALE PRICE PER SQFT. September
October
263
$
270 VARIANCE: 3 % $
SOLDS September
October
225
253 VARIANCE: 12 %
SALE TO LIST PRICE RATIO September
October
96.86% 97.23% VARIANCE: 0 %
SALES PRICE September
713k
$
October
750k VARIANCE: 5 % $
DAYS ON MARKET September
October
69
39 VARIANCE: -43 %
HOUSTON MARKET SUMMARY | OCTOBER 2018 • The Houston single-family luxury market is a Buyer's Market with a 13% Sales Ratio. • Homes sold for a median of 97.23% of list price in October 2018. • The most active price band is $700,000-$749,999, where the sales ratio is 27%. • The median luxury sales price for single-family homes has increased to $750,000. • The median days on market for October 2018 was 39 days, down from 69 in September 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 | OCTOBER 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 $950,000 - $999,999 $900,000 - $949,999 $850,000 - $899,999
$800,000 - $849,999 $750,000 - $799,999
0
1
Total Inventory: 235 7
0
Buyer's Market Total Sales Ratio2: 11%
3
0
5
0
4
0
7
0
11
1
17
2
18
3
$650,000 - $699,999
21
3
26
2
$550,000 - $599,999 $500,000 - $549,999
Total Sales: 26
4
0
$700,000 - $749,999
$600,000 - $649,999
7
2
45
7
59
6
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,499
$586,000
3
3
2
42
5%
2,500 - 2,999
$569,000
3
4
12
68
18%
3,000 - 3,499
$614,950
3
4
6
70
9%
3,500 - 3,999
$725,000
3
5
3
29
10%
4,000 - 4,499
$1,206,500
4
5
2
16
13%
4,500+
$1,695,000
3
4
1
10
10%
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
$666,500
$638,756
221
196
22
Oct-17
$620,000
$600,000
201
204
19
20
Nov-17
Dec-17
$645,000
Jan-18
$672,750
212
189
13
Inventory
Solds
$619,250
$632,000
$624,900
217
230
235
17
28
34
32
Feb-18
Mar-18
Apr-18
May-18
$665,000 $595,000
31 Jun-18
31 Jul-18
$612,450
263
253
251
$616,500
235
17
13
Aug-18
Sep-18
26
Oct-18
MEDIAN DATA INVENTORY September
October
263
SOLDS September
October
235 VARIANCE: -11 %
26 VARIANCE: 100 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
September
October
210
$
208 VARIANCE: -1 % $
13
September
October
97.81% 96.76% VARIANCE: -1 %
SALES PRICE September
617k
October
612k VARIANCE: -1 %
$
$
DAYS ON MARKET September
October
47
38 VARIANCE: -19 %
HOUSTON MARKET SUMMARY | OCTOBER 2018 • The Houston attached luxury market is a Buyer's Market with an 11% Sales Ratio. • Homes sold for a median of 96.76% of list price in October 2018. • The most active price band is $1,400,000+, where the sales ratio is 29%. • The median luxury sales price for attached homes has decreased to $612,450. • The median days on market for October 2018 was 38 days, down from 47 in September 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