Lisa Land
BROKER®/REALTOR® FOUNDER OF THE LUXE COLLECTIVE
L U X U RY MARKET REPORT
NASHVILLE JUNE 2019
LISA LAND
BROKER®/REALTOR® EXIT Realty Music City CLHMS®, ABR®, e-Pro®, C-RETS®
615.870.7986
Lisa@LisaLand.realtor www.LisaLand.realtor Hello All! My name is Lisa Land and I am a licensed BROKER®/REALTOR® with EXIT Realty Music City. I specialize in residential, short sales, foreclosures, condominium and commercial real estate in the middle Tennessee area including but not limited to: Nashville, Brentwood, Forest Hills, Green Hills, Belle Meade, Franklin, Westhaven, Cool Springs, Thompsons Station, Spring Hill, etc. I came to the real estate profession after 18 years of having a distinguishing career as vice president, with Guy M. Land Designer, Inc., an architectural firm specializing in custom homes. After being asked to participate in the HGTV series, “Dream House,” my family and I filmed 14 episodes. During this experience, I was able to be involved in the process of designing, building, decorating, staging, buying and selling and am bringing these experiences to the real estate business. I graduated from Jenks High School in Tulsa, Oklahoma and attended the University of Oklahoma-go Sooners! After living in several other cities, Franklin’s quality of life, sense of community and beauty persuaded me to call it home. If I’m not involved with a real estate transaction I am usually hanging with my family. My daughter is a freshman at Ole Miss and is on the Dean’s List - Hotty Toddy! My son is a certified Crossfit instructor, a certified personal trainer and is waiting to see where his expertise lead him. I want to be the “first call” clients make when buying or selling real estate. I am truly devoted to my clients, catering to all of their needs. I am a member of the National Association of Realtors, Tennessee Association of Realtors, Williamson County Association of Realtors and the Greater Nashville Association of Realtors. I look forward to hearing from you soon.
Lisa
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-14 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19
LOCAL LUXURY MARKET REVIEW
PAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22-23 ATTACHED HOMES - Monthly Statistics PAGE 24
THANK YOU
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2019 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN LUXURY REVIEW Overall the Luxury Real Estate Market in North America has seen a greater number of listings entering into the market as well as the number of sales. This is no great surprise as the spring months still tend to be the largest selling months in the real estate calendar. It’s fairly safe to say that we all recognize that the real estate market as a whole has shifted, but overall the market has now found its new norm, slowing from the fast-paced seller’s market of previous years. So, the key to selling and achieving the maximum return on your property lies in leveraging what the market is currently demanding. While each market certainly has its own nuances, one trend has become very apparent in the luxury market – it’s all about the ‘experience.’ No matter who we talk to, savvy homeowners, luxury real estate professionals, developers, architects and designers, they are all putting their emphasis on defining the experience as part of their luxury marketing message. “It’s part of a larger trend in which the affluent are increasingly investing in intangible goods like privacy, lifestyle, and education,” says New York Designer Andrew Kotchen. And these sentiments are echoed as far afield as Paris where designer Dorothee Boissier of Gilles & Boissier shared her views on luxury “It’s linked to freedom, and feeling protected too. It’s also something that brings you wellness. It can be simple, but it makes you feel well.” The general message is that luxury is not about throwing money around by adding more fancy materials, but rather about creating a comfortable experience that affords the feeling of luxurious wellness. In an era where mass consumption means both the upper class and the middle class can own the same luxury brand, the rich are forgoing material goods to invest in the immaterial as a way to signify status. It also explains why luxury buyers are downsizing, quality over space has become their priority. It is a sentiment that holds true no matter the demographic or property being sold or purchased. Members of The Institute are noticing that affluent customers are putting greater expectations on the service levels of their realtors. They are looking for innovation in the marketing of their properties and expertise in finding amenity-rich properties in preferred locations.
The city of San Francisco truly emphasises this transition with 7 billion-dollar mega projects scheduled to transform the city by 2023, not just with new housing and commercial buildings, but with outdoor public space as a major priority. Driven by incentives that have attracted high tech companies to establish businesses in this city, it has created a flood of new tech savvy millennials as well as drawing homeowners from the Silicon Valley. The incentives might be financial for the company, but it’s the city’s depth of amenities that have proven irresistible to this newer generation and the demand for new and renovated properties has sent property values to unprecedented levels. Previously considered undesirable areas are being redeveloped with new condominium style properties offering luxurious quality designs that address all of today’s requirements. Both the historic and iconic residences of San Francisco are even more in demand, so long as the internal renovations are completed. These all come with a heavy purchase price; but to this generation of buyers, a turnkey, luxury property is worth the cost. Communities from Miami to Boca Raton on Florida's east coast, an area that is traditionally known for its second homeowners, snowbirds, and retirees, are juxtaposed to San Francisco in every way. Since 2015, this market has seen a steady but significant shift in favor of buyers and luxury properties in particular have seen a marked decline in activity, especially in the last 18 months. Roman Pavlik of Laurie Finkelstein Reader Real Estate puts this decline down to two main factors; a strengthening of the US dollar which has deterred international buyers and a glut of new development resulting in the pressure of an excess of inventory. “Buyers are coming from New York and Los Angeles due to the substantial increases of their taxes, but with the lack of foreign investors, this means the majority of buyers are actually tending to be local or have been renters over the last few years - and are now taking advantage of the prices decreases. Until recently, sellers of properties in the higher market have struggled to reduce their prices or renovate to the level demanded by current buyers and so the reality is if you are not prepared to compete in this new market, then you will be unlikely to sell.” Barbara Pond of Keller Williams Coastal Partners, whose focus is hyper-local on Downtown West Palm Beach, concurs that buyers have changed with more focus on quality over size, preferring to pay for luxury amenities and convenience. “A new luxury condominium with an impressive list of amenities and average prices around $7.5 million has seen extraordinary success, whereas the luxury resale market is firmly a buyer’s market.
Condos and historic homes have become favorites but, again, they need to be turnkey as buyers simply do not have the time nor the inclination to renovate.” Barbara feels that with the integration of the new high-speed train service, together with investment into the local commercial and green space infrastructure, heralds a change in the future - with an influx of new homeowners from Miami looking for more “bang for their buck”. In the last of our communities profiled, we look at a completely different market – Toronto, Canada’s largest city, which saw historic price increases over a period of 8 years, only to be hit with the implementation of a slew of taxes and regulations in 2017, mainly against foreign and non-residents. However, population growth and revitalized consumer confidence has shown that this luxury market has stabilized from the previous 2 years of unpredictability. The luxury condo market continued to be strong in Toronto throughout these uncertain months. Chris Butryn of Royal LePage Connect Realty Brokerage puts this down to high demand from two demographics – affluent couples with high paying careers and a new trend of empty nesters, seniors, and retirees. “I am not surprised by this trend, these luxury homeowners have always downsized, but what is different now is that many want to be in condominiums that are more manageable, offer lavish amenities, and the convenience of desirable locations in downtown Toronto, rather than moving to the suburbs.” However, Chris is quick to qualify that although they are moving downtown, they are very selective in their choices – no small apartment with views of other buildings is acceptable, but rather a fullyequipped palace in the sky, so their lives remain as private as when they lived in large properties. Luxury apartment buildings are catering to these demands, going to great lengths to attract these homeowners with access to private facilities both on and off-site, some even offering rooftop gardens, dog parks, resident bars/restaurants, as well as wellness facilities such as gyms, spas, and yoga studios. These individual markets, although very different, once again show that luxury markets are driven by the market force of desire, wants, and trends. Never has it been more important than to work with a resourceful realtor in the selling of your property, as their expertise will recognize these global and local influencers and leverage them to effectively in the marketing of your home. So don’t be surprised if they come up with some rather unusual techniques from recommending modernization, or redevelopment to using accelerated marketing programs such as an Auction.
– 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
54
48 40
41
40
34
34
JUN
JUL
38
38
AUG
SEP
58
49
47
34
34
59
56
62
57 46
41
47 43
41
42
35
35 35
20
0 MAY
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
$375
$474
$541 $396
$470 $388
$493 $382
$375
$483
$488 $365
$386
$347
$458
$486
$495 $326
$318
$465
$472 $339
$300
$348
$477
$400
$504
$500
$357
PRICE PER SQUARE FOOT
$600
$200
$100
$0
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
APR
MAY
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
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
Discrepancies between statistics published between the January 2019 and February 2019 Luxury Market Reports are due to the addition of Durham, ON.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month April 2019 | May 2019
SINGLE-FAMILY HOMES April
May
April
May
42,364
46,097
Median List Price
$1,695,000 $1,675,000
Total Inventory
Median Sale Price
$1,469,500 $1,400,000
New Listings
13,014
13,969
6,780
8,217
41
35
3,639
3,627
Median SP/LP Ratio
96.94%
97.24%
Total Sold
Total Sales Ratio
16.00%
17.83%
Median Days on Market
$396
$375
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
955
1,437
New Listings
Total Sold
6
1.83%
Med. Sale Price
Days on Market
Sales Ratio
69,500
$
SINGLE-FAMILY HOMES MARKET SUMMARY | MAY 2019 •
Official Market Type: Balanced Market with a 17.83% Sales Ratio.1
•
Homes are selling for an average of 97.24% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,400,000.
•
Markets with the Highest Median Sales Price: Vail ($3,686,000), LA - Beach Cities ($3,287,500), Silicon Valley ($3,255,000), and Toronto ($3,222,000).
•
Markets with the Highest Sales Ratio: San Francisco (94%), Silicon Valley (57%), Austin (44%), and Denver (42%). 1
Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month April 2019 | May 2019
ATTACHED HOMES April
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
May
$1,054,000 $1,024,500
April
May
16,161
16,741
New Listings
4,511
4,653
2,616
2,884
35
35
2,062
1,976
Total Inventory
$922,174
$887,000
98.24%
98.21%
Total Sold
16.19%
17.23%
Median Days on Market
$541
$474
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
142
268
New Listings
Total Sold
Med. Sale Price
Days on Market
35,174
$
0
1.04% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | MAY 2019 •
Official Market Type: Balanced Market with an 17.23% Sales Ratio.1
•
Attached homes are selling for an average of 98.21% of list price.
•
The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $887,000.
•
Markets with the Highest Median Sales Price: Vail ($2,587,500), San Francisco ($2,250,000), Maui ($2,175,000), and Naples ($2,175,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (182%), Arlington & Alexandria (82%), Marin County (65%), and GTA - Durham (58%). 1
Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,150,000
$1,055,000
794
300
131
38
Balanced
AZ
Paradise Valley
$2,995,000
$2,840,000
238
38
24
104
Buyer's
AZ
Phoenix
$734,900
$635,000
933
276
233
61
Seller's
AZ
Scottsdale
$1,699,000
$1,400,000
942
132
133
96
Buyer's
AZ
Tucson
$750,000
$635,000
748
151
119
30
Balanced
BC
Okanagan Valley
$1,649,000
$1,248,813
677
190
27
56
Buyer's
BC
Vancouver
$3,998,000
$3,160,000
1,248
339
59
26
Buyer's
BC
Victoria
$1,820,000
$1,619,439
486
201
34
33
Buyer's
CA
Los Angeles Beach Cities
$5,195,000
$3,287,500
427
130
52
26
Buyer's
CA
Los Angeles City
$3,995,000
$3,050,000
964
311
165
38
Balanced
CA
Los Angeles The Valley
$2,195,000
$1,825,000
662
287
177
28
Seller's
CA
Marin County
$3,495,000
$2,740,000
185
30
45
19
Seller's
CA
Napa County
$2,900,000
$1,950,000
185
32
15
31
Buyer's
CA
Orange County
$2,395,000
$1,950,000
1,886
528
334
39
Balanced
CA
Palm Springs & Palm Desert
$1,849,500
$1,525,000
528
73
75
99
Buyer's
CA
Placer County
$1,000,000
$850,000
307
114
83
11
Seller's
CA
Sacramento
$799,000
$733,750
1,005
502
364
11
Seller's
CA
San Diego
$2,100,000
$1,675,000
1,447
489
308
33
Seller's
CA
San Francisco
$4,200,000
$3,150,000
70
36
66
13
Seller's
CA
Santa Barbara
$3,762,500
$2,780,000
322
78
31
33
Buyer's
CA
Silicon Valley
$3,600,000
$3,255,000
311
167
176
10
Seller's
CA
Ventura County
$1,799,000
$1,525,000
405
144
67
43
Balanced
CO
Boulder
$1,699,000
$1,300,000
278
106
66
48
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
$950,000
$825,000
1,334
593
557
12
Seller's
CO
Douglas County
$1,225,000
$1,135,000
360
111
79
15
Seller's
CO
Vail
$4,145,000
$3,686,000
120
14
7
316
Buyer's
DC
Washington D.C.
$3,200,000
$2,277,600
65
18
12
76
Balanced
$2,190,000
$1,895,000
606
77
52
90
Buyer's
$1,600,000
$1,462,500
94
20
15
47
Balanced
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,275,000
$950,000
1,708
337
159
72
Buyer's
FL
Jacksonville Beaches
$1,208,000
$1,064,650
370
94
45
54
Buyer's
FL
Miami
$1,334,999
$885,000
1,521
247
118
125
Buyer's
FL
Naples
$2,199,000
$1,600,000
766
76
91
108
Buyer's
FL
Orlando
$1,579,500
$1,362,500
580
96
72
125
Buyer's
FL
Palm Beach Towns
$3,350,000
$2,476,000
407
48
44
86
Buyer's
FL
Sarasota & Beaches
$1,675,000
$1,525,000
639
83
62
90
Buyer's
FL
Tampa
$779,000
$687,000
901
232
174
35
Balanced
GA
Atlanta
$1,150,000
$965,000
1,480
442
244
26
Balanced
HI
Kauai
$2,492,000
$1,537,500
156
20
10
88
Buyer's
HI
Maui
$3,195,000
$1,862,500
209
19
12
113
Buyer's
HI
Oahu
$3,300,000
$2,525,000
233
58
13
102
Buyer's
IL
Chicago
$1,229,000
$1,030,000
2,305
769
319
48
Buyer's
MA
Greater Boston
$3,250,000
$2,756,250
168
57
38
18
Seller's
MD
Montgomery County
$1,695,000
$1,430,000
450
160
104
37
Seller's
MD
Talbot County
$1,860,000
$1,369,250
114
17
4
204
Buyer's
MD
Worcester County
$949,900
$800,500
83
19
8
9
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
MI
Oakland County
$724,900
$622,000
1,322
569
214
18
Balanced
MO
St. Louis
$749,950
$645,000
233
93
59
35
Seller's
NC
Raleigh-Durham
$700,000
$678,450
1,104
290
316
2
Seller's
NJ
Ocean County
$860,000
$775,000
829
180
99
59
Buyer's
NV
Las Vegas
$719,995
$652,500
1,775
566
324
33
Balanced
NV
Reno
$1,398,000
$1,191,188
122
43
42
84
Seller's
NY
Brooklyn
$1,549,000
$1,400,000
313
64
12
95
Buyer's
NY
Staten Island
$1,199,000
$1,139,000
216
52
10
82
Buyer's
ON
GTA - Durham
$1,499,900
$1,242,000
288
144
34
18
Buyer's
ON
GTA - York
$2,202,000
$1,759,000
926
443
84
24
Buyer's
ON
Toronto
$3,477,500
$3,222,000
574
366
125
10
Seller's
TN
Nashville
$1,150,000
$949,900
354
105
111
18
Seller's
TX
Austin
$1,050,000
$825,000
739
305
323
12
Seller's
TX
Collin County
$714,996
$664,900
1,026
308
207
33
Balanced
TX
Dallas
$999,000
$855,000
1,043
308
191
35
Balanced
TX
Fort Worth
$850,000
$772,500
992
334
196
26
Balanced
TX
Houston
$833,500
$766,650
2,298
723
419
28
Balanced
TX
The Woodlands & Spring
$795,000
$687,500
569
215
104
26
Balanced
UT
Park City
$3,295,000
$2,500,000
246
44
25
108
Buyer's
VA
Arlington & Alexandria
$1,974,850
$1,692,500
102
31
24
10
Seller's
VA
Fairfax County
$1,599,000
$1,360,000
661
221
97
27
Buyer's
VA
McLean & Vienna
$1,850,000
$1,500,000
284
86
37
27
Buyer's
WA
Seattle
$1,698,440
$1,475,000
364
218
141
8
Seller's
Median prices represent properties priced above respective city benchmark prices.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$814,800
$800,000
323
109
45
46
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$735,000
$625,000
222
53
48
83
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,880,000
$1,642,857
911
294
52
19
Buyer's
BC
Victoria
$799,900
$749,950
316
141
62
19
Balanced
CA
Los Angeles Beach Cities
$1,699,500
$1,454,500
192
81
62
21
Seller's
CA
Los Angeles City
$1,525,000
$1,240,000
370
143
69
19
Balanced
CA
Los Angeles The Valley
$707,450
$690,000
142
77
77
22
Seller's
CA
Marin County
$1,499,000
$1,125,000
17
7
11
14
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,050,000
$944,000
561
195
160
18
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,099,000
$855,000
589
238
177
28
Seller's
CA
San Francisco
$2,950,000
$2,250,000
127
38
43
15
Seller's
CA
Santa Barbara
$1,744,000
$1,397,500
42
8
8
36
Balanced
CA
Silicon Valley
$1,449,809
$1,465,500
56
39
102
11
Seller's
CA
Ventura County
$699,450
$693,750
88
34
30
31
Seller's
CO
Boulder
$927,000
$768,004
68
26
17
47
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 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
$698,000
$659,450
627
252
258
18
Seller's
CO
Douglas County
$734,500
$601,000
28
7
6
32
Seller's
CO
Vail
$3,995,000
$2,587,500
104
5
8
118
Buyer's
DC
Washington D.C.
$1,797,000
$1,455,000
204
87
78
17
Seller's
$899,000
$732,500
382
53
44
89
Buyer's
$932,000
$840,000
130
33
15
71
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$860,000
$760,000
1,295
156
85
102
Buyer's
FL
Jacksonville Beaches
$1,199,167
$985,000
72
12
8
80
Buyer's
FL
Miami
$999,000
$957,500
2,959
362
106
196
Buyer's
FL
Naples
$2,112,500
$2,175,000
262
29
32
85
Buyer's
FL
Orlando
$669,350
$667,500
82
22
10
38
Buyer's
FL
Palm Beach Towns
$1,450,000
$1,075,000
353
41
34
77
Buyer's
FL
Sarasota & Beaches
$1,395,000
$1,150,000
268
31
33
66
Buyer's
FL
Tampa
$654,950
$659,000
152
33
33
16
Seller's
GA
Atlanta
$659,000
$622,500
599
185
92
46
Balanced
HI
Oahu
$1,375,000
$1,255,000
57
10
12
78
Seller's
HI
Kauai
$2,087,500
$2,175,000
146
22
13
163
Buyer's
HI
Maui
$1,299,000
$1,250,000
419
80
52
57
Buyer's
IL
Chicago
$1,150,000
$919,000
1,050
386
152
76
Buyer's
MA
Greater Boston
$2,395,000
$2,100,000
307
127
94
14
Seller's
MD
Montgomery County
$750,000
$675,000
187
81
62
31
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$604,500
$755,000
108
17
13
225
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
MI
Oakland County
$899,139
$620,388
64
17
10
21
Balanced
MO
St. Louis
-
-
-
-
-
-
-
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$629,900
$697,000
131
20
36
35
Seller's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,349,000
$1,100,000
675
169
46
87
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$585,500
$600,000
26
26
15
11
Seller's
ON
GTA - York
$749,900
$722,500
163
101
32
16
Balanced
ON
Toronto
$1,199,945
$1,115,000
528
414
231
11
Seller's
TN
Nashville
$750,000
$582,000
97
20
17
30
Balanced
TX
Austin
$808,000
$680,000
195
53
47
49
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$699,000
$642,500
241
58
30
45
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$649,450
$600,000
218
71
29
52
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,895,000
$1,775,000
177
21
11
102
Buyer's
VA
Arlington & Alexandria
$1,099,999
$1,027,500
61
31
50
21
Seller's
VA
Fairfax County
$718,000
$675,000
174
81
79
12
Seller's
VA
McLean & Vienna
$1,428,000
$981,880
29
8
11
34
Seller's
WA
Seattle
$1,100,000
$1,100,000
147
49
37
26
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
NASHVILLE
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | MAY 2019 Inventory
Sales
Luxury Benchmark Price 1: $689,960 Total Inventory: 354 $3,000,000+ $2,500,000 - $2,999,999
25
2 10
2
$2,000,000 - $2,499,999
24
5
$1,200,000 - $1,299,999
16
3
$1,100,000 - $1,199,999
15
6
$1,000,000 - $1,099,999
$800,000 - $849,999
51
12
6
$1,300,000 - $1,399,999
$850,000 - $899,999
17
12 13
2
9
6
25
6 21
7
$750,000 - $799,999
26
17
$689,960 - $749,999
1
Total Sales Ratio2: 31%
33
12
$1,400,000 - $1,499,999
$900,000 - $949,999
Seller's Market
5
$1,500,000 - $1,999,999
$950,000 - $999,999
Total Sales: 111
57
20
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$695,000
2
2
1
14
7%
2,000 - 2,999
$750,000
4
4
19
56
34%
3,000 - 3,999
$891,850
4
4
40
97
41%
4,000 - 4,999
$1,115,000
4
5
25
66
38%
5,000 - 5,999
$1,512,500
5
5
16
50
32%
6,000+
$2,353,362
5
6
10
70
14%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
NASHVILLE
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$913,000
$914,381
377
371
85 May-18
$977,450 $867,450
$850,000
385
386
110
80
Jun-18
Jul-18
411
407
83 Aug-18
$979,450
54 Sep-18
Inventory
$894,450
399
88
Oct-18
Solds
$935,000
$937,500
330
309
68
70
Nov-18
Dec-18
48
Jan-19
$991,000 $875,000
$850,000
321
330
364
45
73
Feb-19
Mar-19
$949,900
354
111
102
Apr-19
May-19
MEDIAN DATA INVENTORY April
May
364
354 VARIANCE: -3 %
SALE PRICE PER SQFT. April
May
286
$
271 VARIANCE: -5 % $
SOLDS April
SALES PRICE May
102
111 VARIANCE: 9 %
SALE TO LIST PRICE RATIO April
May
98.66% 99.02% VARIANCE: 0 %
April
991k
$
May
950k VARIANCE: -4 % $
DAYS ON MARKET April
May
18
18 VARIANCE: 0 %
NASHVILLE MARKET SUMMARY | MAY 2019 • The Nashville single-family luxury market is a Seller's Market with a 31% Sales Ratio. • Homes sold for a median of 99.02% of list price in May 2019. • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 71%. • The median luxury sales price for single-family homes has decreased to $949,900. • The median days on market for May 2019 was 18 days, remaining the same from April 2019.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
NASHVILLE
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | MAY 2019 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $1,200,000+ $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
$700,000 - $749,999 $650,000 - $699,999
23
0 3
1 0
1
Total Sales: 17 Balanced Market
2
0 0
7
0
4
1
6
1
8
1
8
1
5
2
$575,000 - $599,999
6
3
$550,000 - $574,999
9
2 5
1
$500,000 - $524,999
1
Total Sales Ratio2: 18%
3
$600,000 - $649,999
$525,000 - $549,999
Total Inventory: 97
4
7
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,499
$583,500
1
1
10
24
42%
1,500 - 1,999
$560,000
3
3
3
31
10%
2,000 - 2,499
$530,000
3
3
3
12
25%
2,500 - 2,999
$640,000
3
4
1
20
5%
3,000 - 3,499
NA
NA
NA
0
5
0%
3,500+
NA
NA
NA
0
5
0%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
NASHVILLE
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$590,000
113
$625,000
$577,500
$685,000
113
102
Inventory
$640,000
$640,000
$644,500
113
118
119
$562,000
96
90
Solds
$641,500
$620,000
$635,000
88
88
81
$614,000
$582,000
94
97
46
18 May-18
17
Jun-18
Jul-18
18 Aug-18
9 Sep-18
18 Oct-18
17
12
8
12
Nov-18
Dec-18
Jan-19
Feb-19
23 Mar-19
17
15 Apr-19
May-19
MEDIAN DATA INVENTORY April
May
94
SOLDS April
SALES PRICE May
97 VARIANCE: 3 %
17 VARIANCE: 13 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
April
May
545
459 VARIANCE: -16 %
$
$
15
April
May
99.63% 98.25% VARIANCE: -1 %
April
614k
$
May
582k VARIANCE: -5 % $
DAYS ON MARKET April
6
30 VARIANCE: 400 %
NASHVILLE MARKET SUMMARY | MAY 2019 • The Nashville attached luxury market is a Balanced Market with an 18% Sales Ratio. • Homes sold for a median of 98.25% of list price in May 2019. • The most active price band is $500,000-$524,999, where the sales ratio is 57%. • The median luxury sales price for attached homes has decreased to $582,000. • The median days on market for May 2019 was 30 days, up from 6 in April 2019.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
May
Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 615.870.7986.
- Lisa Land
LISA LAND
615.870.7986 | Lisa@LisaLand.Realtor | www.LisaLand.Realtor