LUCIO BERNAL
LUXURY MARKET REPORT PALM SPRINGS & PALM DESERT JUNE 2018
LUCIO BERNAL
Broker Associate, CLHMS, CRS DRE# 01236217
310.383.2466
Lucio.Bernal@camoves.com www.BernalSmithGroup.com As luxury expert in Palm Springs, Lucio Bernal offers a wealth of knowledge and expertise that is unsurpassed; you can always trust his service and commitment. Lucio Bernal has served affluent clientele for over 20 years. He offers keen insight into executive and corporate relocation services, and understands and adapts to constant changes in the luxury market. His expertise is why his clients are excited to refer his services to their family, friends, and colleagues. He is a Broker Associate, Coldwell Banker Global Luxury Ambassador, a Luxury Property Specialist, an expert trainer with The Institute for Luxury Home Marketing, and served as President of the Palm Springs Regional Association of REALTORS® after having been named the association’s REALTOR® of the year in 2015. • Coldwell Banker Global Luxury Property Specialist • Coldwell Banker Global Luxury Ambassador • Certified Luxury Home Marketing Specialist – Million Dollar Guild • 2017 President of the Palm Springs Regional Association of REALTORS® • Certified Residential Specialist, Pricing Strategy Advisor
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 7
13 MONTH MARKET TRENDS
PAGE 8
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 9
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 10-11
MONTHLY STATISTICS BY CITY - Single Family Homes
PAGE 12-13 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 15
LOCAL LUXURY MARKET REVIEW
PAGE 16-17 SINGLE FAMILY HOMES - Monthly Statistics PAGE 18-19 ATTACHED HOMES - Monthly Statistics PAGE 20
THANK YOU TORONTO
SINGLE-FAMILY HOMES
13-MONTH LUXURY MARKET TREND 4 Median Sales Price
$3,120,000
181
82 Apr-17
$3,310,000
106
143
$2,997,500
144
May-17
$3,219,000
54 Jul-17
$3,200,000
Inventory
$3,125,000
$3,175,000
Solds
$3,125,000
347
326
277
199 80
Jun-17
$3,065,000
247
30
59
Aug-17
Sep-17
67
Nov-17
$3,047,500
30 Dec-17
31 Jan-18
$3,112,500
$2,937,500
425
407
362
283
241 63
Oct-17
$3,435,000
44
52
80
Feb-18
Mar-18
Apr-18
MEDIAN DATA INVENTORY March
April
407
425 VARIANCE: 4 %
SALE PRICE PER SQFT. March
N/A
April
N/A VARIANCE: N/A
SOLDS March
SALES PRICE April
52
80 VARIANCE: 54 % SALE TO LIST PRICE RATIO March
April
97.26% 98.48% VARIANCE: 1 %
March
$
2.94m
April
3.11m 6%
$
VARIANCE:
DAYS ON MARKET March
April
10
10 0%
VARIANCE:
TORONTO MARKET SUMMARY | APRIL 2018 • The Toronto single-family luxury market is a Balanced Market with a 19% Sales Ratio. • Homes sold for a median of 98.48% of list price in April 2018. • The most active price band is $8,000,000-$8,999,999, where the sales ratio is 40%. • The median luxury sales price for single-family homes has increased to $3,112,500.
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More indepth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceeds current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2018 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute annually. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN M A Y LUXURY REVIEW 2 0 1 8 May is considered to be the barometer month in which to measure the year’s luxury trends and discover the influencers of today’s affluent, discerning buyers, and investors in their decision processes. In 2018, these trends are proving that there may be a need to Zag when everyone else is Zigging, to achieve success. The world is cultivating Millennials, providing for their tastes, but it should be remembered that it is the Boomers who have the greater spending power right now! Boomers might be less effected by current trends, but they embrace and appreciate unique experiences, new opportunities, value for money, customer service, and most importantly personalization. In the luxury retail market, 45% of customers are asking for personalized products and service – which translated into real estate means that it’s time for your marketing and their experiences to be both personalized and unique – so don’t be scared to do things differently! Likewise it is not old money, but rather successful entrepreneurs and international business owners that are creating new influences on the location and type of home being purchased. It is critical to recognize these trends and influencers when you are looking for real estate solutions for the affluent. Traditionally markets such as San Diego, Scottsdale, Vancouver, Los Angeles, Toronto, New York, and many of Florida’s cities were considered to be ‘The Luxury Destinations’. However, statistics are revealing that those who zagged to Nashville, Las Vegas, San Francisco, Austin, Seattle, Raleigh-Durham and Denver are reaping the benefits of increased home prices and the opportunity to divest in a ‘seller’s market’. The attached luxury property market, including both townhomes and condos, is unfolding into an interesting story; a continual increase in the numbers of sales during the last 6 months, a 6% increase over the same period last year combined with list price to sold price ratio at 99.16%! But, it is the spikes in unexpected locations that is proving that trends are zagging; cities such as Nashville and Seattle saw an increase of 283% and 47% respectively last month – for completely different reasons. Nashville has become one of the US’s hottest cities and its downtown core is booming with over $4 billion in active building permits due to its pro-small business attitude and commitment to keeping a small town feel that embraces creativity, culture and passion. Seattle’s story differs in so much that it is now in the Top 4 of the largest cities in the US and change has been affected by Corporate giants - previously Boeing and Microsoft - and in 2016, Amazon, each causing an increased surges of new residents. Coming back to the overall North American market, both single-family and attached segments are reporting a balanced market with minor increases to 17.8% and 18.08% respectively. Currently, figures are in line with the traditionally busy spring market with both inventory and sales increases. For more information on your local luxury market, please refer to your City Report where trends are reported in more detail.
– 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
53
49 40
56
42
37
60
51 43
41
39
61
59
56
44
40
35
44
44
43
37
42
40
41
31 33
33
20
0 MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
$573
$575 $390
$393
$397
$388
$357
$381
$382
$398
$389
$300
$383
$387
$400
$408
$560
$511
$558
$526
$543
$564
$527
$501
$523
$543
$528
$500
$387
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 $-
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month April 2018 | May 2018
SINGLE-FAMILY HOMES April
May
April
May
Median List Price
$1,657,500 $1,695,000
Total Inventory
36,941
39,321
Median Sale Price
$1,390,000 $1,450,000
New Listings
11,005
11,941
5,991
7,000
31
40
3,560
3,595
Median SP/LP Ratio
97.72%
97.62%
Total Sold
Total Sales Ratio
16.22%
17.80%
Median Days on Market
$408
$390
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
936
1,009
New Listings
Total Sold
9
1.58%
Med. Sale Price
Days on Market
Sales Ratio
60,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | MAY 2018 •
Official Market Type: Balanced Market with a 17.80% Sales Ratio.1
•
Homes are selling for an average of 97.62% of list price.
•
The median luxury threshold2 price is $975,000, and the median luxury home sales price is $1,450,000.
•
Markets with the Highest Median Sales Price: Vail ($3,940,000), Washington D.C. ($3,680,000), LA-Beach Cities ($3,592,500), and Vancouver ($3,230,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (92%), Seattle (74%), San Francisco (62%), and Denver (46%).
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 April 2018 | May 2018
ATTACHED HOMES April
Median List Price Median Sale Price
May
$1,103,000 $1,067,000
April
May
12,225
13,078
New Listings
3,387
4,012
2,205
2,364
33
33
2,067
2,016
Total Inventory
$951,750
$935,000
Median SP/LP Ratio
98.70%
99.16%
Total Sold
Total Sales Ratio
18.04%
18.08%
Median Days on Market
$573
$575
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
625
159
New Listings
Total Sold
0
0.04%
Med. Sale Price
Days on Market
Sales Ratio
16,750
$
ATTACHED HOMES MARKET SUMMARY | MAY 2018 •
Official Market Type: Balanced Market with an 18% Sales Ratio.1
•
Attached homes are selling for an average of 98% of list price.
•
The median luxury threshold2 price is $750,000, and the median attached luxury sale price is $950,000.
•
Markets with the Highest Median Sales Price: Vail ($4,938,250), Park City ($2,757,950), San Francisco ($2,307,000), and Greater Boston ($2,007,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (188%), LA-The Valley (55%), Fairfax County (54%), and San Francisco (49%).
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
$1,125,000
$1,039,800
828
417
119
35
Buyer's
AZ
Phoenix
$714,750
$646,250
842
233
220
72
Seller's
AZ
Scottsdale
$1,822,000
$1,465,000
1,202
146
156
118
Buyer's
AZ
Tucson
$772,450
$627,200
748
132
112
51
Buyer's
BC
Vancouver
$3,988,000
$3,230,000
1,560
502
79
21
Buyer's
BC
Victoria
$1,799,000
$1,563,750
401
192
48
27
Buyer's
CA
Los Angeles Beach Cities
$4,995,000
$3,592,500
409
118
84
40
Balanced
CA
Los Angeles City
$3,995,000
$2,922,000
787
259
130
50
Balanced
CA
Los Angeles The Valley
$2,100,000
$1,700,000
640
269
142
43
Seller's
CA
Marin County
$3,650,000
$2,910,000
155
41
56
18
Seller's
CA
Napa County
$2,792,500
$2,800,000
144
42
15
58
Buyer's
CA
Orange County
$2,399,500
$1,887,893
1,374
412
344
30
Seller's
CA
Palm Springs & Palm Desert
$1,895,000
$1,482,500
574
64
88
97
Balanced
CA
Sacramento
$775,000
$719,500
851
421
372
11
Seller's
CA
San Diego
$2,195,000
$1,600,000
1,368
480
287
29
Balanced
CA
San Francisco
$4,300,000
$3,210,000
73
25
45
13
Seller's
CA
Santa Barbara
$3,472,500
$2,777,500
254
71
24
40
Buyer's
CA
Silicon Valley
$4,562,000
$3,040,000
220
131
203
9
Seller's
CO
Boulder
$1,795,000
$1,409,950
229
92
70
50
Seller's
CO
Denver
$975,000
$850,000
1,123
476
521
9
Seller's
CO
Vail
$4,250,000
$3,940,000
125
20
4
574
Buyer's
DC
Washington D.C.
$3,500,000
$3,680,000
68
20
8
14
Buyer's
FL
Boca Raton & Delray Beach
$1,995,000
$1,640,000
638
98
56
118
Buyer's
FL
Greater Fort Lauderdale
$1,282,500
$970,000
1,628
308
156
82
Buyer's
FL
Jacksonville Beaches
$1,399,900
$950,930
85
22
11
122
Buyer's
FL
Miami
$1,384,000
$1,027,500
1,402
249
94
96
Buyer's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,850,000
$1,672,500
1,238
141
156
69
Buyer's
FL
Palm Beach Towns
$3,112,500
$2,750,000
374
55
31
97
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,386,250
543
83
52
112
Buyer's
GA
Atlanta
$1,183,000
$1,009,500
1,436
387
190
26
Buyer's
HI
Maui
$3,325,000
$2,200,000
202
24
15
210
Buyer's
IL
Chicago
$1,249,000
$1,022,500
1,990
699
354
56
Balanced
MA
Greater Boston
$2,950,000
$2,520,000
147
40
29
21
Balanced
MD
Montgomery County
$1,792,878
$1,450,000
452
144
99
13
Seller's
MI
Oakland County
$749,900
$620,000
1,234
514
211
22
Balanced
MO
St. Louis
$769,500
$651,548
234
90
44
10
Balanced
NC
Raleigh-Durham
$725,000
$680,000
1,054
294
251
3
Seller's
NV
Las Vegas
$749,945
$620,000
1,348
457
331
28
Seller's
NY
Brooklyn
$1,500,000
$1,325,000
188
46
13
76
Buyer's
NY
Long Island
$1,490,000
$1,222,500
3,548
1,040
303
78
Buyer's
NY
Staten Island
$1,200,000
$1,082,000
181
43
12
47
Buyer's
ON
Toronto
$3,299,000
$3,108,000
511
336
81
8
Balanced
TN
Nashville
$983,972
$913,000
377
165
85
10
Seller's
TX
Austin
$1,004,950
$815,000
882
306
232
16
Seller's
TX
Collin County
$711,242
$677,500
1,048
356
159
36
Balanced
TX
Dallas
$1,064,500
$938,625
848
254
184
18
Seller's
TX
Houston
$839,000
$735,000
2,067
671
349
43
Balanced
TX
The Woodlands & Spring
$751,743
$719,000
613
192
90
45
Buyer's
UT
Park City
$2,950,000
$2,531,000
245
42
25
143
Buyer's
VA
Fairfax County
$1,600,000
$1,450,000
621
173
103
17
Balanced
WA
Seattle
$1,642,500
$1,500,000
212
149
157
8
Seller's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$829,900
$818,500
368
162
36
53
Buyer's
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$695,000
$575,000
151
31
33
63
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Vancouver
$1,971,500
$1,670,000
780
385
91
12
Buyer's
BC
Victoria
$860,000
$781,500
203
117
50
12
Seller's
CA
Los Angeles Beach Cities
$1,549,500
$1,435,000
84
41
36
10
Seller's
CA
Los Angeles City
$1,690,000
$1,180,000
291
120
71
26
Seller's
CA
Los Angeles The Valley
$684,950
$681,888
128
77
71
45
Seller's
CA
Marin County
$1,250,000
$1,192,500
22
9
10
28
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,075,000
$901,990
463
199
149
19
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,100,000
$887,000
480
211
148
24
Seller's
CA
San Francisco
$2,900,000
$2,307,000
99
40
49
14
Seller's
CA
Santa Barbara
$1,645,000
$1,360,000
40
12
6
11
Balanced
CA
Silicon Valley
$1,475,000
$1,450,000
71
68
134
9
Seller's
CO
Boulder
$879,000
$830,000
69
26
11
36
Balanced
CO
Denver
$689,450
$642,500
446
180
212
8
Seller's
CO
Vail
$2,925,000
$4,938,250
70
5
6
347
Buyer's
DC
Washington D.C.
$1,749,900
$1,725,000
177
68
50
10
Seller's
FL
Boca Raton & Delray Beach
$849,500
$872,500
383
64
45
79
Buyer's
FL
Greater Fort Lauderdale
$869,000
$812,500
1,198
186
76
69
Buyer's
FL
Jacksonville Beaches
$1,060,000
$1,093,750
25
4
8
31
Seller's
FL
Miami
$999,000
$875,000
2,791
422
79
142
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,995,000
$1,995,000
294
41
51
65
Balanced
FL
Palm Beach Towns
$1,495,000
$1,325,000
213
28
20
98
Buyer's
FL
Sarasota & Beaches
$1,189,500
$1,190,000
228
24
36
52
Balanced
GA
Atlanta
$689,000
$595,000
523
148
75
39
Buyer's
HI
Maui
$1,699,000
$1,595,000
137
22
23
143
Balanced
IL
Chicago
$1,200,000
$950,000
939
341
174
39
Balanced
MA
Greater Boston
$2,497,000
$2,007,000
248
105
50
28
Balanced
MD
Montgomery County
$799,149
$671,900
190
61
74
19
Seller's
MI
Oakland County
$806,950
$575,000
66
15
9
14
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Raleigh-Durham
-
-
-
-
-
-
-
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$995,000
$984,950
65
20
4
62
Buyer's
NY
Long Island
$925,000
$920,000
293
88
19
58
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
Toronto
$1,299,900
$1,125,000
377
328
173
10
Seller's
TN
Nashville
$725,500
$590,000
113
33
46
4
Seller's
TX
Austin
$749,950
$720,000
210
56
37
39
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$775,000
$723,250
213
66
28
35
Buyer's
TX
Houston
$639,450
$632,000
230
82
32
62
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,095,000
$2,757,950
151
19
16
122
Buyer's
VA
Fairfax County
$699,950
$679,500
136
64
73
7
Seller's
WA
Seattle
$1,299,950
$972,500
113
44
53
9
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
PALM SPRINGS & PALM DESERT
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | MAY 2018 Inventory
Sales
Luxury Benchmark Price 1: $1,015,000 $5,000,000+ $4,500,000 - $4,999,999 $4,000,000 - $4,499,999 $3,500,000 - $3,999,999
$3,000,000 - $3,499,999
60
1 12
0
12
0
Total Sales Ratio2: 15%
29
1
58
6
30
6
35
5
$1,750,000 - $1,999,999
59
11
$1,500,000 - $1,749,999
47
12
21
6
$1,300,000 - $1,399,999
48
7
$1,200,000 - $1,299,999
51
13
$1,100,000 - $1,199,999 $1,015,000 - $1,099,999
Balanced Market
24
$2,250,000 - $2,499,999
$1,400,000 - $1,499,999
Total Sales: 88
1
$2,500,000 - $2,999,999
$2,000,000 - $2,249,999
Total Inventory: 574
58
13
30
6
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$1,327,500
4
NA
10
52
19%
3,000 - 3,999
$1,247,500
4
NA
30
144
21%
4,000 - 4,999
$1,575,000
4
NA
33
157
21%
5,000 - 5,999
$2,150,000
4
NA
11
83
13%
6,000 - 6,999
$2,975,000
5
NA
3
48
6%
7,000+
$2,500,000
5
NA
1
87
1%
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
PALM SPRINGS & PALM DESERT
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,639,500 $1,397,500
337
$1,355,000
May-17
61
45
Jun-17
Jul-17
$1,392,500
28
31
Aug-17
Sep-17
$1,525,000
651
523
408
344
319
317
62
$1,420,000
$1,346,589
Inventory
38 Oct-17
$1,467,500
Solds
$1,615,000
722
630
35
40
Nov-17
Dec-17
$1,625,000
$1,450,000
713
41
Jan-18
707
$1,575,000
656
64
70
Feb-18
Mar-18
$1,482,500
574
94 Apr-18
88
May-18
MEDIAN DATA INVENTORY April
May
656
SOLDS April
SALES PRICE May
574 VARIANCE: -13 %
88 VARIANCE: -6 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
April
May
403
$
390 VARIANCE: -3 % $
94
April
May
96.11% 94.80% VARIANCE: -1 %
April
1.58m
$
May
1.48m VARIANCE: -6 % $
DAYS ON MARKET April
May
72
97 VARIANCE: 35 %
PALM SPRINGS & PALM DESERT MARKET SUMMARY | MAY 2018 • The Palm Springs & Palm Desert single-family luxury market is a Balanced Market with a 15% Sales Ratio. • Homes sold for a median of 94.80% of list price in May 2018. • The most active price band is $1,400,000-$1,499,999, where the sales ratio is 29%. • The median luxury sales price for single-family homes has decreased to $1,482,500. • The median days on market for May 2018 was 97 days, up from 72 in April 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
P ALM SP R I NGS&P ALM DESER T
P ALM SP R I NGS&P ALM DESER T
P ALM SP RI NGS&P ALM DESERTMARKETSUMMARY|AP RI L201 8 ThePal m Spr i ngs& Pal m Deser tat t achedl uxur yi saBuyer ’ sMar ketwi t ha1 0% Sal esRat i o.
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 310.383.2466.
- Lucio Bernal
LUCIO BERNAL
310.383.2466 | Lucio.Bernal@camoves.com | www.BernalSmithGroup.com