Lucio Bernal ILHM Luxury Report August 2018

LUCIO BERNAL L U X U RY MARKET REPORT

PA L M S P R I N G S & PA L M D E S E RT AUGUST 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 6-8

NORTH AMERICAN LUXURY MARKET REVIEW

PAGE 9

13 MONTH MARKET TRENDS

PAGE 10

SINGLE FAMILY HOMES MONTHLY OVERVIEW

PAGE 11

ATTACHED HOMES MONTHLY OVERVIEW

PAGE 12-13

MONTHLY STATISTICS BY CITY - Single Family Homes

PAGE 14-15 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 17

LOCAL LUXURY MARKET REVIEW

PAGE 18-19 SINGLE FAMILY HOMES - Monthly Statistics PAGE 20

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

Jun-17

54 Jul-17

$3,200,000

$3,125,000

$3,175,000

Solds

$3,125,000

347

326

277

199 80

$3,065,000

Inventory

247

30

59

Aug-17

Sep-17

Oct-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

$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

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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 J U LY LUXURY REVIEW 2 0 1 8 In July’s report, the topic “the year of change” for the luxury real estate market was reviewed; with an emphasis on how the market was thought to be slowing down in major metropolitans and existing key luxury locations, while secondary markets were emerging and evolving with unexpected upswings. Also reviewed were the impact of tax and government regulations on real estate decision making, as well as investigating the main cause of the shift in demand from the luxury McMansions to ‘smart’ technology and design-based homes.

In August’s report these changes, as well as more specific trends and influencers, will be examined to further understand their impact to the luxury market and the affluent buyers and sellers. On reviewing the North American luxury market statistically, the immediate reaction is there was very little change overall month over month in terms of the median luxury sold price, this is to be expected as August is typically a slower month for real estate in general. The median luxury Single-Family sales price is up just 3.2% in July 2018 from June 2018 and up a mere 2.5% over July 2017. Attached homes, where the median luxury sales price is down 4.0% this month over June 2018 and down just 0.6% over July 2018.

Statistics do open up a whole gambit of questions – where the median PRICE may not flucutate, what is interesting to see is that over the last 3 years there has been a marked increase in the NUMBER of sales. The number of luxury Single-Family home sales rose 9.4% in July 2018 compared to July 2017. Luxury Attached home sales are ahead of July 2017 by 13.7%. This now begs the question, if money is remaining within the luxury real estate market, what is the change in spending power?

Dive into this question and the results show a number of trends that have become the signature of change for 2018; an increasing number of luxury homeowners are buying additional properties outside their domiciles and contributing to growth in markets not generally considered to be key luxury locations. These secondary homes, not to be confused with the purchase of only one

second home, are juxtaposed to their current residence being chosen for their recreational, leisure, summer or winter retreat, international and/or cultural importance.

There is also an important reason buyers are easing away from traditional markets, which is reflected in the types of amenities that have become firm favorites: environmental sustainability, efficent use of energy and space, and sophisticated technology that fits with their lifestyle considerations. Accommodating these amenities to create Green Homes, Smart Homes, and Serviced Apartments all lend themselves to needing flexibility in building or conversion that historic properties in larger impacted cities generally cannot provide, physically or economically.

The spring market saw an upsurge in luxury buyers looking for Summer Retreats but with a difference – no longer is the requirement for a 2-week getaway, but rather a home for the entire summer. Technology and working trends have shifted the necessity of being in the office as sophisticated telecommunications have become a key factor in second home purchases, even if that home is a hideaway in a remote mountain location.

The importance of a large mansion is less a necessity in these secondary homes, instead open plan environments that also bring the outside in and vice versa have been identified as a significant expectation.

Lavish, state of the art kitchens with plenty of counter space – not just for food preparation – but for entertaining and engaging with guests need to be elegantly designed and a showcase for the home. Storage is always a major consideration, and not just inside, outside space for toys as small as a soccer ball to housing large ATVs are equally important.

Recreation at home has also become a big factor from the traditional expectations of swimming pools and tennis courts to the more specific sporting requirements of BMX bike parks, ice hockey rinks, equestrian stables, water slides and private access to beaches, forests and bridle paths, accompanied by spa facilities such as saunas, steam rooms and outdoor massage facilities.

While it seems that McMansions are no longer the flavor of the year, it must be noted that locations such as Scottsdale, San Diego and across Florida are seeing a new buying trend from builders. Also, it should be put into perspective – what is one man’s McMansion is another man’s standard of living. In many locations where land is plentiful many a 20,000 sq. ft. home is being built. The word built is key here, it is often not the size that is the deterrent, but the style of the home and the time required to modernize it. So too it is the era of the home – properties built from the 1970s through to the 2000s are not considered to be historic, just outdated!

Developers and builders have recognized this opportunity and are now purchasing these homes at less than market value, affording them the ability to restructure the property in line with today’s demands.

Statistics also show anomalies in the luxury market, and one such market which has seen a significant change in the last year is the increase in the purchasing of luxury condominiums. One of the most startling increases in luxury condo ownership is in Florida. Bloomberg reported that prices for the Top 5% of the market are rising at their fastest pace in five years. For condos there was a 16% jump in transactions the second quarter of this year against the same period in 2017! On the local level, two Florida cities stood out on this month's Luxury Market Report. Naples, FL had the third highest luxury median Attached sales price, just under tech giant San Francisco. Jacksonville Beaches also reported the second highest luxury attached market sales ratio, second place only to Silicon Valley, who has unprecedented demand each month. The trigger for this surge is thought to be a result of the new tax reforms implemented at the beginning of 2018; Florida is now seen a tax haven for the high-income earner.

Another factor that will start to affect the choice of property purchased is the rise in wealth of women; substantial changes of their role within the economy – globally as well as in North America – is seeing an upswing in the amount of financial influence being exerted more than ever before. An important concept to realize is their lifestyle requirements are very different from their male counterparts! Key differences include taking more breaks through their career, they wish to couple their professional goals with their commitment of caring for their family, many are not starting families until later, the rising work from home trend, and that their life expectancy is longer.

The influence of women of wealth has already impacted the style of homes – everything from open plan concepts, second home offices, technology being integrated in fridges to tell you the contents, spa facilities, and quiet lounging spaces. Women have distinct preferences with more emphasis on security, privacy, technology and safety.

Women are also the driving force of health and wellness with high demand for a gym and workout room (for yoga and pilates) in their homes or within their condominium building. The Global Wellness Institute reported in 2017 that wellness-lifestyle real estate was valued at approx. $120 million and estimated a growth rate of 9% per year with 2020 seeing the value at $150 million.

It is important to understand these trends and their impacts as they can greatly influence the value of a home, especially the luxury real estate market. Understanding trends can help prevent a property becoming outdated, explain how outside influences such as tax can create unexpected consequences, and explain why a property’s value is not just reflective of local factors - as luxury buyers are becoming more global, varied in their lifestyle choices, and influenced by technology.

While this report seeks to give an overall view of the luxury market and concurs that luxury real estate is firmly entering into a year of change, it is still important to recognize that individual markets must be reviewed separately too – certainly one of the most significant observations is that there are many markets in the ‘change’ process and the trends described above are causing a variety of influences that are often in contradiction to current expectations.

– 13 - MONTH MARKET TRENDS* – FOR THE LUXURY NORTH AMERICAN MARKET

Single-Family Homes

Attached Homes

Single-Family List Price

Attached List Price

All data is based off median values. Median prices represent properties priced above respective city benchmark prices.

DAYS ON MARKET

80

60

56

52

49

55

52

64

62

57

43

40

42

40

41

39

33

42

41

41

33

40

38

32 32

32

APR

MAY

33 32

32

20

0

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

JUN

JUL

$508 $367

$562 $369

$551 $368

$540 $372

$504 $353

$366

$339

$322

$458

$507

$525

$517 $365

$509

$510

$338

$300

$377

$400

$360

$468

$501

$500

$360

PRICE PER SQUARE FOOT

$600

$200

$100

$0

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

JUN

JUL

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

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2018 | July 2018

SINGLE-FAMILY HOMES June

July

June

July

Median List Price

$1,685,000 $1,685,000

Total Inventory

40,388

39,675

Median Sale Price

$1,352,000 $1,395,000

New Listings

10,759

9,505

7,648

6,389

33

40

3,710

3,660

Median SP/LP Ratio

97.58%

96.98%

Total Sales Ratio

18.94%

16.10%

$369

$367

Median Price per Sq. Ft.

Total Sold Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.





1,254

1,259

New Listings

Total Sold





7

2.84%

Med. Sale Price

Days on Market

Sales Ratio

43,000

$



SINGLE-FAMILY HOMES MARKET SUMMARY | JULY 2018 •

Official Market Type: Balanced Market with a 16.10% Sales Ratio.1

•

Homes are selling for an average of 96.98% of list price.

•

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,395,000.

•

Markets with the Highest Median Sales Price: LA-Beach Cities ($3,872,000), Vail ($3,525,000), Silicon Valley ($3,200,000), and Vancouver ($3,180,000).

•

Markets with the Highest Sales Ratio: Silicon Valley (88%), San Francisco (79%), Seattle (51%), and Sacramento (38%).

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 June 2018 | July 2018

ATTACHED HOMES June

Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.

July

$1,024,500 $1,014,000

June

July

13,408

13,049

New Listings

3,774

3,175

2,471

2,072

32

32

2,002

1,990

Total Inventory

$937,450

$899,500

98.44%

98.47%

Total Sold

18.43%

15.88%

Median Days on Market

$562

$508

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





599

399

New Listings

Total Sold





1

2.55%

Med. Sale Price

Days on Market

Sales Ratio

37,950

$



ATTACHED HOMES MARKET SUMMARY | JULY 2018 •

Official Market Type: Balanced Market with an 15.88% Sales Ratio.1

•

Attached homes are selling for an average of 98.47% of list price.

•

The median luxury threshold2 price is $711,225, and the median attached luxury sale price is $899,500.

•

Markets with the Highest Median Sales Price: Vail ($2,550,000), San Francisco ($2,253,380), Naples ($1,900,000), and Greater Boston ($1,867,500).

•

Markets with the Highest Sales Ratio: Silicon Valley (167%), Jacksonville Beaches (78%), LA-The Valley (70%), and Marin County (54%).

1

Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.

– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

AB

Calgary

$1,100,000

$1,050,000

766

215

103

50

Buyer's

AZ

Paradise Valley

$2,924,582

$2,302,000

186

18

14

244

Buyer's

AZ

Phoenix

$707,900

$630,000

799

167

189

57

Seller's

AZ

Scottsdale

$1,675,000

$1,327,500

743

78

80

133

Buyer's

AZ

Tucson

$749,900

$630,000

695

97

73

69

Buyer's

BC

Okanagan Valley

$1,599,000

$1,440,000

674

126

41

69

Buyer's

BC

Vancouver

$3,939,000

$3,180,000

1,516

297

31

34

Buyer's

BC

Victoria

$1,800,000

$1,460,000

429

131

44

23

Buyer's

CA

Los Angeles - Beach Cities

$4,850,000

$3,872,000

395

112

55

31

Buyer's

CA

Los Angeles - City

$4,299,500

$3,088,073

828

242

145

41

Balanced

CA

Los Angeles - The Valley

$2,250,000

$1,765,000

681

246

130

35

Balanced

CA

Marin County

$3,995,000

$2,810,000

113

12

33

46

Seller's

CA

Napa County

$2,800,000

$2,027,500

135

15

18

60

Buyer's

CA

Orange County

$2,395,000

$1,908,888

1,607

387

291

41

Balanced

CA

Palm Springs & Palm Desert

$1,795,000

$1,600,000

406

40

42

100

Buyer's

CA

Sacramento

$769,505

$710,000

853

342

328

19

Seller's

CA

San Diego

$2,285,000

$1,549,270

1,361

425

277

37

Balanced

CA

San Francisco

$3,947,500

$3,077,500

48

17

38

14

Seller's

CA

Santa Barbara

$3,684,700

$2,444,000

251

54

23

69

Buyer's

CA

Silicon Valley

$5,375,000

$3,200,000

155

63

137

13

Seller's

CO

Boulder

$1,795,000

$1,510,000

218

59

58

50

Seller's

CO

Denver

$950,000

$850,000

1,266

381

458

12

Seller's

CO

Vail

$4,292,000

$3,525,000

142

19

4

97

Buyer's

DC

Washington D.C.

$3,400,000

$2,400,000

61

8

12

30

Balanced

FL

Boca Raton & Delray Beach

$1,999,000

$1,470,000

587

76

49

125

Buyer's

FL

Greater Fort Lauderdale

$1,250,000

$925,000

1,603

295

135

77

Buyer's

FL

Jacksonville Beaches

$1,248,295

$999,688

328

53

32

74

Buyer's

FL

Miami

$1,350,000

$959,500

1,356

244

85

119

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

$1,849,000

$1,452,500

1,097

131

82

103

Buyer's

FL

Orlando

$1,600,000

$1,250,000

557

77

50

43

Buyer's

FL

Palm Beach Towns

$3,250,000

$1,900,000

339

40

23

78

Buyer's

FL

Sarasota & Beaches

$1,695,000

$1,417,500

523

61

30

109

Buyer's

GA

Atlanta

$1,175,000

$950,000

1,330

333

216

36

Balanced

HI

Maui

$2,997,000

$2,105,250

210

28

16

194

Buyer's

IL

Chicago

$1,250,000

$1,020,000

2,169

582

320

52

Buyer's

MA

Greater Boston

$2,999,900

$2,697,500

119

16

26

11

Seller's

MD

Montgomery County

$1,798,500

$1,390,000

412

67

81

24

Balanced

MI

Oakland County

$749,900

$620,350

1,271

419

212

21

Balanced

MO

St. Louis

$796,700

$662,500

228

54

64

18

Seller's

NC

Charlotte

$899,900

$775,000

1,095

205

227

27

Balanced

NC

Raleigh-Durham

$734,900

$655,000

1,009

191

241

7

Seller's

NV

Las Vegas

$749,900

$600,500

1,325

398

282

35

Seller's

NY

Brooklyn

$1,400,000

$1,230,000

197

50

10

81

Buyer's

NY

Staten Island

$1,199,999

$1,012,500

209

42

12

57

Buyer's

ON

GTA - York

$2,189,450

$1,880,000

932

334

51

34

Buyer's

ON

Toronto

$3,388,000

$3,177,298

494

198

58

27

Buyer's

TN

Nashville

$1,000,000

$867,450

385

137

80

16

Balanced

TX

Austin

$999,000

$815,500

851

231

247

26

Seller's

TX

Collin County

$700,000

$660,000

1,138

279

182

36

Balanced

TX

Dallas

$999,000

$890,738

865

212

155

29

Balanced

TX

Fort Worth

$875,000

$775,000

935

215

171

25

Balanced

TX

Houston

$820,000

$750,000

2,100

586

312

38

Buyer's

TX

The Woodlands & Spring

$785,000

$672,500

583

143

78

71

Buyer's

UT

Park City

$2,950,000

$2,200,000

272

49

19

63

Buyer's

VA

Fairfax County

$1,650,000

$1,377,500

565

98

86

19

Balanced

WA

Seattle

$1,750,000

$1,400,000

263

110

133

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

$820,000

$760,000

369

88

33

35

Buyer's

AB

Calgary

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$682,500

$609,950

124

31

22

84

Balanced

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,988,000

$1,616,250

766

230

42

27

Buyer's

BC

Victoria

$840,000

$752,500

193

61

62

21

Seller's

CA

Los Angeles Beach Cities

$1,699,000

$1,425,000

177

75

85

17

Seller's

CA

Los Angeles City

$1,699,000

$1,330,000

308

134

85

17

Seller's

CA

Los Angeles The Valley

$699,000

$661,709

100

50

70

29

Seller's

CA

Marin County

$1,250,000

$1,150,000

13

4

7

32

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,029,000

$909,000

447

140

151

25

Seller's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,099,000

$890,000

537

224

145

34

Seller's

CA

San Francisco

$3,100,000

$2,253,380

71

11

28

28

Seller's

CA

Santa Barbara

$2,475,000

$1,554,500

37

7

4

18

Buyer's

CA

Silicon Valley

$1,498,000

$1,450,000

60

47

100

10

Seller's

CO

Boulder

$867,808

$781,250

77

29

20

45

Seller's

CO

Denver

$698,250

$618,110

474

154

184

14

Seller's

CO

Vail

$3,643,000

$2,550,000

86

11

3

404

Buyer's

DC

Washington D.C.

$1,800,000

$1,557,500

143

44

32

11

Seller's

FL

Boca Raton & Delray Beach

$867,000

$750,000

354

41

34

46

Buyer's

FL

Greater Fort Lauderdale

$859,000

$735,000

1,150

149

61

98

Buyer's

FL

Jacksonville Beaches

$1,199,000

$865,000

41

4

32

113

Buyer's

FL

Miami

$999,000

$958,125

2,757

296

74

196

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

$1,998,889

$1,900,000

257

20

19

43

Buyer's

FL

Orlando

$791,000

$589,500

74

11

2

38

Buyer's

FL

Palm Beach Towns

$1,297,000

$1,675,000

282

38

15

132

Buyer's

FL

Sarasota & Beaches

$1,295,000

$1,302,500

203

34

20

64

Buyer's

GA

Atlanta

$675,000

$647,500

494

130

76

58

Balanced

HI

Maui

$1,695,000

$1,470,036

140

19

23

248

Balanced

IL

Chicago

$1,199,000

$977,500

957

302

160

32

Balanced

MA

Greater Boston

$2,475,000

$1,867,500

211

49

62

35

Seller's

MD

Montgomery County

$789,990

$645,500

191

69

60

18

Seller's

MI

Oakland County

$846,000

$617,500

66

27

14

24

Seller's

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$699,900

$618,755

118

17

22

27

Balanced

NC

Raleigh-Durham

-

-

-

-

-

-

-

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$996,500

$1,073,500

78

19

6

101

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$779,000

$714,000

180

80

14

24

Buyer's

ON

Toronto

$1,299,000

$1,194,500

359

216

102

14

Seller's

TN

Nashville

$699,950

$625,000

90

25

17

25

Balanced

TX

Austin

$710,000

$643,500

208

57

38

25

Balanced

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$699,900

$600,000

195

44

23

62

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$625,000

$665,000

251

65

31

43

Buyer's

TX

The Woodlands and Spring

-

-

-

-

-

-

-

UT

Park City

$1,996,000

$1,777,500

156

16

14

165

Buyer's

VA

Fairfax County

$719,900

$685,000

164

67

81

11

Seller's

WA

Seattle

$1,250,000

$930,000

91

40

26

11

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 | JULY 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

30

0 10

0

12

0

$3,500,000 - $3,999,999

36

3

24

1

47

4

$1,500,000 - $1,749,999

36

4

20

2

28

2

$1,200,000 - $1,299,999

$1,015,000 - $1,099,999

25

6

$1,750,000 - $1,999,999

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

Total Sales Ratio2: 10%

17

$2,000,000 - $2,249,999

$1,300,000 - $1,399,999

Buyer's Market

2

$2,500,000 - $2,999,999

$1,400,000 - $1,499,999

Total Sales: 42

11

2

$3,000,000 - $3,499,999

$2,250,000 - $2,499,999

Total Inventory: 406

42

6

43

5

25

5

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$1,200,000

3

NA

9

45

20%

3,000 - 3,999

$1,197,500

4

NA

12

110

11%

4,000 - 4,999

$1,797,500

4

NA

10

118

8%

5,000 - 5,999

$2,510,000

4

NA

5

56

9%

6,000 - 6,999

$3,162,500

4

NA

2

25

8%

7,000+

$3,200,000

5

NA

3

50

6%

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 $1,420,000

$1,346,589

319 45

Jul-17

28

31

Aug-17

Sep-17

$1,525,000

651

523

408

344

$1,392,500

38 Oct-17

$1,467,500

Inventory

$1,615,000

722

630

35

40

Nov-17

Dec-17

$1,625,000

$1,450,000

713

41

Jan-18

Solds

707

$1,575,000

$1,482,500

656

574

$1,600,000 $1,327,500

482

64

70

94

88

Feb-18

Mar-18

Apr-18

May-18

406 63

Jun-18

42 Jul-18

MEDIAN DATA INVENTORY June

July

482

SOLDS June

SALES PRICE July

406 VARIANCE: -16 %

42 VARIANCE: -33 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

June

July

363

$

411 VARIANCE: 13 % $

63

June

July

93.19% 95.67% VARIANCE: 3 %

June

1.33m

$

July

1.60m VARIANCE: 21 % $

DAYS ON MARKET June

July

125

100 VARIANCE: -20 %

PALM SPRINGS & PALM DESERT MARKET SUMMARY | JULY 2018 • The Palm Springs & Palm Desert single-family luxury market is a Buyer's Market with a 10% Sales Ratio.

• Homes sold for a median of 95.67% of list price in July 2018.

• The most active price band is $2,000,000-$2,249,999, where the sales ratio is 24%.

• The median luxury sales price for single-family homes has increased to $1,600,000.

• The median days on market for July 2018 was 100 days, down from 125 in June 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 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