LUXURY MARKET REPORT MAUI
|
APRIL 2020
MARK WAITE
REALTOR® - BROKER, ABR, RSPS, CLHMS RB-23115
PHONE
(808) 214-9475 | (949) 231-9417 EMAIL
mark@somaislandliving.com WEBSITE
www.somaislandliving.com As a luxury expert on Maui, with a keen focus on Wailea and Makena, Mark offers a wealth of knowledge and expertise. His commitment to his clients is to provide service beyond their expectations, and ultimately deliver results. He goes the extra mile for his and enjoys the research, negotiation and triumph in doing the very best for his clients. Mark is a 1986 West Point graduate, a two US National Championship cyclist and a member of the 1988 US Olympic team. He knows the work, dedication and effort that it takes to be successful. And it is that effort and dedication that he delivers to his clients. Mark is a licensed Broker at Elite Pacific Properties, leading the SoMa (South Maui) Island Living team. In 2019, he sold the most expensive property on Maui, representing the Seller. Mark is also a founding member of REALM, the first-ever collaborative, lifestyle-matching venture in real estate that enables its member-agents to greater productivity and relationship enhancement through the power of data.
•
2020 Elite Pacific Properties Platinum Circle Member
•
2020 Top 100 Realtors in Hawaii
•
2020 Top 3% of Maui Realtors
•
Certified Luxury Home Marketing Specialist - Million Dollar Guild
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 12
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 14
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 18
HAWAII LUXURY MARKET REVIEW
PAGE 19
MAUI MARKET REVIEW
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 priceper-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 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 © 2020 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 The Institute for Luxury Home Marketing recognizes the ongoing coronavirus pandemic and its effects both on human life and the economy as these impacts are being felt by every single individual. Traditionally at this time, we would offer an in-depth report on the status of the luxury real estate market for the first quarter of the year and reviewing whether forecasts made at the end of 2019 and beginning of 2020 are being realized. Indeed, in looking at the figures during the first quarter of 2020, the luxury market overall reported a strong start to the year. Even though the World Health Organization announced the global pandemic on March 11th, properties were still being bought and sold at an increasing rate until the end of March, which typified a normal growth at the start of the spring market. According to Realtor.com’s Chief Economist Danielle Hale, who stated during her recent interview with RIS Media, “A low interest rate environment combined with flourishing economy and record-setting stock markets pushed luxury sales into the double digits for the first time as 2019 came to an end.� By the end of 2019, million-dollar sales had increased by 11.4 percent year-over-year and the entry point for luxury increased 2.1 percent to $1.27 million. Hale recognized that this trend continued well in to March 2020, as buyers took advantage of the opportunity to lock in low
rate mortgages, as well as high levels of luxury inventory that gave them plenty of options. At the end of the 1st Quarter 2020, the single-family luxury market numbers were trending upwards with median sale price increasing from $1.315 million at the close of December to $1.32 million in March. Equally, the sales price to list price ratio trended from 96.8% to 97.6% and average days on market dropped from 60 to 39 days.
1.32M
$
Med. Sale Price
SP/LP Ratio
Days on Market
97.6%
39
In the attached market, the luxury market was also seeing growth with median sales price increasing from $912,500 in December to $923,500 in March. The sales price to list price ratio trended from 97.9% to 98.6% and average days on market dropped slightly from 44 to 42.
923K
$
Med. Sale Price
SP/LP Ratio
Days on Market
98.6%
42
Since the last week of March, all indicators now show that the real estate market has started slowed down. Experts are predicting a 30-35% drop in inventory for April, compared to last year. However, currently there has been little signs of panic selling and property prices are remaining fairly steady. “The demand to stay at home hasn’t stopped the sale of properties, rather its seems to have given homeowners and realtors the time and opportunity to reassess; resulting in a better understanding of how to adjust, learn, and then make the appropriate changes during this fluid situation.” states Diane Hartley, president of The Institute for Luxury Home Marketing. The Institute’s members report that they are seeing reactions across the board; from those determined to move forward to others removing themselves from the real estate market entirely. Some who have been caught in mid-transaction are agreeing to put their contracts on hold or moving their completion date, which helps both the buyers and sellers complete the deal without the requirement of having to move home at this critical time. In a recent interview with RIS Media, Hartley stated that “The biggest thing we are telling our members to do is to continue to be a source of information and stability for both their clients and their community. Use this time to deepen relationships and create new ones. This is a time to give as much as possible!” Members are also reporting that during this transition period they are learning how to pivot
their business by using more technology and virtual methods. Tech savvy homeowners and buyers are able to adapt fairly quickly while others are having to learn the process. Technology is allowing Realtors, lenders, and buyers to move forward, from digital mortgage approvals to being able to sign contracts and even visit the property virtually — a decade ago this situation would have shut down the housing market completely. One clear difference is that most contracts are now including a coronavirus addendum to allow greater flexibility in their timelines and contingencies. Realtors are upgrading their technology to provide 3D tours, videos, and live streaming for promotional purposes as well as touring the property. Video tours with music or featuring the Realtor explaining the aspects of the home are proving highly popular and replacing open houses. Potential buyers are having their Realtor walk through house with a video conference program so that they can ask specific questions and look at all the aspects of the home. Obviously both the sellers and the Realtors involved are expected to take the necessary precautions and follow recommended hygiene etiquette. This method is also being used by home inspectors. In some cases, existing technology with little previous visibility is now coming into the spotlight. In one example, software to allow appraisers to perform virtual inspections has been available for some time and even includes fraud protection. With recent shelter in place orders and cooperation with all parties, these services can continue to be completed and help transactions move forward. One area that remains challenging is the closing of the real estate contract. It seems that remote online notarization varies in accordance with local rules and regulations. In some locations, digital closings are already approved and part of their daily methodology, in others in person signing and witnessing is mandatory. As the pandemic continues, we will surely see changes and a move to online approval the longer we maintain social distancing practices. One thing that can almost be guaranteed is that the ingenuity of realtors and associated service providers, who will surely only be limited by technology’s current abilities and local legislation. All indications are that this situation will have a lasting impact on how real estate transactions will be conducted in the future.
– 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.
68 60
60
53 46 38
40
40
35
35
35
APR
MAY
47
43
36
49
40
38
AUG
SEP
39
44
39
49
49
42
32
JUN
JUL
OCT
NOV
DEC
JAN
FEB
MAR
$523
$372
$372
DEC
JAN
FEB
$357
$497
$495
$375
$491
$522 $360
$511 $373
$361
$494
$501 $337
$501 $338
$372
$300
$357
$470
$400
$474
$500
$498
$537
$600
$371
PRICE PER SQUARE FOOT
48
59
20
0 MAR
SALES PRICE VS. LIST PRICE
52
39
$382
DAYS ON MARKET
80
$200
$100
$0 MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
MAR
FEB
MAR
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0 MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
Discrepancies between statistics published between the March 2020 and April 2020 Luxury Market Reports are due to the addition of Mountain Communities, CO, Island of Hawaii, HI, and Oakville, ON.
– LUXURY MONTHLY MARKET REVIEW – A REVIEW OF KEY MARKET DIFFERENCES MONTH OVER MONTH February 2020 | March 2020
SINGLE-FAMILY HOMES February
March
Median List Price
$1,650,000
$1,650,000
Total Inventory
Median Sale Price
$1,400,000
$1,320,000
Median SP/LP Ratio
97.20%
Total Sales Ratio Median Price per Sq. Ft.
February
March
40,645
41,441
New Listings
11,775
11,670
97.58%
Total Sold
5,868
8,150
14.44%
19.67%
Median Days on Market
59
39
$372
$357
3,589
3,561
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
105
2,282
New Listings
Total Sold
21
5.23%
Med. Sale Price
Days on Market
Sales Ratio
80,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | MARCH 2020 •
Official Market Type: Balanced Market with a 19.58% Sales Ratio.1
•
Homes are selling for an average of 97.58% of list price.
•
The median luxury threshold2 price is $942,500, and the median luxury home sales price is $1,320,000.
•
Markets with the Highest Median Sales Price: Vail ($3,982,500), Santa Barbara ($3,450,000), LA - Beach Cities ($3,443,444), and Vancouver ($3,235,000).
•
Markets with the Highest Sales Ratio: San Francisco (82%), East Bay (71%), Seattle (71%), and Silicon Valley (57%). Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales
1
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 February 2020 | March 2020
ATTACHED HOMES February
March
$1,049,900
$1,049,900
$920,500
$923,500
Median SP/LP Ratio
98.22%
98.60%
Total Sales Ratio
15.38%
18.13%
$497
$523
Median List Price Median Sale Price
Median Price per Sq. Ft.
February
March
Total Inventory
16,141
16,269
New Listings
4,502
4,138
Total Sold
2,482
2,949
49
42
1,996
1,994
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
364
467
New Listings
Total Sold
Med. Sale Price
Days on Market
3,000
$
7
2.75% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | MARCH 2020 •
Official Market Type: Balanced Market with a 15.39% Sales Ratio.1
•
Attached homes are selling for an average of 98.60% of list price.
•
The median luxury threshold2 price is $685,000, and the median attached luxury sale price is $923,500.
•
Markets with the Highest Median Sales Price: Vail ($2,900,000), San Francisco ($2,250,000), Naples ($2,200,000), and Park City ($2,102,500).
•
Markets with the Highest Sales Ratio: Silicon Valley (109%), GTA-Durham (107%), East Bay (106%), and Arlington and Alexandria (82%). Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales
1
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
$1,130,000
$960,000
608
188
64
37
Buyer's
AZ
Paradise Valley
$3,045,000
$2,650,000
216
31
23
45
Buyer's
AZ
Phoenix
$747,000
$620,000
692
269
255
45
Seller's
AZ
Scottsdale
$1,750,000
$1,345,000
776
151
145
69
Balanced
AZ
Tucson
$750,000
$645,000
672
160
158
21
Seller's
BC
Okanagan Valley
$1,597,000
$1,190,000
242
53
5
192
Buyer's
BC
Vancouver
$4,188,000
$3,235,000
868
206
66
16
Buyer's
BC
Victoria
$1,888,800
$1,400,000
343
102
42
29
Buyer's
CA
Central Coast
$2,950,000
$2,616,250
267
55
34
94
Buyer's
CA
East Bay
$2,199,444
$1,916,000
250
138
177
12
Seller's
CA
Los Angeles Beach Cities
$4,797,500
$3,443,444
364
74
56
27
Balanced
CA
Los Angeles City
$4,465,000
$3,025,000
775
181
137
39
Balanced
CA
Los Angeles The Valley
$2,200,000
$1,850,000
474
145
117
28
Seller's
CA
Marin County
$3,895,000
$2,955,000
71
16
18
25
Seller's
CA
Napa County
$2,972,500
$2,075,000
114
19
12
77
Buyer's
CA
Orange County
$2,495,000
$1,816,500
1,158
314
280
34
Seller's
CA
Palm Springs/Palm Desert
$1,827,450
$1,600,000
482
70
73
66
Balanced
CA
Placer County
$999,000
$892,000
187
69
46
8
Seller's
CA
Sacramento
$779,000
$690,000
628
296
308
10
Seller's
CA
San Diego
$2,195,000
$1,704,445
949
312
264
27
Seller's
CA
San Francisco
$4,198,000
$3,183,250
49
13
40
13
Seller's
CA
San Luis Obispo County
$1,595,000
$1,296,500
198
39
26
CA
Santa Barbara
$3,995,000
$3,450,000
230
48
22
11
Buyer's
CA
Silicon Valley
$3,988,000
$3,000,000
217
96
123
9
Seller's
CA
Ventura County
$1,949,000
$1,610,000
343
88
65
66
Balanced
CO
Boulder
$1,750,000
$1,337,500
197
71
54
46
Seller's
CO
Colorado Springs
$779,000
$677,888
295
114
112
16
Seller's
CO
Denver
$968,650
$815,000
1,084
514
449
9
Seller's
CO
Douglas County
$1,252,450
$967,000
284
106
63
38
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Buyer's
– 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
Durango
$1,420,000
$1,062,500
95
15
6
411
Buyer's
CO
Mountain Communities
$1,769,500
$1,288,270
52
9
4
97
Buyer's
CO
Vail
$4,895,000
$3,982,500
111
9
2
556
Buyer's
CT
Central Connecticut
$639,450
$625,000
426
92
37
55
Buyer's
CT
Coastal Connecticut
$1,699,000
$1,377,500
1,269
244
94
101
Buyer's
DC
Washington D.C.
$3,497,500
$2,050,000
50
12
9
4
Balanced
FL
Boca Raton/Delray Beach
$2,399,900
$1,706,250
547
83
58
81
Buyer's
FL
Coastal Pinellas Towns
$1,650,000
$1,362,500
85
17
12
66
Buyer's
FL
Greater Fort Lauderdale
$1,299,999
$930,000
1,507
272
180
81
Buyer's
FL
Jacksonville Beaches
$1,250,000
$1,131,250
348
76
38
72
Buyer's
FL
Miami
$1,299,999
$1,100,000
1,383
203
83
119
Buyer's
FL
Naples
$2,397,000
$1,925,000
792
101
113
98
Buyer's
FL
Orlando
$1,550,000
$1,410,550
446
75
54
106
Buyer's
FL
Palm Beach Towns
$3,292,500
$1,725,000
392
42
32
94
Buyer's
FL
Sarasota & Beaches
$1,750,000
$1,325,000
606
61
53
33
Buyer's
FL
Tampa
$769,000
$666,125
775
212
160
28
Balanced
GA
Atlanta
$1,179,000
$1,005,000
1,207
363
169
23
Buyer's
HI
Island of Hawaii
$1,999,999
$1,798,750
165
20
14
114
Buyer's
HI
Kauai
$2,574,000
$1,200,000
110
10
13
101
Buyer's
HI
Maui
$3,200,000
$2,311,200
181
14
15
135
Buyer's
HI
Oahu
$3,248,500
$2,300,000
242
28
13
130
Buyer's
ID
Ada County
$774,900
$747,000
285
149
111
12
Seller's
ID
Northern Idaho
$899,000
$695,000
323
109
46
68
Buyer's
IL
Chicago
$1,249,000
$1,046,250
1,618
449
240
133
Buyer's
IN
Hamilton County
$767,450
$681,070
248
82
66
60
Seller's
MA
Greater Boston
$3,325,000
$2,450,000
111
28
23
18
Balanced
MD
Anne Arundel County
$950,000
$957,000
269
83
59
33
Seller's
MD
Montgomery County
$1,749,000
$1,320,000
256
91
53
21
Balanced
MD
Talbot County
$1,795,000
$1,250,000
96
23
4
213
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 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
MD
Worcester County
$949,900
$860,000
55
10
4
127
Buyer's
MI
Oakland County
$749,900
$615,000
865
267
139
39
Balanced
MO
St. Louis
$739,000
$728,750
173
71
48
43
Seller's
NC
Charlotte
$949,500
$750,000
763
231
229
13
Seller's
NC
Raleigh-Durham
$725,000
$656,250
915
268
244
0
Seller's
NJ
Ocean County
$875,000
$775,000
650
135
63
76
Buyer's
NV
Las Vegas
$729,000
$630,000
1,545
482
322
39
Balanced
NV
Reno
$1,349,500
$1,348,125
108
26
20
111
Balanced
NY
Brooklyn
$1,588,000
$1,330,000
264
38
13
119
Buyer's
NY
Staten Island
$1,199,999
$999,000
161
24
11
30
Buyer's
ON
GTA - Durham
$1,495,000
$1,304,000
215
95
25
23
Buyer's
ON
GTA - York
$2,389,000
$1,710,000
589
287
110
11
Balanced
ON
Oakville
$2,572,450
$2,282,500
188
73
20
44
Buyer's
ON
Toronto
$3,584,500
$2,935,000
390
182
72
15
Balanced
TN
Knox County
$795,000
$636,250
199
57
44
41
Seller's
TN
Nashville
$959,950
$925,000
324
131
97
13
Seller's
TX
Austin
$1,107,800
$859,500
529
263
212
8
Seller's
TX
Collin County
$709,000
$652,500
691
211
168
42
Seller's
TX
Dallas
$999,000
$847,000
591
170
165
28
Seller's
TX
Fort Worth
$875,000
$769,000
668
201
138
25
Balanced
TX
Houston
$829,900
$726,250
2,016
611
322
27
Balanced
TX
The Woodlands & Spring
$850,000
$675,000
441
147
71
65
Balanced
UT
Park City
$3,595,000
$2,665,000
218
21
14
151
Buyer's
VA
Arlington & Alexandria
$1,850,000
$1,725,000
99
34
23
17
Seller's
VA
Fairfax County
$1,799,000
$1,385,000
483
170
87
15
Balanced
VA
McLean & Vienna
$2,145,000
$1,650,000
247
87
27
27
Buyer's
VA
Richmond
$841,700
$770,000
260
89
46
13
Balanced
WA
Greater Seattle
$1,895,000
$1,575,000
592
283
298
8
Seller's
WA
Seattle
$1,799,925
$1,515,000
174
96
123
8
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
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
$849,450
$762,000
272
74
22
59
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$775,000
$633,500
263
59
66
64
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,889,500
$1,555,476
694
205
50
11
Buyer's
BC
Victoria
$797,450
$785,000
264
82
46
45
Balanced
CA
Central Coast
$1,119,000
$1,200,000
37
5
5
7
Buyer's
CA
East Bay
$1,049,800
$950,000
67
45
71
12
Seller's
CA
Los Angeles Beach Cities
$1,750,000
$1,500,000
183
61
52
27
Seller's
CA
Los Angeles City
$1,549,000
$1,355,000
311
90
87
23
Seller's
CA
Los Angeles The Valley
$759,000
$675,000
75
38
57
15
Seller's
CA
Marin County
$1,475,000
$1,385,000
11
2
7
27
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,095,000
$954,500
369
139
78
24
Seller's
CA
Palm Springs/Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,124,500
$897,000
572
195
154
22
Seller's
CA
San Francisco
$2,800,000
$2,250,000
78
13
32
21
Seller's
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,797,000
$1,725,000
34
7
3
13
Buyer's
CA
Silicon Valley
$1,483,000
$1,383,750
70
48
76
8
Seller's
CA
Ventura County
$774,000
$724,000
57
20
15
50
Seller's
CO
Boulder
$974,500
$1,350,000
60
27
33
30
Seller's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$715,000
$632,450
564
241
216
13
Seller's
CO
Douglas County
$562,875
$585,000
24
9
5
19
Balanced
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
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
CO
Durango
$775,000
$787,500
40
5
2
227
Buyer's
CO
Mountain Communities
$1,050,000
$870,000
7
3
3
79
Seller's
CO
Vail
$3,377,000
$2,900,000
102
10
11
216
Buyer's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$775,000
$595,000
241
58
18
134
Buyer's
DC
Washington D.C.
$1,895,000
$1,577,500
174
80
56
10
Seller's
FL
Boca Raton/Delray Beach
$974,500
$685,000
429
58
48
69
Buyer's
FL
Coastal Pinellas Towns
$975,000
$1,117,500
145
22
18
50
Buyer's
FL
Greater Fort Lauderdale
$875,000
$760,000
1,234
140
92
88
Buyer's
FL
Jacksonville Beaches
$979,500
$785,000
42
8
3
60
Buyer's
FL
Miami
$1,050,000
$950,000
2,887
286
89
165
Buyer's
FL
Naples
$2,045,000
$2,200,000
284
33
47
85
Balanced
FL
Orlando
$729,900
$825,000
43
6
11
16
Seller's
FL
Palm Beach Towns
$1,600,000
$1,250,000
400
50
41
86
Buyer's
FL
Sarasota & Beaches
$1,300,000
$1,220,840
266
39
45
24
Balanced
FL
Tampa
$750,000
$571,250
121
39
34
22
Seller's
GA
Atlanta
$667,310
$620,000
634
187
100
46
Balanced
HI
Island of Hawaii
$1,822,500
$1,315,000
84
8
9
42
Buyer's
HI
Kauai
$1,350,000
$1,095,000
81
8
10
92
Buyer's
HI
Maui
$1,825,000
$1,980,000
141
24
24
292
Balanced
HI
Oahu
$1,277,500
$1,225,000
390
59
37
81
Buyer's
ID
Ada County
-
-
-
-
-
-
-
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,125,000
$877,000
904
250
105
93
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,299,500
$1,927,500
202
53
62
43
Seller's
MD
Anne Arundel County
$592,450
$594,900
46
16
15
5
Seller's
MD
Montgomery County
$739,000
$705,000
157
68
58
12
Seller's
MD
Talbot County
-
-
-
-
-
-
-
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MD
Worcester County
$622,450
$625,000
122
25
7
80
Buyer's
MI
Oakland County
$762,000
$610,000
52
21
9
47
Balanced
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$711,200
$622,000
156
27
39
60
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$719,000
$610,000
97
32
12
147
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,350,000
$1,030,000
558
84
59
74
Buyer's
NY
Staten Island
ON
GTA - Durham
$699,945
$650,000
74
80
79
6
Seller's
ON
GTA - York
$854,000
$850,000
236
248
178
7
Seller's
ON
Oakville
$1,350,990
$1,075,000
27
10
7
75
Seller's
ON
Toronto
$1,288,000
$1,125,000
396
299
179
9
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$965,000
$701,300
83
21
14
53
Balanced
TX
Austin
$874,150
$722,500
196
57
55
20
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$749,000
$611,573
198
45
24
42
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$799,000
$575,000
371
91
35
27
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,994,475
$2,102,500
151
9
12
70
Buyer's
VA
Arlington & Alexandria
$1,299,000
$1,050,563
61
39
50
7
Seller's
VA
Fairfax County
$708,241
$670,000
164
67
77
7
Seller's
VA
McLean & Vienna
$1,274,495
$1,099,500
26
9
6
29
Seller's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,059,493
$999,950
154
67
65
12
Seller's
WA
Seattle
$1,212,500
$1,095,000
88
37
29
61
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. Prices shown for Canadian cites are shown in Canadian Dollars.
HAWAII
LUXURY MARKET REVIEW Elite Pacific Properties is pleased to present you with a closer look at the luxury residential real estate market in Hawaii, showcasing detailed statistical analysis of Kauai, Oahu, Maui and the Big Island of Hawaii for March 2020. We recognize that most markets and industries across the globe are feeling the impact of the COVID-19 pandemic, and that the luxury real estate segment in Hawaii will not be immune. However, while the current situation has slowed business momentum for most of us, we still feel it is important to look back at Marchâ&#x20AC;&#x2122;s statistics as well as the first quarter of 2020 to reflect on the trends to date. Hawaii is a very unique market with market dynamics that often donâ&#x20AC;&#x2122;t mirror the rest of the country. After all, the first quarter will be the benchmark to help us understand what will most likely happen when we get beyond the COVID-19 pandemic. Overall the luxury market in Hawaii saw a greater number of sales in March 2020 compared with 2019. This positive trend was also reflected in the increase of the median sales price and slight reduction of the days that homes stayed on market prior to purchase. However, all islands reported that luxury markets still remained somewhat favorable to buyers as well for certain price points and locations. In contrast there were several price bands and property types that had lower than average inventory and greater demand. Trends certainly indicated a positive start to 2020, with a growing number of buyers coming from the US mainland. Seniors and millennials were a driving force in the demand for luxury properties with smaller footprints. And, despite regulatory challenges in 2019, vacation homes and luxury resorts also continued to grow in their popularity, especially as they favored the greatest increase in property values, offered steady income generators as well as lower tax benefits. The demographic of buyers purchasing in Hawaii not only included those looking for a new lifestyle or vacation property away from the high density, fast paced cities, but for others wanting to move away from US locations that had suffered from substantial natural disasters in the last few years. How the Coronavirus effects the Hawaiian islands will be a test for all its current residents and property owners, but if they remain safe, the islands could well be seen as a haven by the affluent, that will ultimately be to the benefit of the luxury real estate market. Many of the Hawaii resort markets favored extensively for second homes are low density with spacious lots and limited shared spaces.
M AUI HAWA I I –April 2020–
MAUI
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | MARCH 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,422,000 26
$7,000,000+
1 4
$6,000,000 - $6,999,999
$5,000,000 - $5,999,999 $4,500,000 - $4,999,999 $4,000,000 - $4,499,999 $3,500,000 - $3,999,999
18
0
13 0 14
1 18 2 21 2 13
$1,900,000 - $1,999,999
$1,500,000 - $1,599,999 $1,422,000 - $1,499,999
1
Total Sales Ratio2: 8%
5
$2,000,000 - $2,499,999
$1,600,000 - $1,699,999
Buyer's Market
13 0
$2,500,000 - $2,999,999
$1,700,000 - $1,799,999
Total Sales: 15
0
$3,000,000 - $3,499,999
$1,800,000 - $1,899,999
Total Inventory: 181
2
1
3 0 8
1 15 1 5 1 5 3
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$2,311,200
2
2
1
37
3%
2,000 - 2,999
$1,600,000
3
3
3
37
8%
3,000 - 3,999
$1,950,000
3
4
5
52
10%
4,000 - 4,999
$1,730,000
4
4
3
25
12%
5,000 - 5,999
$6,350,000
5
6
2
11
18%
6,000+
$2,800,000
5
6
1
19
5%
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.
MAUI
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Inventory
$2,612,500
$2,487,500 $2,200,000
$2,150,000 $1,862,500
232
211
12 Mar-19
216
209
15
$2,077,500
12
Apr-19
May-19
12 Jun-19
$2,337,500
$2,175,000
$2,110,000
209
202
200
7
20
Jul-19
Aug-19
Solds
13 Sep-19
20 Oct-19
$2,100,000
220
198
191
$2,450,000
$2,257,500
219
12
18
Nov-19
Dec-19
213
181
9
15
Feb-20
Mar-20
11 Jan-20
$2,311,200
MEDIAN DATA INVENTORY February
March
213
SOLDS February
SALES PRICE March
181 VARIANCE: -15 %
15 VARIANCE: 67 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
February
862
March
610 VARIANCE: -29 %
$
$
9
February
March
98.25%
93.36% VARIANCE: -5 %
February
2.45m
$
March
2.31m VARIANCE: -6 % $
DAYS ON MARKET February
March
143
135 VARIANCE: -6 %
MAUI MARKET SUMMARY | MARCH 2020 • The Maui single-family luxury market is a Buyer's Market with an 8% Sales Ratio. • Homes sold for a median of 93.36% of list price in March 2020. • The most active price band is $1,422,000-$1,499,999, where the sales ratio is 60%. • The median luxury sales price for single-family homes has decreased to $2,311,200. • The median days on market for March 2020 was 135 days, down from 143 in February 2020.
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
MAUI
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | MARCH 2020 Inventory
Sales
Luxury Benchmark Price 1: $1,183,200 23
$4,000,000+
2 13
$3,000,000 - $3,999,999
14
$2,500,000 - $2,999,999
4
8 5 3
0 8 0 6
$1,500,000 - $1,599,999
1 7
$1,450,000 - $1,499,999
1
5
$1,400,000 - $1,449,999
$1,300,000 - $1,349,999
$1,250,000 - $1,299,999 $1,183,200 - $1,249,999
1
Total Sales Ratio2: 17%
3
$1,800,000 - $1,899,999
$1,350,000 - $1,399,999
Balanced Market
10 4
$1,900,000 - $1,999,999
$1,600,000 - $1,699,999
Total Sales: 24
3
$2,000,000 - $2,499,999
$1,700,000 - $1,799,999
Total Inventory: 141
1
1 9
0 8 0 9 0 15 2
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
NA
NA
NA
0
11
0%
1,000 - 1,499
$1,635,000
2
2
6
49
12%
1,500 - 1,999
$2,050,000
2
2
5
40
13%
2,000 - 2,499
$1,955,000
3
3
10
18
56%
2,500 - 2,999
$4,925,000
3
4
1
20
5%
3,000+
$4,100,000
4
5
2
3
67%
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.
MAUI
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
$2,175,000 $1,967,500
$1,930,000
156
$1,389,000
151
22 Mar-19
146
15
13
Apr-19
142
141
May-19
17 Jun-19
$2,065,500
$1,500,000
$1,425,000
Jul-19
14
11 Aug-19
Sep-19
149
143
139
132
131
13
$1,980,000 $1,725,000
$1,712,500
$1,700,000 $1,360,000
Solds
22 Oct-19
$1,445,000
146
17
12
Nov-19
Dec-19
141
140
17 Jan-20
24
13 Feb-20
Mar-20
MEDIAN DATA INVENTORY February
March
140
141 VARIANCE: 1 %
SALE PRICE PER SQFT. February
1,264
$
March
1,078 VARIANCE: -15 % $
SOLDS February
SALES PRICE March
13
24 VARIANCE: 85 % SALE TO LIST PRICE RATIO February
March
95.85%
97.76% VARIANCE: 2 %
February
1.45m
$
March
1.98m VARIANCE: 37 % $
DAYS ON MARKET February
March
110
292 VARIANCE: 165 %
MAUI MARKET SUMMARY | MARCH 2020 • The Maui attached luxury market is a Balanced Market with a 17% Sales Ratio. • Homes sold for a median of 97.76% of list price in March 2020. • The most active price band is $1,900,000-$1,999,999, where the sales ratio is 133%. • The median luxury sales price for attached homes has increased to $1,980,000. • The median days on market for March 2020 was 292 days, up from 110 in February 2020.
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
Thank you for taking time to view this report. For more information about the Maui market and the services I can offer, please give me a call at (808) 214-9475. - MARK WAIT E