MECHELLE
NICHOLS L U X U RY MARKET REPORT
WORC E S T E R COUNTY O C E A N CITY APRIL 2019
Ocean City Maryland is one of the most sought after locations and home prices have started to rise. It is an opportune time to be a seller. I receive calls every day from colleagues asking if I know anyone at the beach who wants to sell. Due to the high demand I wanted to reach out to you in case you or someone you know is interested in selling. I have also introduced a great new service for the Ocean City market. It will help you keep track of your current home value and sales activity at the beach. In case you have not checked your home value recently, visit oceancityrealestate.smarthomeprice.com to find out what your home could sell for in todays market. As a “Local” agent and expert in the local market, I provide all-inclusive concierge services, assisting you with all your buying and selling needs. I am steadfastly available to ensure your happiness and satisfaction. For more information on selling or seeking luxury properties contact me directly at 410.430.1575 or mnichols@LuxuryShoreLiving.com.
Best Regards,
Mechelle Nichols Mechelle Nichols REALTOR® Your OC Luxury Real Estate Expert
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 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 LUXURY REVIEW How Playing the Data Game Will Yield More Results in 2019 As we move into spring, which is traditionally the busiest time of year for home sales, and consider the statistical analysis illustrating that the overall high-end real estate market has normalized back to traditional levels, what does this mean to homeowners looking to sell? How in today’s market can understanding statistics and working with the right real estate professional become the solution to meeting expectations?
Researching and analyzing data has played a crucial role, and will continue to do so, when understanding how to match both the concerns of the home seller with the expectations of the buyer. The Institute's research has determined that lifestyle, comparative affordability, and financial opportunity are the key differentiators in the decision process of the affluent buyer. But while these buyers can be decisive when their goals are met, they are also fickle because their needs are not based on necessity but from desire. Taking these factors into consideration, coupled with the unique attributes of the property, successful agents have recognized that using statistical data has often addressed the concerns of
their sellers, enabling them to provide answers to questions such as what is the value of my home, how long will it take to sell, and how are you going to market my home to connect to the right buyers? A slower pace of sales generally means that homes will take longer to sell because buyers have the opportunity to make more informed decisions and are less willing to compromise. So it becomes incumbent on the listing agent to comprehensively research all aspects of the property in order to create a long-term marketing strategy that keeps both potential buyers and the market engaged in the property. Using data to understand current inventory, sales, and pricing differentials both locally and nationally are important in establishing the value of a property. Leveraging this information is the way to connect with the more data-driven luxury consumer. They are looking for real insight and accurate information on how this property will enhance their lifestyle, offer value for money, and ideally provide an investment opportunity which, in turn, will enable them to move decisively! It is predicted that for these affluent consumers, there will be a continuation in the trend of expanding their portfolio of properties. Not only are their numbers forecast to increase exponentially, but they will continue to have the means to make significant discretionary purchases. This growing wealth demographic is continually being fueled by increasing numbers of entrepreneurs, higher salaries
in
the
technology
sector,
and
maturing
millennials. However, these are savvier buyers who will also become less willing to compromise on everything from price to location. Their focus will be on value-added amenities such as security, views, lifestyle, accessibility, and functionality. This means that luxury sellers will need to look closely at the holistic properties of their home to establish its true value in today’s market, rather than just the quality and amenities of the home itself. As the market shifts, statistical data reveals that
properties
priced
correctly
meeting
these expectations are likely to sell quickly, especially if their Realtor's marketing strategy positions it effectively in front of the right discerning buyers. This is critical in order to maximize the potential return on a luxury property; its exposure must go further than the local, or even national luxury real estate community! Choosing a Realtor who has an established local and global presence with both their peers and the affluent community might be the first step. The second step is to ensure your Realtor has a critical understanding of the nuances and influences that directly affect your home's value. But the key differentiator is an expert who understands how to analyze and use data to influence and find potential buyers - they will become your resource to a priceless solution!
– 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
57
56 49
48
40
36
41
40
33
34
30
34
34
34
MAY
JUN
JUL
41
40
AUG
SEP
47
42
63
60
47
57 45
46
44
20
0 MAR
APR
OCT
NOV
DEC
JAN
FEB
MAR
$468 $393
$490 $383
$478 $377
$485 $365
$386
$348
$457
$485
$493 $329
$331
$462
$471 $350
$354
$466
$476 $357
$300
$357
$460
$400
$494
$500
$347
PRICE PER SQUARE FOOT
$600
$200
$100
$0
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
FEB
MAR
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
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month February 2019 | March 2019
SINGLE-FAMILY HOMES February
March
February
March
Median List Price
$1,695,000 $1,689,999
Total Inventory
38,118
40,745
Median Sale Price
$1,400,000 $1,425,000
New Listings
10,038
12,107
3,624
5,430
63
47
3,690
3,517
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
96.85%
97.12%
Total Sold
9.51%
13.33%
Median Days on Market
$383
$393
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
2,069
1,806
New Listings
Total Sold
16
3.82%
Med. Sale Price
Days on Market
Sales Ratio
25,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | MARCH 2019 •
Official Market Type: Buyer's Market with a 13.33% Sales Ratio.1
•
Homes are selling for an average of 97.12% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,425.000.
•
Markets with the Highest Median Sales Price: Vail ($11,477,000), San Francisco ($3,650,000), LA - Beach Cities ($3,552,500), and Vancouver ($3,250,000).
•
Markets with the Highest Sales Ratio: San Francisco (85%), Silicon Valley (48%), Seattle (44%), and Sacramento (34%).
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 February 2019 | March 2019
ATTACHED HOMES February
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
March
$1,000,000 $1,039,498
February
March
15,816
16,000
New Listings
3,886
4,272
1,450
2,057
45
44
2,036
2,005
Total Inventory
$876,223
$859,500
97.64%
98.09%
Total Sold
9.17%
12.86%
Median Days on Market
$490
$468
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
386
607
New Listings
Total Sold
Med. Sale Price
Days on Market
16,723
$
2
3.69% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | MARCH 2019 •
Official Market Type: Buyer's Market with an 12.86% Sales Ratio.1
•
Attached homes are selling for an average of 98.09% of list price.
•
The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $859,500.
•
Markets with the Highest Median Sales Price: Vail ($3,900,000), San Francisco ($2,360,000), Marin County ($2,075,000), and Maui ($1,967,500).
•
Markets with the Highest Sales Ratio: Arlington & Alexandria (67%), Silicon Valley (62%), LA - The Valley (51%), and Ventura County (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
$1,149,000
$975,250
716
279
68
31
Buyer's
AZ
Paradise Valley
$3,175,000
$3,160,000
272
44
32
137
Buyer's
AZ
Phoenix
$725,000
$645,000
971
270
157
62
Balanced
AZ
Scottsdale
$1,725,000
$1,475,000
1,095
188
87
82
Buyer's
AZ
Tucson
$765,000
$615,950
831
187
94
47
Buyer's
BC
Okanagan Valley
$1,649,000
$1,600,000
532
138
17
112
Buyer's
BC
Vancouver
$3,993,500
$3,250,000
1,212
286
39
27
Buyer's
BC
Victoria
$1,880,000
$1,700,000
351
149
23
61
Buyer's
CA
Los Angeles Beach Cities
$4,997,250
$3,552,500
374
103
60
31
Balanced
CA
Los Angeles City
$3,995,000
$3,207,500
856
270
116
29
Buyer's
CA
Los Angeles The Valley
$2,324,500
$1,690,000
538
202
117
34
Seller's
CA
Marin County
$3,595,000
$2,647,500
131
55
24
26
Balanced
CA
Napa County
$2,847,250
$2,061,000
116
28
10
78
Buyer's
CA
Orange County
$2,400,000
$1,845,000
1,616
502
255
66
Balanced
CA
Palm Springs & Palm Desert
$1,895,000
$1,399,000
622
105
81
82
Buyer's
CA
Placer County
$1,024,998
$875,000
240
85
53
26
Seller's
CA
Sacramento
$797,789
$702,000
703
303
240
20
Seller's
CA
San Diego
$2,250,000
$1,600,000
1,198
435
217
29
Balanced
CA
San Francisco
$4,497,500
$3,650,000
46
23
39
14
Seller's
CA
Santa Barbara
$3,882,500
$2,850,000
254
54
18
61
Buyer's
CA
Silicon Valley
$3,924,000
$3,006,000
254
137
122
9
Seller's
CA
Ventura County
$1,849,000
$1,425,000
319
101
49
68
Balanced
CO
Boulder
$1,700,000
$1,360,000
188
68
47
45
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
$972,000
$846,000
993
411
332
14
Seller's
CO
Douglas County
$1,295,000
$1,149,500
270
91
50
37
Balanced
CO
Vail
$4,390,000
$11,477,000
125
6
4
59
Buyer's
DC
Washington D.C.
$3,247,500
$2,500,000
58
21
16
20
Seller's
$2,100,000
$1,375,000
699
119
33
65
Buyer's
$1,620,000
$1,450,000
99
23
15
100
Balanced
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,299,000
$1,010,000
1,656
307
137
89
Buyer's
FL
Jacksonville Beaches
$1,249,450
$1,050,000
340
82
27
92
Buyer's
FL
Miami
$1,325,000
$957,000
1,520
267
95
127
Buyer's
FL
Naples
$2,199,000
$1,753,500
840
118
68
75
Buyer's
FL
Orlando
$1,599,995
$1,425,000
527
93
33
67
Buyer's
FL
Palm Beach Towns
$3,250,000
$3,040,000
469
64
33
151
Buyer's
FL
Sarasota & Beaches
$1,689,999
$1,373,750
647
77
48
88
Buyer's
FL
Tampa
$785,000
$715,000
821
215
128
28
Balanced
GA
Atlanta
$1,150,000
$947,000
1,375
496
192
37
Buyer's
HI
Kauai
$2,395,000
$3,237,500
103
8
4
169
Buyer's
HI
Maui
$2,998,500
$2,200,000
232
34
12
122
Buyer's
HI
Oahu
$3,197,500
$2,200,000
212
45
11
22
Buyer's
IL
Chicago
$1,250,000
$1,075,000
1,808
611
207
107
Buyer's
MA
Greater Boston
$3,149,000
$2,575,000
119
47
23
31
Balanced
MD
Montgomery County
$1,695,000
$1,510,000
331
139
41
42
Buyer's
MD
Talbot County
$1,882,500
$1,160,000
94
20
5
183
Buyer's
MD
Worcester County
$999,800
$861,500
69
9
4
118
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
$725,000
$600,000
1,041
401
116
28
Buyer's
MO
St. Louis
$716,750
$591,000
206
71
27
42
Buyer's
NC
Charlotte
$899,000
$789,500
1,071
325
176
37
Balanced
NJ
Ocean County
$864,000
$758,100
695
182
50
43
Buyer's
NV
Las Vegas
$719,950
$640,000
1,698
550
279
55
Balanced
NY
Brooklyn
$1,490,000
$1,412,500
281
69
10
114
Buyer's
NY
Staten Island
$1,199,800
$1,462,500
180
47
8
152
Buyer's
ON
GTA - York
$2,184,000
$1,750,000
770
362
55
21
Buyer's
ON
Toronto
$3,425,000
$3,175,000
474
225
39
23
Buyer's
TN
Nashville
$1,000,000
$850,000
330
126
73
25
Seller's
TX
Austin
$1,050,000
$853,750
637
251
184
18
Seller's
TX
Collin County
$724,900
$649,000
881
311
123
61
Buyer's
TX
Dallas
$999,000
$825,000
961
326
141
38
Buyer's
TX
Fort Worth
$849,900
$828,862
797
250
138
46
Balanced
TX
Houston
$848,972
$732,500
2,076
669
264
39
Buyer's
TX
The Woodlands & Spring
$799,700
$687,500
508
169
64
48
Buyer's
UT
Park City
$3,295,000
$2,562,500
245
27
18
108
Buyer's
VA
Arlington & Alexandria
$2,000,000
$1,825,000
87
33
11
99
Buyer's
VA
Fairfax County
$1,600,000
$1,375,000
535
206
62
41
Buyer's
VA
McLean & Vienna
$1,950,000
$1,540,000
230
84
21
57
Buyer's
WA
Seattle
$1,672,000
$1,490,000
200
108
88
13
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
$799,900
$770,000
332
123
25
44
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$699,000
$632,500
259
60
46
51
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,948,000
$1,737,381
839
273
36
18
Buyer's
BC
Victoria
$875,000
$760,000
252
107
28
49
Buyer's
CA
Los Angeles Beach Cities
$1,699,000
$1,435,000
173
56
59
21
Seller's
CA
Los Angeles City
$1,600,000
$1,257,750
332
127
76
25
Seller's
CA
Los Angeles The Valley
$685,250
$709,500
116
54
59
23
Seller's
CA
Marin County
$1,300,000
$2,075,000
13
3
2
7
Balanced
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,046,495
$939,000
452
172
115
43
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,050,000
$884,500
522
193
120
30
Seller's
CA
San Francisco
$2,695,000
$2,360,000
95
37
27
21
Seller's
CA
Santa Barbara
$1,694,000
$1,515,000
42
13
3
177
Buyer's
CA
Silicon Valley
$1,422,085
$1,380,000
95
60
59
13
Seller's
CA
Ventura County
$700,000
$700,000
55
23
27
54
Seller's
CO
Boulder
$929,000
$794,500
63
26
19
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
$694,950
$659,950
558
227
162
19
Seller's
CO
Douglas County
$699,500
$597,000
22
7
7
66
Seller's
CO
Vail
$3,995,000
$3,900,000
103
14
5
340
Buyer's
DC
Washington D.C.
$1,895,000
$1,523,500
166
57
36
26
Seller's
$836,889
$840,000
438
81
37
80
Buyer's
$875,000
$731,250
119
14
14
29
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$859,950
$735,000
1,270
162
93
83
Buyer's
FL
Jacksonville Beaches
$1,337,500
$1,024,500
56
10
2
61
Buyer's
FL
Miami
$1,032,500
$807,500
2,988
349
86
138
Buyer's
FL
Naples
$2,125,000
$1,825,000
291
38
32
89
Buyer's
FL
Orlando
$649,950
$752,500
78
15
5
40
Buyer's
FL
Palm Beach Towns
$1,349,000
$1,441,500
413
54
32
56
Buyer's
FL
Sarasota & Beaches
$1,397,000
$1,119,000
276
44
23
50
Buyer's
FL
Tampa
$672,000
$600,000
124
37
15
40
Buyer's
GA
Atlanta
$650,990
$575,000
548
174
64
31
Buyer's
HI
Oahu
$1,385,000
$1,187,500
70
6
10
37
Buyer's
HI
Kauai
$1,791,500
$1,967,500
156
20
22
74
Buyer's
HI
Maui
$1,320,000
$1,022,500
464
91
50
46
Buyer's
IL
Chicago
$1,199,000
$892,000
959
330
88
54
Buyer's
MA
Greater Boston
$2,397,000
$1,797,000
278
108
46
18
Balanced
MD
Montgomery County
$799,370
$672,500
155
69
44
27
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$624,950
$630,000
104
14
7
217
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
$969,808
$625,000
72
21
11
2
Balanced
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$699,381
$569,000
156
33
24
104
Balanced
NJ
Ocean County
$699,500
$584,950
46
10
4
98
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$1,350,000
$1,100,000
588
163
60
69
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - York
$749,450
$755,000
148
80
17
16
Buyer's
ON
Toronto
$1,238,000
$1,129,000
447
308
130
13
Seller's
TN
Nashville
$725,000
$635,000
81
24
23
90
Seller's
TX
Austin
$770,700
$771,500
215
61
29
67
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$724,500
$650,000
213
62
29
38
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$640,000
$584,288
211
67
20
47
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,970,000
$1,667,500
205
26
10
51
Buyer's
VA
Arlington & Alexandria
$1,095,000
$955,000
55
27
37
29
Seller's
VA
Fairfax County
$699,990
$667,400
131
67
48
11
Seller's
VA
McLean & Vienna
$1,285,000
$879,000
25
10
5
10
Balanced
WA
Seattle
$1,149,900
$1,037,500
131
65
29
31
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
WORCESTER COUNTY
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | MARCH 2019 Inventory
Sales
Luxury Benchmark Price 1: $645,000 $2,250,000+ $2,050,000 - $2,249,999 $1,850,000 - $2,049,999 $1,650,000 - $1,849,999
$1,450,000 - $1,649,999 $1,350,000 - $1,449,999 $1,250,000 - $1,349,999 $1,150,000 - $1,249,999
$1,050,000 - $1,149,999
0
$800,000 - $849,999
0
Total Inventory: 69 2
Total Sales: 4 Buyer's Market
1
3
0
4
0
8
0 0
Total Sales Ratio2: 6%
8
0
1 8
1
13
0 2
0
$750,000 - $799,999
3
1
$700,000 - $749,999 $645,000 - $699,999
1
0
$950,000 - $1,049,999 $850,000 - $949,999
4
1
2
1
9
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$744,000
4
3
2
22
9%
3,000 - 3,999
$965,000
6
4
1
17
6%
4,000 - 4,999
NA
NA
NA
0
13
0%
5,000 - 5,999
$2,295,000
4
4
1
12
8%
6,000 - 6,999
NA
NA
NA
0
3
0%
7,000+
NA
NA
NA
0
2
0%
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
WORCESTER COUNTY
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Solds
$1,157,500
$1,070,000
$950,000
$875,000
$785,000 $664,000
50
45
41
Inventory
$925,000
$960,000 $800,000
$715,900
57
55
49
59
55
58
3
1
3
7
4
7
3
5
6
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
69
60
52
46
$861,500 $742,500
0
1
2
4
Dec-18
Jan-19
Feb-19
Mar-19
MEDIAN DATA INVENTORY February
March
60
SOLDS February
SALES PRICE March
69 VARIANCE: 15 %
4 VARIANCE: 100 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
February
March
291
382 VARIANCE: 31 %
$
$
2
February
March
95.25% 98.14% VARIANCE: 3 %
February
743k
$
March
862k VARIANCE: 16 % $
DAYS ON MARKET February
March
30
118 VARIANCE: 293 %
WORCESTER COUNTY MARKET SUMMARY | MARCH 2019 • The Worcester County single-family luxury market is a Buyer's Market with a 6% Sales Ratio. • Homes sold for a median of 98.14% of list price in March 2019. • The most active price band is $700,000-$749,999, where the sales ratio is 50%. • The median luxury sales price for single-family homes has increased to $861,500. • The median days on market for March 2019 was 118 days, up from 30 in February 2019. 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
WORCESTER COUNTY
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | MARCH 2019 Inventory
Sales
Luxury Benchmark Price 1: $515,000 $1,325,000+ $1,250,000 - $1,324,999 $1,175,000 - $1,249,999 $1,100,000 - $1,174,999
$1,025,000 - $1,099,999
0 0
$850,000 - $899,999
$800,000 - $849,999
$650,000 - $699,999
Total Sales: 7
Total Sales Ratio2: 7%
0 0 3
1
3
0
4
0
5
0
9
1
5
0
8
0
$600,000 - $649,999
12
3
$550,000 - $599,999 $515,000 - $549,999
Buyer's Market
4
0
$750,000 - $799,999 $700,000 - $749,999
Total Inventory: 104
0 0
$950,000 - $1,024,999 $900,000 - $949,999
3
0
30
2
18
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$630,000
3
3
5
97
5%
3,000 - 3,999
$970,000
12
6
1
6
17%
4,000 - 4,999
$750,000
4
5
1
1
100%
5,000 - 5,999
NA
NA
NA
0
0
NA
6,000 - 6,999
NA
NA
NA
0
0
NA
7,000+
NA
NA
NA
0
0
NA
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
WORCESTER COUNTY
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
Solds
$850,000 $780,000
$645,000
$590,000
101
91
99
9
5
Mar-18
Apr-18
May-18
$700,000
$589,000
$535,000
18 Jun-18
104
98
92
85
13
$750,000 $580,000
$582,000
106
107
$700,000
$630,000
$568,500
105
102
96
104
5
5
9
8
7
7
2
7
7
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
MEDIAN DATA INVENTORY February
March
105
SOLDS February
SALES PRICE March
104 VARIANCE: -1 %
7 VARIANCE: 0 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
February
March
309
$
309 VARIANCE: 0 % $
7
February
March
96.63% 95.78% VARIANCE: -1 %
February
700k
$
March
630k VARIANCE: -10 % $
DAYS ON MARKET February
March
172
217 VARIANCE: 26 %
WORCESTER COUNTY MARKET SUMMARY | MARCH 2019 • The Worcester County attached luxury market is a Buyer's Market with a 7% Sales Ratio. • Homes sold for a median of 95.78% of list price in March 2019. • The most active price band is $950,000-$1,024,999, where the sales ratio is 33%. • The median luxury sales price for attached homes has decreased to $630,000. • The median days on market for March 2019 was 217 days, up from 172 in February 2019.
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 410.430.1575.
- Mechelle Nichols
MECHELLE NICHOLS 410.430.1575 | mnichols@LuxuryShoreLiving.com | www.LuxuryShoreLiving.com