NORKA PARODI
LUXURY MARKET REPORT
BOCA RATON & DELRAY BEACH | OCTOBER 2019
NORKA PARODI THE NORKA GROUP
REALTOR®, Million Dollar Guild/CLHMS, CDPE, GRI
Ph: 561.571.6489 Cell: 954.557.0443 norka@norkagroup.com www.norkagroup.com | www.norkaparodi.com Norka Parodi is a firm believer that you can do anything you set your mind to and she is a testament of her beliefs. A former Fortune 500 executive with a degree in Computer Science, from the Inter American University in Puerto Rico, turned Realtor and bestselling author. Bestselling Author: The Art of Real Estate in the Digital Age During the great recession, Norka redefined herself and honed her skills in real estate. As a Million Dollar Guild/Certified Luxury Home Marketing Specialist, she specializes in luxury home sales. In October 2015, she was awarded the 2015 Best Marketing Campaign for a Property by Leaders in Luxury, and served as Advisory Board Member for the 2016 Leaders in Luxury. The 59-year-old has never been more ready to share her nugget of wisdom and experiences as a real estate broker in South Florida. Norka loves the arts, food, and interior design. She lives in Boca Raton y habla español también.
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 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 © 2019 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN LUXURY REVIEW Static Market Leads to Focs on Future Trends In last month’s Luxury Market Report, we reviewed how the changing face of the real estate industry now fully recognizes the importance of including amenities that address the physical, social, and mental/emotional wellness of its residents. Today’s demand shows that for many buyers, larger properties are viewed as too labor-intensive and expensive to manage and maintain. Instead, home purchase decisions are trending towards smaller properties with the experiences and amenities a property affords to its owner. Interestingly a first glance at the statistics shows that in last 18 months, the luxury market has been pretty static. But rather than this illustrating that the market is ‘status quo’ in terms of demand, these figures really show that there is still a strong confidence in the luxury market in terms of financial investment. Digging a little deeper into the data reveals that the money has been shifting gradually into the new demand pockets mentioned above. This is why it’s so important to analyze the statistics. When there is little movement, the real changes can be going on behind the scenes in emerging trends; making it even more critical to pay attention. The dramatic increases in the levels of property ownership over the last 50 years was greatly influenced by a changing economy from blue-collar to white-collar as well as women entering the workforce. However, while some predict that real estate will remain a long-term investment, others foresee a downward shift as the millennial population seek co-living and rental opportunities. In the high-end market, the growing number of affluent will certainly mitigate a downward shift and its unlikely the millennial millionaire population will be seeking co-living or rentals, but they are shifting their preferences. Their attention is directed to finding opportunities in new markets, diversifying their portfolio, choosing locations that offer experiences, and discreetly spending on intangibles such as health and wellness. But let’s not to be too hasty in dismissing the co-habitation amongst the wealthy, quite the opposite there is an increasing interest experiencing “community”, mutual activities and even sharing concepts. Overcoming isolation has become increasingly important, look only to luxury condominium and townhome complexes are integrating an array of amenities into large spaces designated for common use including stunning roof
top gardens, dog areas, demonstration kitchens, wine bars and coffee lounges, pool decks and quiet restorative areas for gardening, yoga, reading, and relaxing. New emerging markets have been a topic long discussed with cities such as Austin, Raleigh/Durham, Nashville, Charlotte, Boston, Dallas/Fort Worth, Orlando, Atlanta, and Seattle taking the limelight. Success can be partly attributed to these cities and their suburbs evolving by integrating the concept of live, work, and play. Growing out of this concept is a new trend, that appeared this year, termed "hispturbia", which credits it as being a cool suburb. Where previously downtown and a few central districts were the places to “live,” this lifestyle has appealed to the desire of other more affordable suburbs to create their own versions. When we look to the future, it is easy to only consider the demand and desires of the next generation. However, with such a large generation of baby boomers, it must be recognized that they are also going to affect future trends. Through incredible advances in life expectancy and an increasing number of 65+ individuals remaining in the workforce (previously considered retirement age), this generation is reshaping a whole sector of real estate development as well as influencing wealth distribution. It is predicted that their influence on downtown and even hipsturbia districts could be significant as they are not moving to senior housing, but into vibrant, safe, walkable and social communities. Another trend that has emerged and truly being embraced by the wealthy, as we will see in some recent landmark sales, is the desire to choose homes that offer a lifestyle experience with the integration of energy efficiency and environmental designs. These homeowners still want homes that offer plenty of space, privacy, and protection, but with today’s clever technology. Instead of palatial mansions, it is features such as smart home automation, unique designs, and custom spaces that are commanding the extraordinary price tags. Trends such as expansive windows, indoor-outdoor living spaces, magnificent garages to house all the toys, resort-style pools, saunas and hot tubs, statement cellars and attention to eco-friendly features. California still draws the ultra-wealthy and three landmark properties that sold this year range in price from $27 million for 8,000 sq. ft. home to just under $120 million for a 56,000 sq. ft. home. Homes in Bel Air will always come with exceptional price tag and although one such property that sold for $119 million was sold for well below market value, it also broke a record as the most expensive in LA County’s history. The home certainly affords its new owner a new experience in each of its 123 rooms, but the price tag includes the status of being home to Hollywood’s elite. Malibu has become a firm favorite for the wealthy over the last year and
one particular modern home epitomizes the feeling of bringing the outside in with its expansive views of the Pacific Ocean. Likewise, the smallest of our California landmark sales located in Santa Barbara embraces the outdoor lifestyle of California, it will be the exceptional Balinese/Asian influenced design that offers a unique experience to the new owner. Moving to the opposite coast of Naples, Florida, a 4,200 sq ft property sold for just under $15,700,000 approximately 94% of its original list price. It includes 240 feet of beach frontage and a 2-acre lot that is located close to the heat of old Naples…location, location, location! In Houston, Texas the iconic 10,000 sq. ft. property designed by Howard Barnstone and frequent host US presidential visits and grand parties sold for 95% of its nearly $16.5 million price tag. Considered a masterpiece, it boasts glass-walled living and dining room, large verandas, and wide decks with sweeping views of lush landscaping, fountains and even a bayou complete with terraced paths and trails. Hunts Point, WA a waterfront mansion, designed by a local prominent architect Jim Olson, smashed recorded sales for West Washington with a sales tag of $37.5 million. Located in a tiny, exclusive enclave that juts into Lake Washington, this home comes complete with its own boat dock and previously served as an art collector’s paradise. Park City claimed a significant sale in September. The 20,000 sq. ft. home offers ski-in/out combining mountain luxury with artistic design. Aptly described as being a resort within a resort - no expense was spared in its concept, design and construction. A stunning penthouse in the downtown core of Denver, CO offers residents towering vistas from its 44th and 45th floors. It was marketed as the physical embodiment of grace and elegance while remaining at its core a modern architectural gem. It is hardly surprising this 6,295 sq. ft. home sold for 100% of its asking price at $10,750,000. Sold for $21 million, an 8,000 sq. ft. penthouse in one of Miami’s luxurious oceanfront boutique buildings is a stunning example of feeling a world above and apart. It includes a floating staircase connecting two floors, glass elevator, rooftop terrace, infinity pool, summer kitchen and 22 ft. ceilings with 360 degree views! In a nod to our frequent mentions about brand new developments that are remodeling to embrace the need for wellness and quality amenities, our last featured landmark sale is in Boston, MA. This 5,000 sq. ft. Greek Revival style townhome located in the heart of Boston’s elite neighborhood, sold 116% over asking at $15,750,000. The remodel preserves the grand details and proportions while offering top of the line fixtures and every modern residential amenity. The most lucrative real estate niches largely depend on market trends and shifting buying interests, but some are long-time money-makers. For homeowners looking to sell their luxury home in today’s market, we recommend working with a realtor who can capitalize on the preferences of current investors. By carefully focusing on the lifestyle-specific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers.
– 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
53
40
49
42
38
63
58
56
53
55
47
46
41
45
38
42
35 35
31
37
45
40 43
39
37
32
20
0
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
$503 $365
$502 $344
$501 $351
$498
$474 $365
$382
$541 $390
$383
$470
$490 $379
$373
$483
$488 $348
$486
$458 $376
$300
$344
$400
$495
$500
$322
PRICE PER SQUARE FOOT
$600
$200
$100
$0
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
AUG
SEP
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
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
Discrepancies between statistics published between the September 2019 and October 2019 Luxury Market Reports are due to the addition of Hamilton County, IN and changes recognized in Ontario cities - Durham, Toronto, and York.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2019 | September 2019
SINGLE-FAMILY HOMES August
September
August
September
Median List Price
$1,675,000 $1,669,950
Total Inventory
46,293
45,347
Median Sale Price
$1,383,500
$1,317,969
New Listings
10,654
11,747
Median SP/LP Ratio
96.98%
97.15%
Total Sold
7,439
6,183
Total Sales Ratio
16.07%
13.63%
Median Days on Market
53
45
$344
$365
3,685
3,703
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,093
1,256
New Listings
Total Sold
8
2.44%
Med. Sale Price
Days on Market
Sales Ratio
65,531
$
SINGLE-FAMILY HOMES MARKET SUMMARY | SEPTEMBER 2019 •
Official Market Type: Buyer's Market with a 13.63% Sales Ratio.1
•
Homes are selling for an average of 97.15% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,317,969.
•
Markets with the Highest Median Sales Price: Santa Barbara ($4,513,854), San Francisco ($3,800,000), LA Beach Cities ($3,450,000), and LA City ($3,310,000).
•
Markets with the Highest Sales Ratio: Seattle (32%), Sacramento (29%), Silicon Valley (29%), and Denver (29%). 1
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 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 August 2019 | September 2019
ATTACHED HOMES August
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
September
$999,400 $1,039,500
August
September
16,609
16,861
New Listings
4,156
4,926
2,593
2,408
39
37
2,038
2,062
Total Inventory
$877,401
$909,375
98.07%
98.17%
Total Sold
15.61%
14.28%
Median Days on Market
$502
$503
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
770
185
New Listings
Total Sold
Med. Sale Price
Days on Market
31,974
$
2
1.33% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | SEPTEMBER 2019 •
Official Market Type: Buyer's Market with a 14.28% Sales Ratio.1
•
Attached homes are selling for an average of 98.17% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $909,375.
•
Markets with the Highest Median Sales Price: San Francisco ($2,577,500), Vail ($2,497,500), Naples ($2,400,000), and Greater Boston ($2,072,500).
•
Markets with the Highest Sales Ratio: GTA-Durham (79%), LA The Valley (65%), Silicon Valley (45%), and Marin County (44%). 1
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 from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,188,888
$1,048,750
711
232
84
43
Buyer's
AZ
Paradise Valley
$2,975,000
$2,700,000
199
52
15
96
Buyer's
AZ
Phoenix
$749,999
$607,500
699
222
178
66
Seller's
AZ
Scottsdale
$1,695,000
$1,200,000
748
162
68
103
Buyer's
AZ
Tucson
$750,000
$627,000
645
149
100
34
Balanced
BC
Okanagan Valley
$1,600,000
$1,270,000
793
100
33
79
Buyer's
BC
Vancouver
$3,998,400
$3,290,000
1,172
328
40
26
Buyer's
BC
Victoria
$1,875,000
$1,400,000
435
123
45
43
Buyer's
CA
Los Angeles Beach Cities
$4,995,000
$3,450,000
456
136
44
29
Buyer's
CA
Los Angeles City
$3,999,000
$3,310,000
940
292
122
45
Buyer's
CA
Los Angeles The Valley
$2,049,000
$1,805,000
633
212
122
31
Balanced
CA
Marin County
$3,875,000
$2,950,000
175
40
31
65
Balanced
CA
Napa County
$3,150,000
$2,000,000
172
18
23
108
Buyer's
CA
Orange County
$2,495,000
$2,000,000
1,747
369
271
61
Balanced
CA
Palm Springs & Palm Desert
$1,749,000
$1,525,000
365
73
41
112
Buyer's
CA
Placer County
$1,059,000
$957,500
259
62
52
36
Balanced
CA
Sacramento
$795,000
$715,000
913
303
268
26
Seller's
CA
San Diego
$2,149,000
$1,595,000
1,286
336
243
35
Balanced
CA
San Francisco
$4,215,000
$3,800,000
104
51
28
14
Seller's
CA
Santa Barbara
$3,875,000
$4,513,854
335
52
32
48
Buyer's
CA
Silicon Valley
$3,991,944
$3,150,000
328
156
95
15
Seller's
CA
Ventura County
$1,799,450
$1,400,000
386
101
58
68
Balanced
CO
Boulder
$1,669,950
$1,524,000
272
83
36
81
Buyer's
CO
Denver
$950,000
$815,000
1,306
417
377
26
Seller's
CO
Douglas County
$1,250,000
$1,007,500
329
67
50
50
Balanced
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
CO
Vail
$4,345,000
$3,050,000
140
7
5
194
Buyer's
DC
Washington D.C.
$2,995,900
$2,520,000
79
47
4
23
Buyer's
$2,250,000
$1,875,000
530
78
38
106
Buyer's
$1,600,000
$1,317,969
80
16
10
103
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,297,500
$970,000
1,552
253
101
70
Buyer's
FL
Jacksonville Beaches
$1,249,050
$1,175,000
334
49
17
135
Buyer's
FL
Miami
$1,299,000
$988,400
1,373
215
96
129
Buyer's
FL
Naples
$1,999,000
$1,587,500
656
84
36
161
Buyer's
FL
Orlando
$1,599,900
$1,246,500
495
66
37
111
Buyer's
FL
Palm Beach Towns
$3,400,000
$2,675,000
339
48
19
84
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,500,000
503
63
30
82
Buyer's
FL
Tampa
$798,850
$702,500
870
186
130
39
Buyer's
GA
Atlanta
$1,177,000
$920,000
1,356
357
149
51
Buyer's
HI
Kauai
$2,597,000
$1,475,000
116
12
5
6
Buyer's
HI
Maui
$3,147,500
$2,175,000
200
22
13
241
Buyer's
HI
Oahu
$3,248,500
$2,637,500
268
59
20
37
Buyer's
IL
Chicago
$1,217,950
$1,075,000
2,072
674
177
83
Buyer's
IN
Hamilton County
$754,500
$685,000
334
63
55
43
Balanced
MA
Greater Boston
$3,250,000
$2,470,000
170
69
20
65
Buyer's
MD
Montgomery County
$1,699,900
$1,450,000
387
145
49
39
Buyer's
MD
Talbot County
$1,797,000
$1,775,000
124
21
6
159
Buyer's
MD
Worcester County
$949,950
$795,000
58
4
9
46
Balanced
MI
Oakland County
$725,000
$603,625
1,314
396
172
33
Buyer's
MO
St. Louis
$769,000
$664,000
225
79
50
47
Seller'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
NC
Charlotte
$899,900
$775,000
958
193
194
31
Balanced
NC
Raleigh-Durham
$715,000
$692,500
1,112
227
168
4
Balanced
NJ
Ocean County
$889,000
$780,000
792
189
65
52
Buyer's
NV
Las Vegas
$725,000
$615,000
1,798
455
322
37
Balanced
NV
Reno
$1,325,000
$1,200,000
163
21
17
119
Buyer's
NY
Brooklyn
$1,599,500
$1,299,000
294
59
15
146
Buyer's
NY
Staten Island
$1,200,000
$1,100,000
214
39
7
91
Buyer's
ON
GTA - Durham
$1,599,000
$1,225,000
296
130
26
28
Buyer's
ON
GTA - York
$2,295,000
$1,710,000
871
425
79
24
Buyer's
ON
Toronto
$3,449,950
$3,250,000
574
377
79
10
Buyer's
TN
Knox County
$784,950
$599,900
260
43
45
25
Balanced
TN
Nashville
$1,099,000
$892,100
317
110
76
15
Seller's
TX
Austin
$1,010,000
$835,000
687
185
185
28
Seller's
TX
Collin County
$699,000
$680,000
948
201
137
52
Buyer's
TX
Dallas
$999,500
$894,000
1,005
282
137
50
Buyer's
TX
Fort Worth
$850,000
$743,000
909
204
141
34
Balanced
TX
Houston
$824,900
$687,500
2,125
552
263
41
Buyer's
TX
The Woodlands & Spring
$817,450
$696,000
516
103
56
43
Buyer's
UT
Park City
$3,300,000
$2,725,000
263
17
20
57
Buyer's
VA
Arlington & Alexandria
$1,975,000
$1,625,000
114
44
17
16
Buyer's
VA
Fairfax County
$1,675,000
$1,550,000
584
177
67
38
Buyer's
VA
McLean & Vienna
$1,899,450
$1,765,000
254
89
29
28
Buyer's
WA
Greater Seattle
$1,888,000
$1,570,000
995
340
232
18
Seller's
WA
Seattle
$1,789,000
$1,496,500
315
136
102
14
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
$809,900
$820,000
293
105
25
65
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$747,450
$605,000
204
48
31
69
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,866,000
$1,725,000
827
306
45
51
Buyer's
BC
Victoria
$824,950
$800,000
296
117
65
38
Seller's
CA
Los Angeles Beach Cities
$1,849,000
$1,490,000
229
81
59
14
Seller's
CA
Los Angeles City
$1,499,000
$1,290,000
384
130
81
21
Seller's
CA
Los Angeles The Valley
$710,000
$668,500
107
55
70
27
Seller's
CA
Marin County
$1,317,550
$1,150,000
16
7
7
34
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,049,000
$930,000
515
166
133
32
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,082,750
$850,000
607
204
117
31
Balanced
CA
San Francisco
$2,795,000
$2,577,500
152
60
36
12
Seller's
CA
Santa Barbara
$1,790,000
$1,435,000
57
15
3
34
Buyer's
CA
Silicon Valley
$1,463,170
$1,400,000
128
67
57
13
Seller's
CA
Ventura County
$764,000
$660,000
63
23
21
53
Seller's
CO
Boulder
$849,000
$799,000
77
24
21
76
Seller's
CO
Denver
$675,000
$603,500
599
185
185
28
Seller's
CO
Douglas County
$615,000
$590,000
31
7
7
36
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.
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
Vail
$3,947,500
$2,497,500
100
11
6
432
Buyer's
DC
Washington D.C.
$1,750,000
$1,682,500
208
105
30
15
Buyer's
$975,000
$800,000
384
78
23
67
Buyer's
$1,375,000
$888,750
137
50
10
100
Buyer's
$875,000
$715,000
1,190
165
59
93
Buyer's
$1,030,000
$1,200,000
46
9
6
82
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
FL
Jacksonville Beaches
FL
Miami
$999,000
$1,025,000
2,715
282
61
268
Buyer's
FL
Naples
$2,125,000
$2,400,000
213
26
6
146
Buyer's
FL
Orlando
$699,000
$580,000
77
17
7
12
Buyer's
FL
Palm Beach Towns
$1,454,500
$1,987,500
332
56
18
202
Buyer's
FL
Sarasota & Beaches
$1,399,500
$1,050,000
212
31
14
147
Buyer's
FL
Tampa
$725,000
$660,500
121
26
14
28
Buyer's
GA
Atlanta
$675,000
$594,500
585
174
94
32
Balanced
HI
Kauai
$1,422,500
$1,000,000
82
8
6
30
Buyer's
HI
Maui
$1,812,500
$1,712,500
132
24
14
239
Buyer's
HI
Oahu
$1,300,000
$1,150,000
442
86
51
81
Buyer's
IL
Chicago
$1,150,000
$1,016,255
1,055
397
110
79
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,299,500
$2,072,500
314
124
42
67
Buyer's
MD
Montgomery County
$774,989
$667,500
161
68
44
28
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$599,000
$572,000
113
16
5
39
Buyer's
MI
Oakland County
$669,900
$638,000
61
25
4
10
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
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
NC
Charlotte
$705,000
$675,000
143
43
23
10
Balanced
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$699,000
$619,500
135
29
12
119
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,325,000
$1,080,000
721
166
70
79
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$616,500
$575,000
122
127
96
11
Seller's
ON
GTA - York
$849,950
$796,000
352
252
107
17
Seller's
ON
Toronto
$1,318,000
$1,200,000
637
514
251
10
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$885,000
$569,450
84
21
24
14
Seller's
TX
Austin
$774,495
$650,000
198
47
37
49
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$784,900
$630,000
211
55
24
46
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$649,450
$558,450
196
59
14
73
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,950,000
$1,690,000
163
10
20
281
Buyer's
VA
Arlington & Alexandria
$1,265,000
$1,100,000
55
37
23
9
Seller's
VA
Fairfax County
$714,900
$685,495
181
67
51
15
Seller's
VA
McLean & Vienna
$1,324,000
$1,180,000
34
5
5
23
Buyer's
WA
Greater Seattle
$1,175,000
$995,103
219
73
50
34
Seller's
WA
Seattle
$1,198,000
$1,179,500
145
43
14
38
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. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury is in each detail. Hubert de Givenchy
BOCA RATON & D E LRA Y B E A CH FLORIDA –October 2019–
BOCA/DELRAY
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2019 Inventory
Sales
Luxury Benchmark Price 1: $1,100,000 $7,000,000+
56
1
$6,000,000 - $6,999,999
18
1
$5,000,000 - $5,999,999
19
3
$4,000,000 - $4,999,999
16
1
54
3
$2,000,000 - $2,499,999
61
4
$1,500,000 - $1,999,999
27
0
32
0 21
2 18
7
$1,150,000 - $1,199,999
1
105
8
$1,200,000 - $1,249,999
$1,100,000 - $1,149,999
Total Sales Ratio2: 7%
25
$2,500,000 - $2,999,999
$1,250,000 - $1,299,999
Buyer's Market
39
1
$3,000,000 - $3,499,999
$1,300,000 - $1,399,999
Total Sales: 38
2
$3,500,000 - $3,999,999
$1,400,000 - $1,499,999
Total Inventory: 530
25
3 2
14
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
NA
NA
NA
0
9
0%
3,000 - 3,999
$1,196,500
4
4
2
40
5%
4,000 - 4,999
$1,487,500
4
4
6
48
13%
5,000 - 5,999
$1,617,500
5
5
9
85
11%
6,000 - 6,999
$1,212,500
5
6
5
82
6%
7,000+
$2,800,000
5
7
15
242
6%
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.
BOCA/DELRAY
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,925,000 $1,630,000
$1,590,000
$1,735,000
$1,700,000
Inventory
$1,800,000
$1,787,500
Solds
$1,895,000
$1,700,000
$1,600,000
$1,850,000
$1,875,000
$1,375,000
29 Sep-18
34
Oct-18
24
28
Nov-18
Dec-18
699
674
643
626
596
588
572
21 Jan-19
635
606
584
45
33
48
52
Feb-19
Mar-19
Apr-19
May-19
549
41
542
40
38
Aug-19
Sep-19
35
Jun-19
Jul-19
530
MEDIAN DATA INVENTORY August
September
542
SOLDS August
September
530 VARIANCE: -2 %
38 VARIANCE: -5 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
August
September
282
$
305 VARIANCE: 8 % $
40
August
SALES PRICE
September
92.12%
93.15% VARIANCE: 1 %
August
1.85m
$
September
1.88m VARIANCE: 1 % $
DAYS ON MARKET August
September
150
106 VARIANCE: -29 %
BOCA/DELRAY MARKET SUMMARY | SEPTEMBER 2019 • The Boca/Delray single-family luxury market is a Buyer's Market with a 7% Sales Ratio. • Homes sold for a median of 93.15% of list price in September 2019. • The most active price band is $1,200,000-$1,249,999, where the sales ratio is 39%. • The median luxury sales price for single-family homes has increased to $1,875,000. • The median days on market for September 2019 was 106 days, down from 150 in August 2019.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
BOCA/DELRAY
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2019 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $3,000,000+ $2,500,000 - $2,999,999 $2,000,000 - $2,499,999
0
63
$500,000 - $524,999
1
26
2 24
1 13
0
21
1
$600,000 - $649,999
$525,000 - $549,999
31
3
$750,000 - $799,999
$550,000 - $574,999
45
1
$800,000 - $899,999
$575,000 - $599,999
Total Sales Ratio2: 6%
5
$900,000 - $999,999
$650,000 - $699,999
Buyer's Market
16
$1,500,000 - $1,999,999
$700,000 - $749,999
Total Sales: 23
10
0
$1,000,000 - $1,499,999
Total Inventory: 384
40
1
26
3
32
1 16
1
15
1 3
6
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$737,000
2
2
8
133
6%
2,000 - 2,499
$1,110,000
3
4
5
51
10%
2,500 - 2,999
$612,400
3
4
5
51
10%
3,000 - 3,499
$1,750,000
3
4
3
41
7%
3,500 - 3,999
$1,525,000
3
3
1
32
3%
4,000+
NA
NA
NA
0
51
0%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
BOCA/DELRAY
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
Solds
$982,500
$855,000
$832,500
$779,500
23 Sep-18
34
Oct-18
446
398
389
386
344
$790,000
$705,000
32
33
Nov-18
Dec-18
444
22 Jan-19
$840,000
438
$738,750
$732,500
$730,000
406
382
362
33
37
58
44
Feb-19
Mar-19
Apr-19
May-19
45
$800,000
$702,500
$685,000
324
346
28
Jun-19
Jul-19
384
19
23
Aug-19
Sep-19
MEDIAN DATA INVENTORY August
September
346
SOLDS August
September
384 VARIANCE: 11 %
23 VARIANCE: 21 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
August
$
September
389
370 VARIANCE: -5 % $
19
August
SALES PRICE
September
95.86% 96.97% VARIANCE: 1 %
$
August
September
685k
$
800k VARIANCE: 17 %
DAYS ON MARKET August
September
140
67 VARIANCE: -52 %
BOCA/DELRAY MARKET SUMMARY | SEPTEMBER 2019 • The Boca/Delray attached luxury market is a Buyer's Market with a 6% Sales Ratio. • Homes sold for a median of 96.97% of list price in September 2019. • The most active price band is $500,000-$524,999, where the sales ratio is 50%. • The median luxury sales price for attached homes has increased to $800,000. • The median days on market for September 2019 was 67 days, down from 140 in August 2019.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
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 561.571.6849.
- Norka Parodi
NORKA PARODI
561.571.6489 | Norka@NorkaGroup.com | www.NorkaGroup.com