Patrick Ryan Luxury Market Report - February 2019

PATRICK RYAN L U X U RY MARKET REPORT

CHICAGO

FEBRUARY 2019

PATRICK RYAN

OWNER | MANAGING BROKER | CLHMS

Mobile 773.383.7689 Office 312.792.5135 patrick@genuinere.com

Patrick Ryan is the Senior Vice President and Managing Broker of Related Realty, the boutique brokerage division of Related Midwest, of The Related Companies, the most prominent privately held real estate firm in the United States. In this position he oversees the day-to-day operations, vision, recruiting, and development of the brokerage firm while serving as a liaison between the brokerage and Related Midwest Development portfolio including Chicago’s premiere luxury new construction luxury residential building, One Bennett Park.

A licensed Realtor since 2004, Paul had received and achieved numerous awards including: Guild Member of ILHM, ILHM Advisory Board Member, ILHM 2015 Outstanding Achievement award winner, Certified Residential Specialist, and Chicago Association of Realtors 10 time Top Producer winner.

Prior to real estate Patrick achieved sales success and awards in the following industries: transportation (CH Robinson), Pharmaceutical (Dura), and technology (HotJobs.com, Yahoo!, and iHispano). This diverse background has helped him provide excellent results for his residential clients in a rapidly changing industry.

Patrick graduated from Indiana University at Bloomington with a Bachelors degree in Economics. He currently lives in Bucktown with his wife and daughter (who has been doing real estate since she was 3). He has lived in Lincoln Park, Ukranian Village, Logan Square, and River North over the past 22 years. Patrick volunteers at Lurie’s Children’s Hospital, Century Rides, and travels extensively.

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.

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MAP OF LUXURY RESIDENTIAL MARKETS

W

elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report

provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.

Copyright © 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 J A N UA RY LUXURY REVIEW 2 0 1 9 In this month’s review, we focus on the markets and property types that are bucking the trend, why they are seeing growth, the niches that are providing opportunity, and what factors have created this demand.

During this review, you will see the importance of using data to recognize trends and why understanding the current market, both nationally and locally, could make a significant difference in being able to leverage a successful sale.

Never has this statement been more relevant than to homeowners looking to sell in the current real estate market as it transitions away from its previous fast pace - when we saw high demand, low inventory, and rapid price increases. Today, the market is more stable, inventory is on the rise, demand is lower, and price points are fairly consistent; giving buyers a stronger position in terms of choice and negotiation.

In comparing January 2018 to December 2018, the ratio of sold homes vs. inventory has dropped a significant 3.5-4.5% for luxury single-family and attached homes. The luxury single-family market saw an increase of 5,901 new homes entering the market over last month and attached homes saw an equally staggering increase of 2,237 homes over December 2018.

These overall decreases in sales and converse increase in inventory can be attributed to a seasonal shift, fewer listed homes toward the end of fall have resulted in fewer sales in winter and the increased inventory now helps buyers and sellers alike gear up for the traditionally fast-paced spring market.

Shifting back towards focusing on specific markets, Silicon Valley remains at the top of the charts in the luxury market reflecting the high demand on its current inventory – and this is in spite of its high median current list price tag of $4.1 million for single-family homes and $1.4 million for attached properties. Bloomberg noted that the town of Atherton is America’s richest community for the third year in a row, with an average household income of $450,696. When asked why it

continues to be so popular the Mayor, Bill Widmer, said that it was a combination of privacy, large acreages, and accessibility to Silicon Valley and San Francisco that has maintained its desirability.

San Francisco also retains its popularity as we head into 2019 both in the purchase of single-family and attached properties. The distinguishing factor is that the selling price of properties compared to their list price remains fairly close at 95% with the time on market hovering around 30 days – for this higher priced market, this is indicative of this city’s demand.

Boulder and Denver in Colorado are also proving the exception to the rule, as growth in many major communities throughout North America start to slow. Referencing back to Bloomberg’s annual report, they note that the community of Cherry Hills Village, located just 25 mins south of Denver and just west of the Denver Tech Center, is the third wealthiest location in the US, with an average income of $394,259.

Boulder has become a favorite for large corporations such as Google who have built new locations here. With its easy access to an array of recreational activities for every season and a flourishing dining scene, it hardly surprising that employees are happily relocating. Higher paid jobs and low inventory have been the driving factors in this real estate market’s high demand.

In Texas, Austin still tops the desirability chart. Similar to Boulder, with enticing opportunities to indulge in culture and outdoor lifestyle activities, Austin also offers increased job opportunities and many tech companies move their headquarters or open major offices here. Ranch properties are proving popular too!

Some of the more surprising locations that are seeing growth are cities such as Detroit RaleighDurham, Las Vegas, and the condo markets in Nashville, LA Valley, and Washington D.C. that were all identified in a recent review of the state of luxury by Coldwell Banker Global Luxury. At the same time, Bloomberg recognized a number of other strong markets in locations such as New Jersey, New York, Greater Chicago, and the Los Altos Hills and Hillsborough communities in California.

The important factor to remember when looking at these locations and why they are proving popular comes in a trifecta – lifestyle, affordability, and financial opportunity.

Detroit, keenly recognized for its decline alongside the automobile industry and its declaration of bankruptcy in 2013, has seen a marked resurgence. Also attributed to the strong comeback of the

automobile, but with the added draw for younger homebuyers attracted to the affordability, new building development, and the increased vitality of downtown.

Raleigh is another city gaining in popularity for technology company hubs and homebuyers alike.

The "Research Triangle" created by UNC, Duke, and NC State offer companies top local talent.

Those relocating are enjoying the lower cost of homes and property taxes, offering an opportunity for homeownership that might have been closed to them in their previous location.

Equally, Nashville has grown with the building of new high-rises that have not only changed the character of districts into more apartment style living, but the actual skyline of the downtown core. Again the influence is driven by the relocation of big corporations who are not only creating jobs, but by default the demand for big city amenities. Culinary expertise and, not surprisingly, the music scene add flare to those who chose to embrace this new lifestyle.

Washington D.C. and Pasadena in the San Gabriel Valley, which is the second oldest community in the Los Angeles county, have two aspects in common. Both are long established communities and both have experienced a upswing in demand for large condominiums, creating an unexpected but impactful niche market.

The driving force of these hot segments is not the influence of relocating tech companies but rather the downsizing of Baby Boomers or in Washington D.C., politicians relocating and purchasing second homes to commute to Capital Hill. The choice of property style is attributed to those who wish minimize their responsibilities and enjoy a lifestyle of amenities at their doorstep.

Whether it is the quieter environment of Raleigh-Durham, or the move vibrant mecca of Las Vegas there has been a distinct shift of relocation being a strong market influencer. Homeowners are choosing to move to more affordable locations that offer them larger properties, privacy, and lower taxes – and developers have recognized this trend, satisfying this demand by building secure oasis-style gated communities.

So whether it is New York or New Jersey, Florida or Seattle, the overall market is settling. But it is also obvious that ‘trends’ are now setting the new locations in demand. Recognizing and leveraging the trends, no matter what market you are located in, is the secret to successfully negotiating in this market. When others around you are lowering their expectations, now is the time for homeowners and their Realtors to switch gears and discover how to leverage buyer and seller expectations in order to achieve their goals.

– 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.

80

67

DAYS ON MARKET

65 60

54 48

40

40

43

40

33

33

36

30

34

34

35

MAY

JUN

JUL

48

47

41

41

40

AUG

SEP

59

56

55 47

57 46

42

20

0

JAN

FEB

MAR

APR

OCT

NOV

DEC

JAN

$478 $375

$485 $365

$457 $386

$347

$485

$493 $326

$318

$462

$471 $335

$348

$476 $357

$466 $344

$460

$334

$300

$341

$452

$440

$400

$494

$500

$337

PRICE PER SQUARE FOOT

$600

$200

$100

$0

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

DEC

JAN

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

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

Discrepancies between statistics published between the January 2019 and February 2019 Luxury Market Reports are due to the addition of Ocean County, NJ.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month December 2018 | January 2019

SINGLE-FAMILY HOMES December

January

December

January

33,444

35,904

Median List Price

$1,689,500 $1,666,975

Total Inventory

Median Sale Price

$1,442,500 $1,420,000

New Listings

4,682

10,583

Total Sold

4,603

3,345

56

59

3,789

3,750

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

96.47%

96.11%

13.76%

9.32%

$365

$375

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.





5,901

1,258

New Listings

Total Sold





3

4.44%

Med. Sale Price

Days on Market

Sales Ratio

22,500

$



SINGLE-FAMILY HOMES MARKET SUMMARY | JANUARY 2019 •

Official Market Type: Buyer's Market with a 9.32% Sales Ratio.1

•

Homes are selling for an average of 96.11% of list price.

•

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,420,000.

•

Markets with the Highest Median Sales Price: Vail ($9,800,000), LA Beach Cities ($4,026,750), Marin County ($3,700,000), and Vancouver ($3,677,500).

•

Markets with the Highest Sales Ratio: Silicon Valley (31%), Seattle (29%), San Francisco (28%), and Denver (24%).

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 December 2018 | January 2019

ATTACHED HOMES December

January

Median List Price

$999,000

$1,017,323

Median Sale Price

$919,000

$890,349

Median SP/LP Ratio

97.96%

97.30%

Total Sales Ratio

12.03%

8.50%

$485

$478

Median Price per Sq. Ft.

December

January

Total Inventory

13,841

14,722

New Listings

2,028

4,265

Total Sold

1,665

1,252

46

57

2,043

1,998

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.





2,237

413

New Listings

Total Sold





Med. Sale Price

Days on Market

28,652

$

11



3.53% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | JANUARY 2019 •

Official Market Type: Buyer's Market with an 8.50% Sales Ratio.1

•

Attached homes are selling for an average of 97.30% of list price.

•

The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $890,349.

•

Markets with the Highest Median Sales Price: Vail ($4,125,000), San Francisco ($2,862,500), Naples ($1,997,500), and Greater Boston ($1,950,000).

•

Markets with the Highest Sales Ratio: Marin County (40%), Arlington/Alexandria (38%), Fairfax County (30%), and San Francisco (26%).

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

$1,195,000

$1,095,000

512

234

39

56

Buyer's

AZ

Paradise Valley

$3,199,000

$2,445,000

275

63

17

55

Buyer's

AZ

Phoenix

$729,450

$628,500

868

301

109

72

Buyer's

AZ

Scottsdale

$1,649,000

$1,420,000

989

254

63

72

Buyer's

AZ

Tucson

$775,000

$619,000

747

231

70

65

Buyer's

BC

Okanagan Valley

$1,699,900

$1,250,000

471

80

7

126

Buyer's

BC

Vancouver

$3,999,000

$3,677,500

1,146

404

32

56

Buyer's

BC

Victoria

$1,855,000

$1,465,000

261

88

35

55

Buyer's

CA

Los Angeles Beach Cities

$4,722,500

$4,026,750

320

110

26

58

Buyer's

CA

Los Angeles City

$4,296,500

$2,822,500

790

295

64

40

Buyer's

CA

Los Angeles The Valley

$2,198,500

$1,912,500

450

200

68

45

Balanced

CA

Marin County

$4,050,000

$3,700,000

66

13

9

52

Buyer's

CA

Napa County

$2,547,000

$3,273,000

80

6

3

130

Buyer's

CA

Orange County

$2,385,000

$1,900,000

1,383

382

149

43

Buyer's

CA

Palm Springs & Palm Desert

$1,857,500

$1,632,000

660

165

44

107

Buyer's

CA

Placer County

$1,098,000

$825,000

191

63

20

60

Buyer's

CA

Sacramento

$790,067

$699,950

597

246

140

37

Seller's

CA

San Diego

$2,282,500

$1,536,500

1,092

442

144

52

Buyer's

CA

San Francisco

$3,822,500

$3,165,000

54

30

15

35

Seller's

CA

Santa Barbara

$3,747,500

$3,130,000

230

46

25

90

Buyer's

CA

Silicon Valley

$4,188,000

$2,875,000

157

98

49

29

Seller's

CA

Ventura County

$1,894,500

$1,375,000

270

83

33

54

Buyer's

CO

Boulder

$1,497,500

$1,600,000

105

42

23

73

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

$955,000

$835,000

801

297

196

39

Seller's

CO

Douglas County

$1,314,950

$1,157,721

223

63

37

35

Balanced

CO

Vail

$4,700,000

$9,800,000

127

2

1

676

Buyer's

DC

Washington D.C.

$2,995,000

$2,537,500

52

14

8

43

Balanced

$2,150,000

$1,700,000

643

119

21

55

Buyer's

$1,590,000

$1,635,000

97

24

9

79

Buyer's

FL FL

Boca Raton & Delray Beach Costal Pinellas County Towns

FL

Greater Fort Lauderdale

$1,299,000

$1,080,000

1,677

336

87

114

Buyer's

FL

Jacksonville Beaches

$1,230,000

$1,225,000

301

64

13

72

Buyer's

FL

Miami

$1,384,000

$901,000

1,518

314

56

124

Buyer's

FL

Naples

$2,097,500

$2,775,000

876

200

44

93

Buyer's

FL

Orlando

$1,600,000

$1,300,000

493

90

27

106

Buyer's

FL

Palm Beach Towns

$3,450,000

$2,229,962

457

98

21

50

Buyer's

FL

Sarasota & Beaches

$1,650,000

$1,375,000

642

129

30

72

Buyer's

FL

Tampa

$774,900

$677,500

743

199

78

66

Buyer's

GA

Atlanta

$1,195,000

$1,069,000

1,103

337

87

52

Buyer's

HI

Honolulu

$3,085,000

$3,375,000

219

48

12

10

Buyer's

HI

Kauai

$2,300,000

$1,474,500

147

13

13

42

Buyer's

HI

Maui

$2,998,500

$1,700,000

224

32

7

58

Buyer's

IL

Chicago

$1,279,950

$1,079,000

1,436

500

121

122

Buyer's

MA

Greater Boston

$2,985,000

$2,700,000

95

37

19

53

Balanced

MD

Montgomery County

$1,750,000

$1,450,000

246

70

39

90

Balanced

MD

Talbot County

$1,950,000

$1,825,000

93

11

8

187

Buyer's

MD

Worcester County

$1,024,498

$800,000

52

11

1

256

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

$719,000

$654,192

871

276

87

41

Buyer's

MO

St. Louis

$719,900

$690,000

161

47

27

77

Balanced

NC

Charlotte

$899,900

$840,000

863

208

91

74

Buyer's

NC

Raleigh-Durham

$725,000

$654,500

823

188

109

0

Buyer's

NJ

Ocean County

$849,000

$750,000

612

192

49

71

Buyer's

NV

Las Vegas

$740,000

$649,500

1,359

409

180

49

Buyer's

NY

Brooklyn

$1,475,000

$1,275,000

145

37

10

118

Buyer's

NY

Staten Island

$1,200,000

$1,100,000

160

37

9

108

Buyer's

ON

GTA - York

$2,293,000

$1,762,500

521

239

28

36

Buyer's

ON

Toronto

$3,425,000

$2,785,500

346

223

18

11

Buyer's

TN

Nashville

$1,008,000

$937,500

309

110

48

34

Balanced

TX

Austin

$1,050,000

$840,000

484

161

103

54

Seller's

TX

Collin County

$699,900

$638,750

770

226

62

93

Buyer's

TX

Dallas

$999,000

$873,000

700

272

55

65

Buyer's

TX

Fort Worth

$875,000

$810,000

615

157

76

61

Buyer's

TX

Houston

$837,000

$775,625

1,690

522

136

39

Buyer's

TX

The Woodlands & Spring

$765,000

$647,500

399

117

22

55

Buyer's

UT

Park City

$3,610,000

$2,564,500

260

32

18

113

Buyer's

VA

Arlington & Alexandria

$1,962,450

$1,695,000

74

23

11

64

Buyer's

VA

Fairfax County

$1,683,950

$1,615,000

412

104

29

93

Buyer's

VA

McLean & Vienna

$1,912,498

$2,047,363

194

45

12

105

Buyer's

WA

Seattle

$1,875,000

$1,420,000

157

74

46

26

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

$778,000

252

110

18

79

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$725,000

$582,500

243

81

26

55

Buyer's

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,980,000

$1,810,000

684

318

23

10

Buyer's

BC

Victoria

$825,000

$810,000

183

104

36

32

Balanced

CA

Los Angeles Beach Cities

$1,749,000

$1,377,500

167

71

28

40

Balanced

CA

Los Angeles City

$1,553,500

$1,326,000

304

117

32

43

Buyer's

CA

Los Angeles The Valley

$699,000

$686,250

111

61

26

30

Seller's

CA

Marin County

$1,087,500

$1,112,500

10

0

4

80

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,034,995

$920,697

402

122

60

48

Buyer's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,063,000

$850,000

505

243

71

27

Buyer's

CA

San Francisco

$2,989,000

$2,862,500

76

41

20

31

Seller's

CA

Santa Barbara

$1,595,000

$1,205,000

37

6

6

10

Balanced

CA

Silicon Valley

$1,488,000

$1,365,000

81

56

15

23

Balanced

CA

Ventura County

$709,900

$711,000

49

13

11

90

Seller's

CO

Boulder

$857,000

$730,399

60

22

4

74

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

CO

Denver

$699,000

$685,000

450

170

99

46

Seller's

CO

Douglas County

$675,000

$715,000

19

5

3

52

Balanced

CO

Vail

$4,247,500

$4,125,000

100

12

6

348

Buyer's

DC

Washington D.C.

$1,947,500

$1,530,000

146

43

35

47

Seller's

$799,000

$982,500

446

103

22

118

Buyer's

$849,900

$1,240,000

133

28

13

24

Buyer's

$849,948

$855,000

1,360

238

54

81

Buyer's

FL FL

Boca Raton & Delray Beach Costal Pinellas County Towns

FL

Greater Fort Lauderdale

FL

Jacksonville Beaches

$1,350,000

$1,065,000

51

7

3

170

Buyer's

FL

Miami

$999,650

$860,000

3,026

398

55

163

Buyer's

FL

Naples

$2,099,000

$1,997,500

297

68

22

64

Buyer's

FL

Orlando

$756,250

$635,000

78

18

4

33

Buyer's

FL

Palm Beach Towns

$1,325,000

$994,863

407

96

14

66

Buyer's

FL

Sarasota & Beaches

$1,349,000

$1,200,000

269

52

16

118

Buyer's

FL

Tampa

$689,000

$615,000

137

45

17

32

Buyer's

GA

Atlanta

$659,000

$649,000

492

167

51

56

Buyer's

HI

Honolulu

$1,350,000

$1,050,000

449

109

31

42

Buyer's

HI

Kauai

$1,295,000

$1,150,000

75

5

7

134

Buyer's

HI

Maui

$1,744,500

$1,434,000

154

25

18

96

Buyer's

IL

Chicago

$1,229,000

$1,015,000

735

317

53

93

Buyer's

MA

Greater Boston

$2,575,000

$1,950,000

199

76

29

23

Buyer's

MD

Montgomery County

$795,000

$672,500

134

59

24

60

Balanced

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$649,450

$568,500

102

16

2

187

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

$925,000

$850,000

61

8

10

83

Balanced

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$699,000

$678,250

127

20

14

44

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$689,000

$600,000

35

14

2

93

Buyer's

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$1,349,000

$1,200,000

547

160

55

77

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$768,500

$724,944

110

60

12

58

Buyer's

ON

Toronto

$1,275,000

$1,190,000

311

229

72

16

Seller's

TN

Nashville

$759,000

$641,500

88

27

8

52

Buyer's

TX

Austin

$784,450

$699,900

180

59

19

59

Buyer's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$699,000

$589,000

180

58

12

60

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$637,500

$666,750

188

66

10

55

Buyer's

TX

The Woodlands and Spring

-

-

-

-

-

-

-

UT

Park City

$1,895,000

$1,775,000

191

31

14

26

Buyer's

VA

Arlington & Alexandria

$1,134,500

$999,000

56

24

21

77

Seller's

VA

Fairfax County

$737,738

$675,000

106

43

32

57

Seller's

VA

McLean & Vienna

$1,266,950

$825,000

22

14

3

177

Buyer's

WA

Seattle

$1,200,000

$1,037,500

97

30

10

54

Buyer's

Luxury is in each detail.

Hubert de Givenchy

CHICAGO

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2019 Inventory

Sales

Luxury Benchmark Price 1: $750,000 $4,500,000+ $3,900,000 - $4,499,999 $3,300,000 - $3,899,999 $2,800,000 - $3,299,999

$2,400,000 - $2,799,999 $2,000,000 - $2,399,999 $1,700,000 - $1,999,999 $1,500,000 - $1,699,999

53

0 32

1

36

1

Total Sales: 121 Buyer's Market

52

1

Total Sales Ratio2: 8%

63

1

61

6

113

8 106

8

$1,300,000 - $1,499,999

151

11

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

105

9

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

110

10

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

82

13

$900,000 - $999,999

149

23

$800,000 - $899,999 $750,000 - $799,999

Total Inventory: 1,436

184

22

139

7

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$880,000

4

4

9

98

9%

3,000 - 3,999

$945,000

4

4

37

354

10%

4,000 - 4,999

$1,112,500

5

5

30

315

10%

5,000 - 5,999

$1,580,000

5

6

13

176

7%

6,000 - 6,999

$1,500,000

5

6

5

135

4%

7,000+

$2,100,000

5

8

4

170

2%

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

CHICAGO

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,150,000 $1,018,000

1,708

1,270 181

$1,055,000

$1,050,000

$1,022,500

1,974

2,024

1,990

212

122

Jan-18

Feb-18

Mar-18

299 Apr-18

Inventory

$1,050,000

$1,020,000

$1,050,000

2,284

2,169

2,095

Solds

$1,021,250

May-18

421

354

320

Jun-18

Jul-18

Aug-18

124 Sep-18

$1,079,000

$1,010,000

2,003

1,600

354

$1,120,000 $1,008,531

1,642

198

175

Oct-18

1,436

1,276

Nov-18

144

121

Dec-18

Jan-19

MEDIAN DATA INVENTORY December

January

1,276

1,436 VARIANCE: 13 %

SALE PRICE PER SQFT. December

January

268

$

280 VARIANCE: 4 % $

SOLDS December

January

144

121 VARIANCE: -16 % SALE TO LIST PRICE RATIO December

January

95.70% 95.60% VARIANCE: 0 %

SALES PRICE December

1.01m

$

January

1.08m VARIANCE: 7 % $

DAYS ON MARKET December

January

93

122 VARIANCE: 31 %

CHICAGO MARKET SUMMARY | JANUARY 2019 • The Chicago single-family luxury market is a Buyer's Market with an 8% Sales Ratio.

• Homes sold for a median of 95.60% of list price in January 2019.

• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 16%.

• The median luxury sales price for single-family homes has increased to $1,079,000.

• The median days on market for January 2019 was 122 days, up from 93 in December 2018.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Historical data before August 2017 does not account for listings taken off the market.

3

CHICAGO

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2019 Inventory

Sales

Luxury Benchmark Price 1: $750,000 $3,500,000+ $3,000,000 - $3,499,999

Total Sales Ratio2: 7% 110

5 22

3

43

2

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

39

2

50

1

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

48

6

43

2

$900,000 - $949,999

34

6

53

3

$800,000 - $849,999 $750,000 - $799,999

Buyer's Market 60

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

$850,000 - $899,999

44

0

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

$950,000 - $999,999

Total Sales: 53

3

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

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

Total Inventory: 735

18

2

$2,500,000 - $2,999,999 $2,000,000 - $2,499,999

43

3

49

9

79

6

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,499

NA

NA

NA

0

30

0%

1,500 - 2,499

$925,710

3

3

20

299

7%

2,500 - 3,499

$1,007,500

3

4

18

200

9%

3,500 - 4,499

$2,575,000

3

4

7

74

9%

4,500 - 5,499

$1,075,000

4

5

1

25

4%

5,500+

$6,958,000

5

6

1

20

5%

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

CHICAGO

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$975,200

599

$983,956

$975,000

686

754

143

83

74 Jan-18

Feb-18

Mar-18

$970,000

$950,000

910

939

169

Apr-18

Inventory

1,041

174 May-18

$1,025,000

$977,500

$934,900

957

161 Jun-18

$1,162,500

144

Jul-18

937

Aug-18

121 Sep-18

$975,000

$950,000

$950,000

925

906

160

Solds

795

110 Oct-18

$1,015,000

735

608 94

83

Nov-18

Dec-18

53 Jan-19

MEDIAN DATA INVENTORY December

January

608

SOLDS December

January

735 VARIANCE: 21 %

53 VARIANCE: -36 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

December

January

492

442 VARIANCE: -10 %

$

$

83

December

January

97.53% 97.42% VARIANCE: 0 %

SALES PRICE December

975k

$

January

1.02m VARIANCE: 4 % $

DAYS ON MARKET December

January

105

93 VARIANCE: -11 %

CHICAGO MARKET SUMMARY | JANUARY 2019 • The Chicago attached luxury market is a Buyer's Market with a 7% Sales Ratio.

• Homes sold for a median of 97.42% of list price in January 2019.

• The most active price band is $800,000-$849,999, where the sales ratio is 18%.

• The median luxury sales price for attached homes has increased to $1,015,000.

• The median days on market for January 2019 was 93 days, down from 105 in December 2018.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Historical data before August 2017 does not account for listings taken off the market.

3

Thank you for taking time to view this report.

For more information about this report and the services I can offer you and your luxury property, please give me a call at 773.383.7689.

- Patrick Ryan

PATRICK RYAN

773.383.7689 | patrick@genuinere.com