PATRICK RYAN L U X U RY MARKET REPORT
CHICAGO
NOVEMBER 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-today 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.
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 Focus on Future Trends There is now an official global trend that has emerged - as prices in the more recognized world-class cities continue to stagnate, demand is growing for luxury properties in secondary cities. Knight Frank, a leading luxury real estate consultant, recently published a report that shows Moscow toping the global price growth index with a 11.1% growth in the third quarter of 2019. The Russian capital is followed by Frankfurt (10.3%), Taipei (8.9%), Manila (7.4%) and Berlin (6.5%) in the top five…and Bucharest (0.7%) is in the Top 45 for the first time! This growing trend has become all the more obvious in North America – especially the US – where secondary cities such as Seattle, Richmond (VA), Austin, Nashville, Charlotte, St. Louis, and Denver are reporting markets favorable to luxury sellers. In this month’s report, these single-family home markets are clearly defined in the statistical table. Looking at the condo market and new markets such as Virginia’s Arlington, Alexandria and Fairfax, the counties of Marin, Ventura and Orange in California, Colorado’s Denver, Boulder and Douglas County and Ontario’s Greater Toronto Areas of Durham and York are also seeing seller markets. Whether its global or more local, there seems to be a diversification of real estate wealth as the affluent seek to invest their money wisely for the future. There has also been a growing acceptance that political uncertainty is causing a slowing price increase in the majority of the world’s major cities. From increasingly difficult trade relations, political tensions, looming elections to the ongoing conundrum of situations such as Brexit. What is significant and equally unexpected is that investment in real estate has shied away from traditional safe havens in popular major cities and instead chosen to take a risk in these secondary markets. In PricewaterhouseCoopers’ (PwC) recent report – Emerging Trends in Real Estate 2019 – they identify the markets of Dallas/Fort Worth, Brooklyn, Orlando, Raleigh/Durham and Nashville as their top five fastest growing markets. Their report also identifies that Florida is seeing an increase in growth with Tampa Bay, St. Petersburg,
A collection of high-growth luxury secondary markets. From Left to Right. Top Row: Phoenix, AZ; Atlanta, GA; Las Vegas, NV; Portland, OR. Bottom Row: Austin, TX; Dallas, TX; Miami, FL; Nashville, TN
Miami, and Fort Lauderdale all ranked in the Top 20, and the Texas cities of Austin and San Antonio also join these ranks for another year. They state that one clear trend is that the luxury real estate market is going to be more volatile in the upcoming years and will be affected by “disruptors” such as politics, taxation, and even the media. For instance, although Seattle is still considered to be an attractive market, it slipped from PwC’s number 1 spot to 16th – so did the intense media focus rather than the dramatic price increases sway public opinion? Taxation has certainly had a large impact on the luxury market and there has been significant migration from premier markets such as San Francisco, Los Angeles, New York, Chicago, Washington D.C. to markets that offer more favorable rates. In their recent personal-finance publication, Kiplinger released their analysis on the most tax friendly states, with Wyoming, Nevada, Tennessee, and Florida in their top 5 and Arizona and Washington in the top 10. Texas, Colorado, Virginia and Montana are considered to be tax-friendly and find their rating in the Top 20. Correlate this information with high growth secondary markets such as Phoenix, Atlanta, Las Vegas, Portland, Austin, Dallas, Miami and Nashville and a pattern clearly reveals itself. In Canada, growth has a different face. Secondary cities such as Ottawa, Montreal, and Quebec City are all predicted to see growth in their housing index between 3 - 6%, but instead of only looking for new markets, personal capital is being invested in improving and redevelopment of existing assets. Investors in Canada seeking to optimize their portfolios are learning to pivot as well as act quickly to extract the most out of opportunities – whether it’s to get the right price, find a “different” type of project, or invest in a new market. Like their US counterparts, investors in Canadian real estate are looking to diversify to maximize their real estate opportunities. But whereas diversifying in the US is often seen as owning numerous properties in different locations, in Canada diversification has pushed into the opportunity of redevelopment with focus on greater density. For instance, the conversion of large estate homes into smaller multi-family luxury residences is very prevalent in Vancouver and Toronto. PwC’s report also identified a significant Canadian trend that has enabled affluent entrepreneurs
to further diversify their assets. Investors are starting to form more strategic partnerships or joint ventures – this has allowed them to limit their risk while increasing the opportunity of taking on more complex projects. One common trait that is crucial to the future of investing in real estate, irrespective of its location, is the evolving demand for digital and technology integration from both a work and living aspect. Whether this is in the infrastructure of homes or its use in determining new opportunities, not recognizing its power in today’s real estate would be a mistake. Predictive modeling has become an integral part of global companies looking to expand their operations and has been the reason for many headquarter relocations. Considering the affordability, workforce, liveability, infrastructure are just some the parameters that have determined the choice to move to these secondary markets. Likewise, the demand by the affluent to integrate more sophisticated technology into their homes is growing exponentially. The desire to use the digital world is driven by the need to simplify the management of these homes, coupled with a need to live in an environment that provides for their wellness. As a caveat to the trends described in this report, in particular the growth of secondary markets, it should be noted that although major cities are seeing an overall slowing in price increases and sales, that within each market there will always be pockets of demand that contradict. The art of selling and buying in this market needs a critical and analytical approach, understanding the realities and setting expectations accordingly will ensure that goals are achieved. The most lucrative real estate niches largely depend on market trends and shifting buying interests, but there are always longtime 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 lifestylespecific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers. 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 lifestylespecific 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 46
40
56
49
63
58
45
46
42
53
48
55
38
43
35 35
31
37
43
52
46
39
48
39
38
32
20
0
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
$493 $372
$478 $359
$502 $336
$500 $346
$374
$357
$384
$360
$466
$498
$533 $468
$486 $356
$481
$478 $371
$300
$342
$457 $365
$400
$485
$500
$341
PRICE PER SQUARE FOOT
$600
$200
$100
$0
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
SEP
OCT
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
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
Discrepancies between statistics published between the October 2019 and November 2019 Luxury Market Reports are due to the addition of Coastal Connecticut, Central Connecticut, and Richmond, VA.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month September 2019 | October 2019
SINGLE-FAMILY HOMES September
October
September
October
47,648
46,535
Median List Price
$1,634,975 $1,624,750
Total Inventory
Median Sale Price
$1,308,484 $1,364,500
New Listings
12,196
11,154
6,429
6,794
46
52
3,716
3,789
Median SP/LP Ratio
97.17%
96.74%
Total Sold
Total Sales Ratio
13.49%
14.60%
Median Days on Market
$359
$372
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,042
365
New Listings
Total Sold
6
1.11%
Med. Sale Price
Days on Market
Sales Ratio
56,016
$
SINGLE-FAMILY HOMES MARKET SUMMARY | OCTOBER 2019 •
Official Market Type: Buyer's Market with a 14.60% Sales Ratio.1
•
Homes are selling for an average of 96.74% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,364,500.
•
Markets with the Highest Median Sales Price: Santa Barbara ($4,262,500), LA Beach Cities ($3,597,500), Vail ($3,550,000), and Vancouver ($3,333,333).
•
Markets with the Highest Sales Ratio: Seattle (45%), San Francisco (42%), Richmond (40%), and Silicon Valley (35%). 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 September 2019 | October 2019
ATTACHED HOMES September
Median List Price Median Sale Price Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
October
$1,030,000 $1,038,000
September
October
17,066
17,461
New Listings
4,914
4,808
2,377
2,544
38
48
2,071
2,024
Total Inventory
$888,750
$871,250
98.08%
98.22%
Total Sold
13.93%
14.57%
Median Days on Market
$478
$493
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
106
167
New Listings
Total Sold
Med. Sale Price
Days on Market
17,500
$
10
0.64% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | OCTOBER 2019 •
Official Market Type: Buyer's Market with a 14.57% Sales Ratio.1
•
Attached homes are selling for an average of 98.22% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $871,250.
•
Markets with the Highest Median Sales Price: Vail ($3,200,000), San Francisco ($2,353,125), Maui ($1,930,000), and Greater Boston ($1,900,000).
•
Markets with the Highest Sales Ratio: Arlington & Alexandria (73%), Silicon Valley (61%), LA The Valley (59%), and GTA-Durham (55%). 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 – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,175,000
$1,042,500
714
211
72
52
Buyer's
AZ
Paradise Valley
$2,995,000
$2,425,000
211
58
9
237
Buyer's
AZ
Phoenix
$749,000
$634,235
699
219
197
68
Seller's
AZ
Scottsdale
$1,695,000
$1,445,000
847
222
77
117
Buyer's
AZ
Tucson
$747,000
$630,000
695
192
105
23
Balanced
BC
Okanagan Valley
$1,600,000
$1,420,000
695
96
29
80
Buyer's
BC
Vancouver
$3,998,000
$3,333,333
1,151
251
57
46
Buyer's
BC
Victoria
$1,890,000
$1,433,000
401
97
54
56
Buyer's
CA
Los Angeles Beach Cities
$4,897,500
$3,597,500
424
101
52
42
Buyer's
CA
Los Angeles City
$4,149,000
$3,260,000
985
303
127
36
Buyer's
CA
Los Angeles The Valley
$2,095,000
$1,772,500
615
221
146
33
Seller's
CA
Marin County
$4,200,000
$2,800,000
137
17
41
28
Seller's
CA
Napa County
$3,400,000
$2,475,000
153
17
20
128
Buyer's
CA
Orange County
$2,499,894
$1,950,000
1,590
330
261
50
Balanced
CA
Palm Springs & Palm Desert
$1,787,000
$1,375,000
473
141
28
64
Buyer's
CA
Placer County
$999,995
$899,500
241
52
58
50
Seller's
CA
Sacramento
$782,000
$720,000
886
282
288
27
Seller's
CA
San Diego
$2,180,000
$1,640,000
1,241
351
275
34
Seller's
CA
San Francisco
$4,095,000
$3,250,000
104
28
44
14
Seller's
CA
Santa Barbara
$3,922,500
$4,262,500
328
58
26
108
Buyer's
CA
Silicon Valley
$3,954,000
$3,250,000
350
146
121
14
Seller's
CA
Ventura County
$1,760,000
$1,377,500
389
116
74
62
Balanced
CO
Boulder
$1,649,500
$1,303,500
268
69
44
64
Balanced
CO
Denver
$950,000
$825,500
1,215
373
389
20
Seller's
CO
Douglas County
$1,250,000
$1,095,000
314
67
66
40
Seller's
CO
Vail
$4,895,000
$3,550,000
125
8
7
96
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CT
Central Connecticut
$649,900
$572,000
520
80
64
66
Buyer's
CT
Coastal Connecticut
$1,695,000
$1,355,000
1,568
206
90
119
Buyer's
DC
Washington D.C.
$2,997,900
$2,745,000
82
23
4
49
Buyer's
$2,292,500
$1,828,500
564
94
29
126
Buyer's
$1,600,000
$1,369,000
81
12
8
115
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,325,000
$930,000
1,629
332
129
92
Buyer's
FL
Jacksonville Beaches
$1,250,000
$1,200,077
336
52
25
87
Buyer's
FL
Miami
$1,299,000
$1,000,000
1,467
262
78
160
Buyer's
FL
Naples
$2,000,000
$1,625,000
713
131
43
103
Buyer's
FL
Orlando
$1,600,000
$1,373,587
470
69
41
128
Buyer's
FL
Palm Beach Towns
$3,392,500
$1,950,000
370
64
23
91
Buyer's
FL
Sarasota & Beaches
$1,697,500
$1,360,000
564
107
35
106
Buyer's
FL
Tampa
$789,750
$676,000
882
187
133
52
Balanced
GA
Atlanta
$1,150,000
$1,249,950
1,318
321
104
48
Buyer's
HI
Kauai
$2,590,000
$1,270,000
119
14
9
153
Buyer's
HI
Maui
$3,300,000
$2,612,500
191
21
20
218
Buyer's
HI
Oahu
$3,200,000
$2,365,000
265
39
18
38
Buyer's
IL
Chicago
$1,229,000
$1,007,500
1,909
435
200
106
Buyer's
IN
Hamilton County
$749,900
$653,750
307
60
58
76
Balanced
MA
Greater Boston
$3,495,000
$2,700,000
169
44
23
57
Buyer's
MD
Montgomery County
$1,795,000
$1,479,250
371
85
62
27
Balanced
MD
Talbot County
$1,795,000
$1,275,000
119
10
9
67
Buyer's
MD
Worcester County
$899,000
$877,000
53
6
6
37
Buyer's
MI
Oakland County
$722,450
$620,000
1,296
396
161
37
Buyer's
MO
St. Louis
$752,450
$619,000
212
55
55
59
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
$787,250
901
193
234
40
Seller's
NC
Raleigh-Durham
$719,900
$685,000
1,093
204
215
3
Balanced
NJ
Ocean County
$890,000
$807,500
733
146
82
84
Buyer's
NV
Las Vegas
$737,468
$610,000
1,681
440
291
44
Balanced
NV
Reno
$1,350,000
$1,220,654
140
21
21
98
Balanced
NY
Brooklyn
$1,599,000
$1,450,000
276
55
18
99
Buyer's
NY
Staten Island
$1,199,999
$1,087,500
217
40
14
98
Buyer's
ON
GTA - Durham
$1,599,000
$1,384,500
277
114
26
28
Buyer's
ON
GTA - York
$2,348,000
$1,775,000
831
313
77
29
Buyer's
ON
Toronto
$3,449,000
$3,050,000
574
283
80
16
Buyer's
TN
Knox County
$775,000
$651,000
241
41
39
50
Balanced
TN
Nashville
$1,285,000
$951,000
262
93
56
9
Seller's
TX
Austin
$1,049,000
$790,000
640
174
197
33
Seller's
TX
Collin County
$699,824
$650,000
916
191
123
78
Buyer's
TX
Dallas
$995,000
$915,000
960
224
127
52
Buyer's
TX
Fort Worth
$875,000
$745,000
845
186
137
51
Balanced
TX
Houston
$825,000
$750,000
2,072
560
259
44
Buyer's
TX
The Woodlands & Spring
$820,000
$711,000
484
111
64
51
Buyer's
UT
Park City
$3,395,000
$2,248,994
257
36
32
116
Buyer's
VA
Arlington & Alexandria
$1,899,000
$1,695,000
109
37
11
27
Buyer's
VA
Fairfax County
$1,699,000
$1,390,000
549
117
59
42
Buyer's
VA
McLean & Vienna
$1,899,999
$1,789,000
243
58
21
39
Buyer's
VA
Richmond
$840,109
$776,500
287
72
116
28
Seller's
WA
Greater Seattle
$1,899,925
$1,575,000
850
227
278
17
Seller's
WA
Seattle
$1,799,950
$1,450,000
271
87
123
13
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
$822,748
$837,500
298
86
24
49
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$750,000
$627,500
226
59
52
56
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,850,000
$1,618,000
833
275
63
28
Buyer's
BC
Victoria
$799,900
$749,900
311
98
49
35
Balanced
CA
Los Angeles Beach Cities
$1,785,000
$1,390,000
215
68
63
23
Seller's
CA
Los Angeles City
$1,495,000
$1,175,000
381
127
73
22
Balanced
CA
Los Angeles The Valley
$725,000
$665,875
122
70
72
33
Seller's
CA
Marin County
$1,287,000
$1,465,000
20
7
9
30
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$999,999
$980,000
445
136
107
46
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,081,375
$871,250
598
209
136
36
Seller's
CA
San Francisco
$2,700,000
$2,353,125
157
37
46
15
Seller's
CA
Santa Barbara
$1,847,500
$1,362,500
52
7
4
21
Buyer's
CA
Silicon Valley
$1,409,495
$1,410,000
122
60
75
12
Seller's
CA
Ventura County
$781,450
$692,000
66
32
24
66
Seller's
CO
Boulder
$819,000
$730,450
81
31
19
68
Seller's
CO
Denver
$674,950
$617,000
608
191
217
29
Seller's
CO
Douglas County
$610,000
$660,000
19
2
7
126
Seller's
CO
Denver
$674,950
$617,000
608
191
217
29
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
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$777,000
$642,500
280
56
32
95
Buyer's
DC
Washington D.C.
$1,795,000
$1,535,000
209
70
48
9
Seller's
$959,000
$677,500
444
114
26
73
Buyer's
$1,329,000
$742,500
145
23
12
159
Buyer's
$875,000
$775,000
1,240
204
41
147
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
FL
Jacksonville Beaches
$1,062,500
$1,025,000
50
12
3
231
Buyer's
FL
Miami
$1,038,000
$900,000
2,896
420
71
137
Buyer's
FL
Naples
$2,195,000
$1,900,000
259
67
13
164
Buyer's
FL
Orlando
$671,865
$649,000
80
22
7
94
Buyer's
FL
Palm Beach Towns
$1,450,000
$1,900,000
370
71
17
153
Buyer's
FL
Sarasota & Beaches
$1,397,275
$1,118,500
248
62
14
76
Buyer's
FL
Tampa
$699,950
$580,000
122
34
19
90
Balanced
GA
Atlanta
$675,000
$630,000
622
183
91
35
Buyer's
HI
Kauai
$1,472,500
$1,008,000
86
12
4
81
Buyer's
HI
Maui
$1,795,000
$1,930,000
139
25
22
493
Balanced
HI
Oahu
$1,290,000
$1,115,000
425
64
41
48
Buyer's
IL
Chicago
$1,150,000
$975,000
1,069
308
117
82
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,295,000
$1,900,000
316
90
42
34
Buyer's
MD
Montgomery County
$774,995
$715,000
184
82
45
21
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$598,000
$775,000
115
15
5
60
Buyer's
MI
Oakland County
$699,900
$604,385
69
25
5
8
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
$730,000
$667,003
163
52
22
55
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$669,000
$563,500
125
21
10
55
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,319,000
$1,052,500
651
123
74
49
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$678,950
$629,000
60
39
33
11
Seller's
ON
GTA - York
$858,000
$839,000
303
216
134
16
Seller's
ON
Toronto
$1,268,000
$1,150,000
599
450
228
13
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$885,000
$690,000
95
31
25
13
Seller's
TX
Austin
$799,386
$646,000
213
62
25
21
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$747,000
$804,500
214
55
22
74
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$646,450
$540,000
194
64
13
43
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,889,850
$1,835,000
148
15
24
58
Balanced
VA
Arlington & Alexandria
$1,249,000
$918,000
62
30
45
9
Seller's
VA
Fairfax County
$719,894
$669,500
186
79
74
14
Seller's
VA
McLean & Vienna
$1,242,500
$890,000
36
13
5
81
Buyer's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,099,973
$1,175,000
210
59
50
43
Seller's
WA
Seattle
$1,195,000
$1,161,500
140
37
30
42
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.
Luxury is in each detail. Hubert de Givenchy
C HI CA G O I LL I N O I S –November 2019–
CHICAGO
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | OCTOBER 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
48
1
46
0
42
3
$1,100,000 - $1,199,999 $1,000,000 - $1,099,999
8
Total Sales Ratio2: 10% 83
9
147
8 129
11
212
23 153
11
143
12 123
14
231
35
$800,000 - $899,999
1
Buyer's Market 69
$900,000 - $999,999
$750,000 - $799,999
Total Sales: 200 49
2
$1,300,000 - $1,499,999 $1,200,000 - $1,299,999
Total Inventory: 1,909
239
39
195
24
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$797,000
3
3
18
143
13%
3,000 - 3,999
$900,000
4
4
58
440
13%
4,000 - 4,999
$1,048,500
5
5
52
423
12%
5,000 - 5,999
$1,325,000
5
6
23
279
8%
6,000 - 6,999
$1,475,000
5
6
9
179
5%
7,000+
$2,252,500
5
8
14
223
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.
CHICAGO
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,120,000 $1,010,000
$1,008,531
2,003
1,642
198
Oct-18
144
Nov-18
Dec-18
$1,012,500
121 Jan-19
$1,075,000
120 Feb-19
$1,059,000
$1,030,000
2,305
2,034
1,808
1,733
1,436
1,276 175
$1,079,000
Inventory
Mar-19
$1,078,250
$1,072,500
$1,060,000
$1,075,000
2,457
2,352
2,188
2,072
368
319
267
207
Solds
Apr-19
May-19
Jun-19
368
305
Jul-19
Aug-19
$1,007,500
1,909
200
177
Sep-19
Oct-19
MEDIAN DATA INVENTORY September
October
2,072
1,909 VARIANCE: -8 %
SALE PRICE PER SQFT. September
October
271
261 VARIANCE: -4 %
$
$
SOLDS September
October
177
200 VARIANCE: 13 %
SALE TO LIST PRICE RATIO September
October
95.16% 96.09% VARIANCE: 1 %
SALES PRICE September
1.08m
$
October
1.01m VARIANCE: -6 % $
DAYS ON MARKET September
October
83
106 VARIANCE: 28 %
CHICAGO MARKET SUMMARY | OCTOBER 2019 • The Chicago single-family luxury market is a Buyer's Market with a 10% Sales Ratio. • Homes sold for a median of 96.09% of list price in October 2019. • The most active price band is $800,000-$899,999, where the sales ratio is 16%. • The median luxury sales price for single-family homes has decreased to $1,007,500. • The median days on market for October 2019 was 106 days, up from 83 in September 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
CHICAGO
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | OCTOBER 2019 Inventory
Sales
Luxury Benchmark Price 1: $750,000 $3,500,000+ $3,000,000 - $3,499,999 $2,500,000 - $2,999,999
46
4
46
2
66
8 61
8
$1,000,000 - $1,099,999
56
10
$950,000 - $999,999
1
55
8
$1,100,000 - $1,199,999
$750,000 - $799,999
148
9
$1,200,000 - $1,299,999
$800,000 - $849,999
Total Sales Ratio2: 11%
73
5
$1,300,000 - $1,399,999
$850,000 - $899,999
Buyer's Market
45
0
$1,500,000 - $1,999,999
$900,000 - $949,999
Total Sales: 117
22
1
$2,000,000 - $2,499,999
$1,400,000 - $1,499,999
Total Inventory: 1,069
86
9 50
6
101
11 72
16
142
20
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,499
$856,250
2
2
4
38
11%
1,500 - 2,499
$1,025,000
3
3
53
429
12%
2,500 - 3,499
$945,000
3
3
31
328
9%
3,500 - 4,499
$1,622,500
4
4
8
107
7%
4,500 - 5,499
$2,583,927
4
6
2
30
7%
5,500+
$8,200,000
4
8
1
23
4%
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.
CHICAGO
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
$1,162,500 $975,000
$950,000
937
795
110
Oct-18
$1,015,000
866
735
608
94
83
Nov-18
Dec-18
$977,500
53
Jan-19
$892,000
$932,500
959
985
60
88
Feb-19
Mar-19
$919,000
1,050
157
Solds
$1,025,000
$1,050,000
$1,092,500
1,126
1,111
1,066
152
Apr-19
May-19
133 Jun-19
$1,016,255
Jul-19
1,069
1,055
147
137
$975,000
Aug-19
117
110
Sep-19
Oct-19
MEDIAN DATA INVENTORY September
October
1,055
1,069 VARIANCE: 1 %
SALE PRICE PER SQFT. September
October
452
$
463 VARIANCE: 2 % $
SOLDS September
October
110
117 VARIANCE: 6 %
SALE TO LIST PRICE RATIO September
October
97.15% 98.28% VARIANCE: 1 %
SALES PRICE September
1.02m
$
October
975k VARIANCE: -4 % $
DAYS ON MARKET September
October
79
82 VARIANCE: 4 %
CHICAGO MARKET SUMMARY | OCTOBER 2019 • The Chicago attached luxury market is a Buyer's Market with an 11% Sales Ratio. • Homes sold for a median of 98.28% of list price in October 2019. • The most active price band is $800,000-$849,999, where the sales ratio is 22%. • The median luxury sales price for attached homes has decreased to $975,000. • The median days on market for October 2019 was 82 days, up from 79 in September 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 773.383.7689.
- Patrick Ryan
PATRICK RYAN
773.383.7689 | patrick@genuinere.com