SCOTT PRIDEMORE L U X U RY MARKET REPORT
CHARLOTTE
FEBRUARY 2019
SCOTT PRIDEMORE REALTOR®, CRS, CLHMS
704.562.0792
Scott@PridemoreMail.com ScottPridemore.PridemoreProperties.com For 20+ years, Scott has been creating “clients for life” by building lasting relationships with his buyer clients, seller clients, developers and builders. In fact, his clients say it best: 80% of his business comes from client recommendations and repeat business. He attributes his successes to loyal clientele and a consistent commitment to exceptional customer service standards. Scott says, “A satisfied client is not enough. It’s about constantly striving to produce results beyond the ordinary.” Scott has found new and unique ways to guide his clients through this constantly changing real estate market. He has developed an aggressive marketing plan to get listings sold and has put together a team of top producing real estate agents who are leaders in the marketplace. Having personally negotiated thousands of real estate transactions, Scott has the experience informed buyers and sellers demand. Scott knows the importance of technology, thus leveraging on-line and off-line resources to the advantage of his buyer and seller clients. Scott and his team are ready to put their experience to work for you.
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-14 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19
LOCAL LUXURY MARKET REVIEW
PAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22-23 ATTACHED HOMES - Monthly Statistics PAGE 24
THANK YOU
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2019 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute annually. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN 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
CHARLOTTE
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | JANUARY 2019 Inventory
Sales
Luxury Benchmark Price 1: $600,000 $3,500,000+ $3,200,000 - $3,499,999 $2,900,000 - $3,199,999 $2,600,000 - $2,899,999
$2,300,000 - $2,599,999 $2,000,000 - $2,299,999 $1,700,000 - $1,999,999 $1,500,000 - $1,699,999
$1,300,000 - $1,499,999
20
1 7
0
Total Inventory: 863 9
0
1 0
$900,000 - $999,999
$800,000 - $899,999 $700,000 - $799,999 $600,000 - $699,999
17
Buyer's Market
17
Total Sales Ratio2: 11% 23
1
37
3
47
2
48
5
$1,100,000 - $1,299,999 $1,000,000 - $1,099,999
Total Sales: 91
84
11
25
7
92
9
110
10
141
16
186
25
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$675,925
4
3
14
108
13%
3,000 - 3,999
$750,000
4
4
31
212
15%
4,000 - 4,999
$780,000
5
5
20
250
8%
5,000 - 5,999
$1,095,000
5
6
11
152
7%
6,000 - 6,999
$1,001,000
4
6
6
60
10%
7,000+
$1,208,000
6
7
9
80
11%
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
CHARLOTTE
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$760,145
$800,000
$773,000
97 Jan-18
179
107
Feb-18
Mar-18
$785,000
241 Apr-18
$789,000
1,255
1,249
1,194
1,133
946
833
$834,700
275
May-18
Inventory
$796,500
$775,000
1,095
264
232
Jul-18
$870,000
$795,000
1,108
1,088
227
Jun-18
Solds
Aug-18
$775,000
1,025
155 Sep-18
$840,000
$775,000
926
155
153 Oct-18
863
843
Nov-18
131
91
Dec-18
Jan-19
MEDIAN DATA INVENTORY December
January
843
863 VARIANCE: 2 %
SALE PRICE PER SQFT. December
January
207
$
206 VARIANCE: 0 % $
SOLDS December
January
131
91 VARIANCE: -31 % SALE TO LIST PRICE RATIO December
January
97.45% 96.63% VARIANCE: -1 %
SALES PRICE December
775k
$
January
840k VARIANCE: 8 % $
DAYS ON MARKET December
January
51
74 VARIANCE: 45 %
CHARLOTTE MARKET SUMMARY | JANUARY 2019 • The Charlotte single-family luxury market is a Buyer's Market with an 11% Sales Ratio. • Homes sold for a median of 96.63% of list price in January 2019. • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 28%. • The median luxury sales price for single-family homes has increased to $840,000. • The median days on market for January 2019 was 74 days, up from 51 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
CHARLOTTE
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | JANUARY 2019 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $1,900,000+ $1,800,000 - $1,899,999
0 0
$1,700,000 - $1,799,999 $1,600,000 - $1,699,999
$1,500,000 - $1,599,999 $1,400,000 - $1,499,999 $1,300,000 - $1,399,999 $1,200,000 - $1,299,999
$1,100,000 - $1,199,999 $1,000,000 - $1,099,999 $900,000 - $999,999 $800,000 - $899,999
4
0
Total Inventory: 127 1
0
2
Buyer's Market
1
$500,000 - $599,999
Total Sales Ratio2: 11%
4
0
5
0
5
0
5
0 3
0
7
0
6
1
8
2
$700,000 - $799,999 $600,000 - $699,999
Total Sales: 14
11
3
22
2
44
5
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$619,000
3
4
11
91
12%
3,000 - 3,999
$775,000
4
4
1
33
3%
4,000 - 4,999
$1,750,000
4
4
1
2
50%
5,000 - 5,999
$570,000
5
5
1
1
100%
6,000 - 6,999
NA
NA
NA
0
0
NA
7,000+
NA
NA
NA
0
0
NA
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
CHARLOTTE
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$603,868
$660,000
$584,936
136
131
114
24
Jan-18
$585,000
135
Inventory
$647,723
$680,000
137
127
22
25
29
29
Feb-18
Mar-18
Apr-18
May-18
$707,000
$618,755
$569,950
22
Jun-18
153
138
118 37
Solds
Jul-18
20
12
Aug-18
Sep-18
$650,000
$654,739
$625,802
150
141
131
15
Oct-18
$678,250
127
16
22
Nov-18
Dec-18
14
Jan-19
MEDIAN DATA INVENTORY December
January
131
SOLDS December
January
127 VARIANCE: -3 %
14 VARIANCE: -36 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
December
January
283
$
272 VARIANCE: -4 % $
22
December
January
98.89% 98.70% VARIANCE: 0 %
SALES PRICE December
626k
$
January
678k VARIANCE: 8 % $
DAYS ON MARKET December
January
44
44 VARIANCE: 0 %
CHARLOTTE MARKET SUMMARY | JANUARY 2019 • The Charlotte attached luxury market is a Buyer's Market with an 11% Sales Ratio. • Homes sold for a median of 98.70% of list price in January 2019. • The most active price band is $1,700,000-$1,799,999, where the sales ratio is 50%. • The median luxury sales price for attached homes has increased to $678,250. • The median days on market for January 2019 was 44 days, remaining the same from 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 704.562.0792.
- Scott Pridemore
SCOTT PRIDEMORE 704.562.0792 | Scott@PridemoreMail.com | ScottPridemore.PridemoreProperties.com