SCOTT PRIDEMORE L U X U RY MARKET REPORT
CHARLOTTE SEPTEMBER 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 indepth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/ or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
W
MAP OF LUXURY RESIDENTIAL MARKETS
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 The Changing Face of Luxury It only seems a short few years ago that demand for large properties, mega mansions, private estates and luxury ranches were all the fashion, but the younger generation, especially millennial millionaires are shying away. Don’t be mistaken that it’s about the price, that is simply not true. It’s more to do with changes in lifestyle preferences and the value they can obtain for their money. These larger properties are viewed as too laborintensive and expensive to run and manage. Instead, today’s home purchase decisions are based on the experience and amenities a property affords to its owner. For instance, Mark Cuban (TV’s “Shark Tank” Investor) just bought a vacation property that is under 7,900 sq ft for $19 million in Laguna Beach. It’s a stunning, ultra-modern property, with walls that open up the outdoor space, a private pool, and ocean views. But the significant difference isn’t just that it’s a smaller space than you’d expect for this billionaire. Instead it’s the opportunity to own a private home that has access to community amenities of a luxury hotel - including services such as concierge, room service, housekeeping, and a spa. As Millennials (aged 23-37) become prime consumers, their numbers - as stated by Pew Research - will overtake Baby Boomers by the end of this year. We are already starting to feel the definite shift being created by their purchasing power. These affluent millennials are investing in forms of discreet wealth, preferring intangible items such as wellness and eco-friendly products rather than name brands. This trend isn’t just the jurisdiction of the young; more and more luxury condo developers are pouring their money into providing a plethora of amenities as they recognize the equal appeal from empty nesters, retirees, and baby boomers. There has also been a growing trend for today's wealthy to diversify and purchase not one, but several smaller residences in various locations to further enhance their need for unparalleled experiences. This also explains why luxury buyers are downsizing and prioritizing quality over space. Another aspect of this growing trend is location – buyers are looking for the benefits of a great walk score to nearby dining, shopping, and lifestyle experiences.
In looking at just some of developments entering or soon to be entering the market, these units are not limited to existing the hot markets, such as Los Angeles and New York. Luxury condominium projects are popping up all over the place fuelled by buyers wanting to diversify their portfolio and purchase a luxury residence without the higher price points and additional taxes associated with more popular locations. 1000M Located at the edge of Grant Park on iconic Michigan Avenue in Chicago, IL, 1000M’s website offers the headline “Seek Beauty” and promises to effortlessly blend city and nature for an uncompromised living experience. Said to be completed in 2021, residents can expect to enter through the private Porte-Cochere that leads to a 400-car garage and high-speed elevators to efficiently connect people to their homes. Amenities will also include a sky terrace at 800 feet (telescope included), a winter garden, wine room, and a demonstration kitchen and private dining room. Available units are now priced between $279,000 and $8.1M. The Fairweather Moving south to Raleigh, NC, The Fairweather, which has already broken ground, will offer just 45 exclusive residences priced from $425,000 to just over $1M. The prime location on S. West Street will offer one of the highest walk scores of any downtown residence. Homeowners here will be able to relax in the many outdoor spaces and marvel at the convenience of the fitness center, bike repair, dog wash station, and on-site garden. 111 Murray Street New York’s skyline, which is always on the forefront of luxury, now includes one of its newest addresses at 111 Murray street. Priced from $279,000 to $8.1M, this complex truly allows buyers to transition away from a large single-family home. Equipped with a professional demonstration kitchen for intimate dinner parties, a patisserie that can transform into a pre-dinner cocktail bar, and a 75-foot lap pool. Residents can leave behind the seldom/sometimes used spaces in their larger estates for a smaller personal space that provides a plethora of entertaining options a just a short elevator ride away. Mira Over on the west coast, Mira in San Francisco, CA provides several unexpected turns. As a response to the strong need for dense, affordable housing, Mira, while a luxury condominium in every right, is expected to price 40% of its units under market value for buyers making up to 100% of the median income. What is also impressive is the physical twist of the building, a nod to the traditional San Francisco bay windows that also sets each unit up as a corner unit. Mira will also include convenient first-level storefronts, bringing the neighborhood retail experience to your doorstep. Available Mira units are being offered between $900,000 and $3M.
The Terminal at Katy Trail “Discover Living as an Art Form”- the tagline on The Terminal's website brilliantly summarizes one of Dallas’ newest complexes, set to be completed in 2021. Comprising just 19 residences, each thoughtfully designed space is being constructed as a corner unit. Art plays a significant role in each detail, as every unit will be customized to the individual discerning buyer and their varying predilections for architecture and furnishings. As a finishing touch, each unit entrance door will be placed as far from neighbors as possible and also as close as possible to each unit's unique view. The effect gives homeowners a breathtaking grand entrance every time they walk through the door. Pricing for these units ranges from $2.5M to $6.6M. The Laurel Starting in the $2 Millions and arriving in early 2022, The Laurel Ritten House in Philadelphia, PA offers a new living experience inspired by historic surroundings and built for the future. Its amenities, as promoted on their website, are designed to “inspire new levels of health and wellbeing.” In addition to the swimming pool and yoga studio, residents can be chauffeured to downtown experiences in The Laurel’s private town car or host elegant gatherings at home in the 26th floor lounge. Need to get away? The Laurel offers options for access to private aviation services. This demand to include a ‘wellness’ aspect within a new development’s scope has been driven by the purchasers of luxury real estate. The affluent have recognized the need for a healthy balance that supports their holistic well-being against their hectic work schedules and the increasing harmful pollution. Awareness and knowledge of the benefits of living in an eco-friendly environment, coupled with their financial ability and an industry ready to support the building of wellness real estate, will ensure that this segment continues to see growth. The changing face of the real estate industry now fully recognizes the importance of including amenities that address the physical, social and mental/emotional/spiritual dimensions of its residents. As such, it is predicted that the future lies in building master planned communities. These will be designed to provide “wellness communities” that offer a well-rounded neighborhood with real estate built for multiple generations. They will put people’s well-being at the centre of the conception, design, creation and development of their home. Luxury is currently the trend leader but as it grows, this will enable developers to leverage the benefits at more affordable rates - allowing them to create more affordable smart-healthy homes and neighborhoods.
– 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
54
48
47 45
40
54
56
47
46
41
38
38
63
59
56
45
38
42
31
34
42 43
37
35
39
32
20
0 AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
$502 $351
$501 $356
$498 $385
$369
$474
$541 $393
$384
$470
$493 $381
$373
$483
$488 $356
$386
$458
$486 $347
$300
$323
$465
$400
$495
$500
$317
PRICE PER SQUARE FOOT
$600
$200
$100
$0
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
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
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month July 2019 | August 2019
SINGLE-FAMILY HOMES July
Median List Price Median Sale Price
August
$1,667,750 $1,685,000
Total Inventory
$1,355,313
$1,385,250
Median SP/LP Ratio
97.32%
96.91%
Total Sold
Total Sales Ratio
17.34%
16.01%
Median Days on Market
$356
$351
Median Price per Sq. Ft.
July
August
49,949
46,040
11,486
10,589
8,141
7,371
42
54
3,614
3,681
New Listings
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
897
770
New Listings
Total Sold
13
1.33%
Med. Sale Price
Days on Market
Sales Ratio
29,938
$
SINGLE-FAMILY HOMES MARKET SUMMARY | AUGUST 2019 •
Official Market Type: Balanced Market with a 16.01% Sales Ratio.1
•
Homes are selling for an average of 96.91% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,385,250.
•
Markets with the Highest Median Sales Price: Vail ($4,000,000), LA Beach Cities ($3,700,000), Vancouver ($3,385,000), and Silicon Valley ($3,175,000).
•
Markets with the Highest Sales Ratio: San Francisco (48%), Sacramento (36%), Seattle (35%), and Austin (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 July 2019 | August 2019
ATTACHED HOMES July
August
Median List Price
$1,019,394
$999,400
Median Sale Price
$950,670
$877,401
Median SP/LP Ratio
98.35%
Total Sales Ratio Median Price per Sq. Ft.
July
August
16,777
16,218
New Listings
4,192
3,881
98.11%
Total Sold
2,502
2,408
14.91%
14.85%
Median Days on Market
43
39
$501
$502
2,014
2,038
Total Inventory
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
New Listings
Total Sold
311
94
Med. Sale Price
Days on Market
73,269
$
4
0.06% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | AUGUST 2019 •
Official Market Type: Buyer's Market with a 14.85% Sales Ratio.1
•
Attached homes are selling for an average of 98.11% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $877,401.
•
Markets with the Highest Median Sales Price: Vail ($2,600,000), San Francisco ($2,200,000), Greater Boston ($2,000,000), and Naples ($1,850,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (65%), LA The Valley (59%), Fairfax County (43%), and Denver (39%). 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
$1,075,000
745
200
87
55
Buyer's
AZ
Paradise Valley
$2,875,000
$2,675,000
168
29
22
79
Buyer's
AZ
Phoenix
$742,450
$616,000
700
201
208
77
Seller's
AZ
Scottsdale
$1,699,000
$1,275,000
696
107
71
101
Buyer's
AZ
Tucson
$749,950
$651,250
611
115
96
28
Balanced
BC
Okanagan Valley
$1,595,000
$1,330,000
844
124
29
64
Buyer's
BC
Vancouver
$3,999,000
$3,585,000
1,135
214
48
60
Buyer's
BC
Victoria
$1,819,500
$1,487,000
462
96
58
33
Buyer's
CA
Los Angeles Beach Cities
$4,995,000
$3,700,000
444
112
65
35
Buyer's
CA
Los Angeles City
$3,895,000
$3,052,500
961
258
128
44
Buyer's
CA
Los Angeles The Valley
$1,995,000
$1,835,310
673
203
158
31
Seller's
CA
Marin County
$3,750,000
$3,000,000
171
26
24
62
Buyer's
CA
Napa County
$3,137,500
$2,112,500
172
24
18
106
Buyer's
CA
Orange County
$2,435,000
$2,012,500
1,870
397
274
55
Buyer's
CA
Palm Springs & Palm Desert
$1,697,000
$1,450,000
344
45
43
76
Buyer's
CA
Placer County
$999,973
$905,000
288
72
65
40
Seller's
CA
Sacramento
$789,000
$699,975
949
341
342
24
Seller's
CA
San Diego
$2,000,000
$1,625,000
1,478
427
265
37
Balanced
CA
San Francisco
$3,847,500
$3,025,000
66
26
32
23
Seller's
CA
Santa Barbara
$3,695,000
$2,550,000
321
69
31
25
Buyer's
CA
Silicon Valley
$3,988,000
$3,175,000
280
110
95
20
Seller's
CA
Ventura County
$1,750,000
$1,437,500
423
100
76
60
Balanced
CO
Boulder
$1,696,000
$1,400,000
290
89
57
64
Balanced
CO
Denver
$950,000
$865,000
1,305
408
422
19
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
CO
Douglas County
$1,250,000
$1,122,000
343
75
69
29
Balanced
CO
Vail
$3,999,000
$4,000,000
149
18
11
92
Buyer's
DC
Washington D.C.
$3,245,000
$2,655,000
46
7
14
41
Seller's
$2,232,300
$1,850,000
542
68
40
150
Buyer's
$1,599,000
$1,180,000
81
13
13
107
Balanced
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,280,000
$929,303
1,607
285
124
87
Buyer's
FL
Jacksonville Beaches
$1,252,500
$1,085,000
358
58
35
83
Buyer's
FL
Miami
$1,290,500
$930,000
1,452
224
79
124
Buyer's
FL
Naples
$2,122,950
$1,412,500
642
56
42
132
Buyer's
FL
Orlando
$1,608,000
$1,420,457
509
64
56
85
Buyer's
FL
Palm Beach Towns
$3,200,000
$1,475,000
345
38
19
133
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,300,000
497
45
39
104
Buyer's
FL
Tampa
$775,000
$730,000
871
188
180
53
Balanced
GA
Atlanta
$1,174,900
$1,015,000
1,403
341
171
40
Buyer's
HI
Kauai
$2,797,500
$1,687,500
160
13
14
168
Buyer's
HI
Maui
$3,195,000
$2,487,500
209
26
20
189
Buyer's
HI
Oahu
$3,250,000
$2,300,000
265
43
23
55
Buyer's
IL
Chicago
$1,199,000
$1,060,000
2,188
485
305
56
Buyer's
MA
Greater Boston
$3,475,000
$2,489,000
119
13
25
37
Seller's
MD
Montgomery County
$1,699,750
$1,387,000
344
61
93
60
Seller's
MD
Talbot County
$1,870,000
$1,400,000
117
9
6
87
Buyer's
MD
Worcester County
$980,950
$925,000
68
5
3
172
Buyer's
MI
Oakland County
$699,900
$637,000
1,431
471
224
34
Balanced
MO
St. Louis
$774,900
$655,688
227
49
43
32
Balanced
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NC
Charlotte
$899,000
$799,500
1,076
238
260
44
Seller's
NC
Raleigh-Durham
$700,000
$665,000
1,097
227
265
3
Seller's
NJ
Ocean County
$879,000
$834,000
826
177
78
86
Buyer's
NV
Las Vegas
$720,000
$620,000
1,769
489
317
40
Balanced
NV
Reno
$1,350,000
$1,300,000
175
31
25
139
Buyer's
NY
Brooklyn
$1,598,000
$1,389,167
303
52
14
73
Buyer's
NY
Staten Island
$1,199,500
$970,000
210
33
16
89
Buyer's
ON
GTA - Durham
$1,598,000
$1,214,000
303
101
26
26
Buyer's
ON
GTA - York
$2,299,999
$1,767,500
849
276
76
35
Buyer's
ON
Toronto
$3,498,888
$2,900,000
483
159
53
35
Buyer's
TN
Knox County
$785,000
$725,226
276
54
39
30
Buyer's
TN
Nashville
$1,084,000
$940,000
340
126
115
14
Seller's
TX
Austin
$1,050,000
$822,500
726
202
254
22
Seller's
TX
Collin County
$699,764
$681,140
1,029
219
169
69
Balanced
TX
Dallas
$995,000
$846,375
966
218
144
40
Buyer's
TX
Fort Worth
$869,950
$786,250
940
206
178
30
Balanced
TX
Houston
$829,000
$727,500
2,219
588
320
36
Buyer's
TX
The Woodlands & Spring
$822,500
$737,500
542
131
82
39
Balanced
UT
Park City
$3,250,000
$2,150,000
309
38
27
69
Buyer's
VA
Arlington & Alexandria
$1,996,500
$1,770,000
94
22
21
29
Seller's
VA
Fairfax County
$1,675,000
$1,383,500
554
117
88
43
Balanced
VA
McLean & Vienna
$1,899,999
$1,605,000
240
52
30
55
Buyer's
WA
Greater Seattle
$1,849,945
$1,599,000
1,038
284
304
21
Seller's
WA
Seattle
$1,765,000
$1,475,000
307
101
108
23
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
$799,950
$790,000
288
85
32
82
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$707,000
$607,500
194
45
32
69
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,888,000
$1,680,000
809
163
59
34
Buyer's
BC
Victoria
$899,900
$801,001
181
58
31
28
Balanced
CA
Los Angeles Beach Cities
$1,795,000
$1,510,500
220
93
62
19
Seller's
CA
Los Angeles City
$1,498,444
$1,225,000
386
125
79
20
Balanced
CA
Los Angeles The Valley
$699,000
$690,000
138
65
81
25
Seller's
CA
Marin County
$1,449,500
$1,500,000
21
6
7
72
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$998,800
$905,000
545
155
141
30
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,050,000
$959,900
681
274
157
35
Seller's
CA
San Francisco
$2,680,000
$2,200,000
107
30
39
13
Seller's
CA
Santa Barbara
$2,195,000
$1,375,000
43
12
3
2
Buyer's
CA
Silicon Valley
$1,432,085
$1,380,000
113
64
73
16
Seller's
CA
Ventura County
$764,500
$767,500
86
35
32
41
Seller's
CO
Boulder
$899,000
$800,713
71
20
10
71
Buyer's
CO
Denver
$689,000
$625,000
616
217
239
25
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Douglas County
$671,950
$650,000
28
7
9
25
Seller's
CO
Vail
$3,995,000
$2,600,000
101
4
5
67
Buyer's
DC
Washington D.C.
$1,849,000
$1,637,500
150
33
34
39
Seller's
$979,000
$685,000
346
66
19
140
Buyer's
$875,000
$869,100
101
19
23
61
Seller's
$875,000
$725,000
1,177
132
53
116
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
FL
Jacksonville Beaches
$1,070,000
$1,000,000
53
7
9
45
Balanced
FL
Miami
$999,999
$880,000
2,821
310
58
163
Buyer's
FL
Naples
$2,150,000
$1,850,000
214
18
15
113
Buyer's
FL
Orlando
$580,000
$502,000
97
18
23
28
Seller's
FL
Palm Beach Towns
$1,459,000
$1,690,000
311
45
28
157
Buyer's
FL
Sarasota & Beaches
$1,445,000
$1,550,000
201
33
19
113
Buyer's
FL
Tampa
$682,000
$596,000
128
23
21
29
Balanced
GA
Atlanta
$659,000
$625,000
569
164
94
40
Balanced
HI
Kauai
$1,395,000
$874,802
56
8
4
287
Buyer's
HI
Maui
$2,050,000
$1,500,000
131
7
11
112
Buyer's
HI
Oahu
$1,300,000
$1,009,500
445
107
44
43
Buyer's
IL
Chicago
$1,149,950
$1,092,500
1,066
282
147
42
Buyer's
MA
Greater Boston
$2,499,000
$2,000,000
234
42
63
38
Seller's
MD
Montgomery County
$750,000
$680,000
153
53
57
30
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$599,000
$588,500
111
16
14
136
Buyer's
MI
Oakland County
$795,000
$659,040
69
22
12
19
Balanced
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
$719,450
$660,096
122
22
38
29
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$629,900
$590,000
157
23
7
69
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,330,000
$1,025,000
716
146
58
62
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$569,000
$555,000
27
16
9
29
Seller's
ON
GTA - York
$745,000
$708,750
137
71
22
31
Balanced
ON
Toronto
$1,200,000
$1,099,500
475
271
128
15
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$890,000
$731,250
94
50
22
18
Seller's
TX
Austin
$778,098
$650,000
217
62
33
17
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$702,747
$597,000
206
47
22
71
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$649,900
$590,000
215
80
17
74
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,995,000
$1,445,000
173
25
24
86
Buyer's
VA
Arlington & Alexandria
$1,250,000
$917,498
51
21
14
23
Seller's
VA
Fairfax County
$735,000
$650,000
187
69
81
17
Seller's
VA
McLean & Vienna
$1,292,000
$1,062,500
41
8
6
42
Buyer's
WA
Greater Seattle
$1,177,475
$929,990
206
66
62
12
Seller's
WA
Seattle
$1,245,000
$1,150,000
133
41
26
35
Balanced
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
CHARLOTTE
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | AUGUST 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
29
0 1 0
Total Inventory: 1,076 10
2
$900,000 - $999,999
Seller's Market
19
1
Total Sales Ratio2: 24%
27
1 22
3
49
6 43
8
77
12
$1,100,000 - $1,299,999 $1,000,000 - $1,099,999
Total Sales: 260
104
23
40
13
100
24
$800,000 - $899,999
126
37
$700,000 - $799,999
189
54
$600,000 - $699,999
1
240
76
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$705,000
4
3
33
142
23%
3,000 - 3,999
$730,000
4
4
68
268
25%
4,000 - 4,999
$766,250
5
5
96
286
34%
5,000 - 5,999
$968,755
5
5
37
200
19%
6,000 - 6,999
$1,030,000
5
6
21
77
27%
7,000+
$1,550,000
6
8
5
101
5%
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.
CHARLOTTE
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$870,000 $796,500
$795,000
$775,000
1,108
1,088
232
1,025
155
Aug-18
926
153
Sep-18
$775,000
Oct-18
Nov-18
131 Dec-18
$825,733
Solds
$810,000
$789,500
$845,750
$805,000
1,131
1,103
1,071
972
863
843
155
$840,000
Inventory
$799,500
$785,000
1,076
1,076
682
91 Jan-19
102 Feb-19
241
176 Mar-19
Apr-19
294
171 May-19
Jun-19
278
260
Jul-19
Aug-19
MEDIAN DATA INVENTORY July
August
1,076
1,076 VARIANCE: 0 %
SALE PRICE PER SQFT. July
August
192
$
$
198 VARIANCE: 3 %
SOLDS July
SALES PRICE August
278
260 VARIANCE: -6 %
SALE TO LIST PRICE RATIO July
August
98.21% 98.09% VARIANCE: 0 %
July
785k
$
August
800k VARIANCE: 2 % $
DAYS ON MARKET July
August
29
44 VARIANCE: 52 %
CHARLOTTE MARKET SUMMARY | AUGUST 2019 • The Charlotte single-family luxury market is a Seller's Market with a 24% Sales Ratio. • Homes sold for a median of 98.09% of list price in August 2019. • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 33%. • The median luxury sales price for single-family homes has increased to $799,500. • The median days on market for August 2019 was 44 days, up from 29 in July 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
CHARLOTTE
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | AUGUST 2019 Inventory
Sales
Luxury Benchmark Price 1: $500,000 $1,900,000+ $1,800,000 - $1,899,999 $1,700,000 - $1,799,999
0 0
Total Inventory: 122 2
0
2
$1,600,000 - $1,699,999
$1,500,000 - $1,599,999
2
$1,400,000 - $1,499,999
$1,100,000 - $1,199,999 $1,000,000 - $1,099,999 $900,000 - $999,999 $800,000 - $899,999
$700,000 - $799,999
Total Sales: 38 Seller's Market
3
Total Sales Ratio2: 31%
3 4
1
$1,300,000 - $1,399,999 $1,200,000 - $1,299,999
4
1
3
1
5
0
6
0
8
1
3
1
9
2
16
4
$600,000 - $699,999
7
9
$500,000 - $599,999
1
48
15
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$548,000
3
3
4
19
21%
2,000 - 2,499
$568,525
3
4
8
29
28%
2,500 - 2,999
$785,000
3
4
19
37
51%
3,000 - 3,499
$728,500
4
4
5
25
20%
3,500 - 3,999
$1,525,000
4
5
1
7
14%
4,000+
$2,916,028
4
5
1
5
20%
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.
CHARLOTTE
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$707,000 $569,950
153
138
20
12
Aug-18
Sep-18
$650,000
$654,739
$625,802
150
141
131
15
Oct-18
Inventory
$678,250
22
Nov-18
Dec-18
14 Jan-19
$673,717
$673,500
$661,581
$686,904
$660,096
150
142
137
130
122
$569,000
156
140
127
16
$600,412
Solds
18
24
21
24
Feb-19
Mar-19
Apr-19
May-19
37
Jun-19
38
26
Jul-19
Aug-19
MEDIAN DATA INVENTORY July
August
130
SOLDS July
SALES PRICE August
122 VARIANCE: -6 %
38 VARIANCE: 46 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
July
August
278
$
$
278 VARIANCE: 0 %
26
July
August
99.06% 100.00% VARIANCE: 1 %
July
687k
$
August
660k VARIANCE: -4 % $
DAYS ON MARKET July
August
45
29 VARIANCE: -36 %
CHARLOTTE MARKET SUMMARY | AUGUST 2019 • The Charlotte attached luxury market is a Seller's Market with a 31% Sales Ratio. • Homes sold for a median of 100.00% of list price in August 2019. • The most active price band is $1,600,000-$1,699,999, where the sales ratio is 150%. • The median luxury sales price for attached homes has decreased to $660,096. • The median days on market for August 2019 was 29 days, down from 45 in July 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 704.562.0792.
- Scott Pridemore
SCOTT PRIDEMORE 704.562.0792 | Scott@PridemoreMail.com | ScottPridemore.PridemoreProperties.com