WHITNEY RAYDAWSON L U X U RY MARKET REPORT
KNOX COUNTY JANUARY 2020
WHITNEY RAY-DAWSON
Affiliate Broker, ABR, AHWD, CLHMS, e-PRO, GRI, RCS-D
Alliance Sotheby’s International Realty
865.405.4486
whitneyraydawson@gmail.com whitneyraydawson.alliancesothebysrealty.com/eng “Our moods, well-being and happiness are all shaped by what surrounds us. Whitney is passionate about the collaborative journey she takes with her clients both in search of the abode that’s sense of place and ownership resonates, and in search of the perfect buyer for the house they’ve called home. No two transactions are alike so Whitney‘s proactive, “what’s in the best interest of my clients” approach, combined with her thirst for keeping informed about all things real estate, help facilitate successful experiences for both buyer and seller alike. Whitney’s passion for houses was sparked in 1962, when her family moved to a 1732 clapboard home in Brookline MA. Since then, she has relished living in a diversity of homes including a 1920’s NYC Co-op, a 1910 California bungalow, a 1930’s Knoxville colonial landmark, as well as the homes she and her husband have built in Knoxville and Costa Rica. Whitney earned her BA in Art from Colorado College in 1974, pursued a dance career with dance companies in Minneapolis, Honolulu and San Francisco from 1974-81, returned to school at UCLA in 1982, working towards a degree in Environmental Design while working in the interior design field.
With her husband Channing and four children, Whitney moved to Knoxville in 1995 when Channing was hired to help start HGTV. She returned to school at Antioch McGregor in 2006, finishing her Masters in Conflict Resolution in 2008. In late 2009, Whitney earned her real estate license. Since then, she has earned her ABR, AHWD, CHLMS, e-PRO, GRI, SRES, and RCD-S designations, and has completed the NAR Course in Mediation for Realtors. Whitney serves on the KAAR Board of Directors, is Board Liaison to the Governmental Affairs Committee, and has served on the Diversity, Grievance Committees, and Professional Standards Committee. Whitney is a board member of the Clarence Brown Theatre, as well as a member of the Rotary Club of Knoxville of which she serves on the Board of Directors. She volunteers as a mediator for the Community Mediation Center in Juvenile Court, at Beaumont Magnet Academy with the after school Book Club, and as a mentor with tnAchieves.”
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
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 © 2020 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 Welcome to 2020 and our review of the previous year, 2019, in conjunction with the current luxury market in North America (US and Canada). In a snapshot of 2019, despite pessimism at start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets. There has also been a slight trending upwards in both the listing price and sold price as we look at the whole North American Market*, which reflects a feeling of confidence in the market.
Home Sales in the North American Luxury Market June 2018 - December 2019 Single-Family Homes
Attached Homes
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR APR MAY JUN
JUL
AUG
SEP
OCT NOV
DEC
According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern. Many of early 2019’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019. In January 2019, this report showcased a very minute difference in the number of sales compared to end of the
previous year 2017, making this upswing in sales at the end of 2019 significant. Many forecasts are predicting, if all major outside influences remaining consistent, that the market will continue to strengthen as we head towards spring. Interestingly, the increase in sales in the US and Canada drove from within and Realtors are reporting a substantial growth of North American buyers rather than international purchasers. The rising cost of luxury homes could be one deterrent, but it’s more likely that affordability and improving economic conditions in Europe are attracting these foreign investors. Equally, it seems that US buyers are also attracted to Europe and Canada as the exchange rate has become more favorable, boosting their purchasing power. The statistics also show that ultra-high-net worth US buyers are either downsizing, especially if they live in high income tax states, or relocating to more affordable states such as Florida, Nevada, Nashville, Texas, Wyoming, and Washington. This may well represent some of the upswing in the numbers of recent sales. Other influencers affecting the increase in sales are that many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increasing number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in these secondary cities throughout North America. The final influencer of these numbers could well lie in the vacation or second home property market. Many towns and communities, who have a heavy reliance on tourism or recreation, reported increasing sales during 2019. This market has noticed a demographic shift with buyer’s trending towards the younger generation. Young families looking for more than just a quick break, but rather a second home for upwards of a couple of months, are increasingly mobile due to today’s decentralized nature of work and not needing to be in the office 5 days a week. Other prospective buyers have an eye towards investment purchasing a vacation home with a view to renting it out either long-term or through vacation rental sites. These investors’ ultimate goal is to have the rental income pay off the mortgage so that they can live there full-time in the future. Understanding how this wealth has been generated and by whom will be key to understanding both today’s requirements and future expectations of the type of real estate that will be in demand. Predictions for Canada in 2020 show that economic growth for most of the major cities will be moderate, although longterm trends remain favorable for the housing market. 2019
A collection cities predicted to have rapid home price appreciation. From Left to Right. Top Row: Las Vegas, NV; Colorado Springs, CO; Raleigh, NC; Dallas TX. Bottom Row: Fort Worth, TX; St. Petersburg, FL; Tampa, FL; Columbus, OH.
was seen a year of resilience with sales numbers climbing and home prices remaining strong. The Canadian Real Estate Association (CREA) estimated that there would be an 8.9% increase in the number of homes sold over 2019, with average prices increasing by 6.2%. The Canadian housing market in 2020 is also supported by strong immigration numbers, which many believe will sustain the demand for housing in popular markets. CREA predicts that the Bank of Canada will be unlikely to increase interest rates which will help drive demand for financing. However, the new regulations and measures set in 2019 to obtain a mortgage will help control demand to prevent the dramatic increases in property prices seen in past years. While no one can predict with absolute certainty the years ahead, Canada’s strong labor market and demand for housing coupled with low interest rates suggest that the housing market is looking strong for 2020. The US housing market is in a similar situation, having a strong job market and favorable mortgage rates. However, major concerns lie at the lower end of the market where there are simply not enough homes being built. This in combination with homeowners moving at a slower rate, has created a bottleneck. The National Association of Realtors (NAR) predicts that sales will be held back due to lack of supply only increasing by 4%, whereas new sales are expected to increase by 11%. In sync with our reporting that secondary markets are seeing an upswing in numbers of people relocating, NAR predicts that home price appreciation will outpace the rest of the country for the next 5 years in communities such as Las Vegas (NV), Fort Collins and Colorado Springs (CO), Dallas/Fort Worth (TX), Columbus (OH), Ogden (UT), Raleigh/ Durham and Charlotte (NC), Charleston (SC) and Tampa/St Petersburg (FL). For the next generation as well as Baby Boomers, 2019 was notable for the realization that wealth is not seen in terms of materialistic items but rather “time, rarity, and experiences.” Today’s fast pace of life is being driven by technology and global expansion, fueled by considerable financial investment, making today’s wealthy realize the necessity of finding a lifestyle balance between work and play in 2020. Predictions indicate that finding this “balance” will be the leading driver of choices in location and property types.
*Figures based on the 78 markets researched by The Institute for Luxury Home Marketing.
– 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.
60
64
58
56
60
55
48
46
40
53
45
38
43
37
35 35
31
39 43
52
46 39
38
AUG
SEP
49
48 40
44
32
0
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
$500
20
$498
DAYS ON MARKET
80
OCT
NOV
DEC
$459 $369
$486 $350
$493 $360
$478 $348
$502 $332
$330
$466 $356
$381
$370
$533
$486
$468 $358
$300
$345
$478 $367
$400
$481
$500
$336
PRICE PER SQUARE FOOT
$600
$200
$100
$0
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
NOV
DEC
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
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
Discrepancies between statistics published between the December 2019 and January 2020 Luxury Market Reports are due to the addition of Northern Idaho.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month November 2019 | December 2019
SINGLE-FAMILY HOMES November
December
November
December
42,273
35,080
Median List Price
$1,660,950 $1,674,425
Total Inventory
Median Sale Price
$1,407,500 $1,275,000
New Listings
7,562
4,890
6,302
6,790
49
60
3,806
3,741
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
96.92%
96.87%
Total Sold
14.91%
19.36%
Median Days on Market
$350
$369
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
2,672
488
New Listings
Total Sold
11
4.45%
Med. Sale Price
Days on Market
Sales Ratio
132,500
$
SINGLE-FAMILY HOMES MARKET SUMMARY | DECEMBER 2019 •
Official Market Type: Balanced Market with a 19.36% Sales Ratio.1
•
Homes are selling for an average of 96.87% of list price.
•
The median luxury threshold2 price is $942,500, and the median luxury home sales price is $1,275,000.
•
Markets with the Highest Median Sales Price: LA Beach Cities ($3,966,252), Vancouver ($3,600,000), Vail ($3,559,810), and Marin County ($3,250,000).
•
Markets with the Highest Sales Ratio: San Francisco (106%), Silicon Valley (71%), Seattle (66%), and Northern Idaho (61%). 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 November 2019 | December 2019
ATTACHED HOMES November
December
November
December
16,801
14,913
Median List Price
$994,500 $1,050,000
Total Inventory
Median Sale Price
$874,500
$892,225
New Listings
3,599
2,527
Median SP/LP Ratio
98.17%
98.08%
Total Sold
2,228
2,490
Total Sales Ratio
13.26%
16.70%
Median Days on Market
40
44
$486
$459
1,949
1,999
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
Days on Market
17,725
1,072
262
$
New Listings
Total Sold
Med. Sale Price
4
3.44% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | DECEMBER 2019 •
Official Market Type: Balanced Market with a 16.70% Sales Ratio.1
•
Attached homes are selling for an average of 98.08% of list price.
•
The median luxury threshold2 price is $685,000, and the median attached luxury sale price is $892,225.
•
Markets with the Highest Median Sales Price: Vail ($2,424,000), San Francisco ($2,300,000), Greater Boston ($1,942,500), and Naples ($1,825,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (104%), Arlington & Alexandria (86%), Marin County (85%), and Nashville (69%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,195,000
$1,100,000
465
81
43
103
Buyer's
AZ
Paradise Valley
$2,999,000
$2,450,000
207
19
21
92
Buyer's
AZ
Phoenix
$765,000
$644,000
604
97
204
57
Seller's
AZ
Scottsdale
$1,749,000
$1,330,000
837
98
113
88
Buyer's
AZ
Tucson
$769,950
$632,500
598
84
105
52
Balanced
BC
Okanagan Valley
$1,588,000
$1,130,000
175
11
3
169
Buyer's
BC
Vancouver
$4,280,000
$3,600,000
844
91
39
81
Buyer's
BC
Victoria
$1,887,500
$1,417,500
278
34
36
55
Buyer's
CA
Los Angeles Beach Cities
$5,295,000
$3,966,252
297
36
56
41
Balanced
CA
Los Angeles City
$4,595,000
$2,800,000
703
90
123
46
Balanced
CA
Los Angeles The Valley
$2,200,000
$1,875,000
409
91
137
50
Seller's
CA
Marin County
$4,522,500
$3,250,000
60
1
21
100
Seller's
CA
Napa County
$2,925,000
$1,957,500
100
4
14
84
Buyer's
CA
Orange County
$2,650,000
$1,800,000
1,116
137
265
60
Seller's
CA
Palm Springs & Palm Desert
$1,850,000
$1,300,000
472
67
51
69
Buyer's
CA
Placer County
$975,000
$982,450
144
26
42
34
Seller's
CA
Sacramento
$799,000
$690,000
491
95
225
34
Seller's
CA
San Diego
$2,395,000
$1,610,000
820
162
237
43
Seller's
CA
San Francisco
$4,990,000
$3,200,000
33
7
35
18
Seller's
CA
Santa Barbara
$3,997,500
$2,800,000
222
17
45
78
Balanced
CA
Silicon Valley
$4,495,000
$3,150,000
125
25
89
27
Seller's
CA
Ventura County
$1,899,000
$1,399,000
314
66
57
91
Balanced
CO
Boulder
$1,890,000
$1,220,078
131
25
48
77
Seller's
CO
Colorado Springs
$775,000
$655,000
265
38
77
48
Seller's
CO
Denver
$990,900
$822,500
753
142
320
32
Seller's
CO
Douglas County
$1,349,000
$1,035,500
217
20
34
69
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
$5,072,500
$3,559,810
116
9
7
154
Buyer's
CO
Vail
CT
Central Connecticut
$649,500
$577,500
377
27
46
77
Buyer's
CT
Coastal Connecticut
$1,700,000
$1,500,000
1,104
58
104
126
Buyer's
DC
Washington D.C.
$3,324,500
$2,325,000
54
8
11
11
Balanced
$2,249,000
$1,660,000
558
49
34
135
Buyer's
$1,698,900
$1,877,500
83
14
14
22
Balanced
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,350,000
$930,000
1,484
205
168
84
Buyer's
FL
Jacksonville Beaches
$1,289,000
$1,155,000
285
27
27
77
Buyer's
FL
Miami
$1,350,000
$1,050,000
1,386
191
111
132
Buyer's
FL
Naples
$2,185,000
$1,597,500
726
83
78
98
Buyer's
FL
Orlando
$1,599,900
$1,355,000
446
60
46
80
Buyer's
FL
Palm Beach Towns
$3,292,500
$1,590,000
400
55
15
61
Buyer's
FL
Sarasota & Beaches
$1,649,950
$1,640,000
604
71
43
94
Buyer's
FL
Tampa
$799,000
$680,000
704
103
157
60
Seller's
GA
Atlanta
$1,200,000
$1,020,000
988
144
174
41
Balanced
HI
Kauai
$2,600,000
$1,100,000
128
20
3
294
Buyer's
HI
Maui
$3,400,000
$2,257,500
220
47
18
164
Buyer's
HI
Oahu
$3,200,000
$2,317,938
238
28
16
51
Buyer's
ID
Northern Idaho
$998,400
$715,000
74
12
45
170
Seller's
IL
Chicago
$1,250,000
$1,076,125
1,318
157
199
117
Balanced
IN
Hamilton County
$777,495
$709,771
246
37
54
24
Seller's
MA
Greater Boston
$3,820,000
$2,625,000
84
1
18
64
Seller's
MD
Montgomery County
$1,880,000
$1,400,000
222
36
58
53
Seller's
MD
Talbot County
$1,775,000
$1,070,000
85
4
6
30
Buyer's
MD
Worcester County
$912,000
$1,780,000
46
4
2
267
Buyer's
MI
Oakland County
$739,000
$653,200
891
111
114
37
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
MO
St. Louis
$789,250
$720,000
130
11
45
52
Seller's
NC
Charlotte
$924,500
$802,000
692
80
195
40
Seller's
NC
Raleigh-Durham
$709,950
$674,384
836
98
248
0
Seller's
NJ
Ocean County
$897,000
$747,000
557
58
72
72
Buyer's
NV
Las Vegas
$769,995
$607,750
1,367
255
304
49
Seller's
NV
Reno
$1,390,498
$1,165,024
104
11
18
135
Balanced
NY
Brooklyn
$1,599,000
$1,315,000
231
32
18
86
Buyer's
NY
Staten Island
$1,225,000
$1,092,500
152
15
16
98
Buyer's
ON
GTA - Durham
$1,699,500
$1,250,000
160
26
16
58
Buyer's
ON
GTA - York
$2,484,000
$1,750,000
450
79
41
53
Buyer's
ON
Toronto
$3,550,000
$3,075,000
293
47
48
47
Balanced
TN
Knox County
$799,950
$633,261
204
25
46
72
Seller's
TN
Nashville
$1,045,000
$875,000
267
65
101
7
Seller's
TX
Austin
$1,025,000
$864,500
411
90
200
29
Seller's
TX
Collin County
$719,846
$656,725
644
88
152
71
Seller's
TX
Dallas
$975,000
$944,000
599
87
155
62
Seller's
TX
Fort Worth
$895,000
$745,000
588
95
151
65
Seller's
TX
Houston
$849,694
$777,638
1,752
285
332
37
Balanced
TX
The Woodlands & Spring
$875,000
$650,000
403
57
68
36
Balanced
UT
Park City
$3,500,000
$2,395,000
251
38
21
188
Buyer's
VA
Arlington & Alexandria
$1,898,000
$1,675,000
77
9
19
28
Seller's
VA
Fairfax County
$1,797,000
$1,476,203
382
67
82
38
Seller's
VA
McLean & Vienna
$2,099,900
$1,675,000
187
41
39
38
Balanced
VA
Richmond
$811,500
$850,000
194
31
51
24
Seller's
WA
Greater Seattle
$2,000,000
$1,624,975
474
55
260
38
Seller's
WA
Seattle
$1,812,500
$1,577,500
128
20
84
27
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
$849,000
$830,000
199
36
15
66
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$758,000
$752,500
225
47
38
57
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,859,000
$1,625,000
608
112
35
43
Buyer's
BC
Victoria
$828,900
$765,000
230
51
34
43
Buyer's
CA
Los Angeles Beach Cities
$1,795,000
$1,400,000
133
33
47
27
Seller's
CA
Los Angeles City
$1,590,000
$1,300,000
265
47
77
34
Seller's
CA
Los Angeles The Valley
$744,000
$687,000
85
23
57
37
Seller's
CA
Marin County
$1,295,000
$1,240,000
7
3
6
53
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,049,900
$936,000
337
67
144
32
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,149,500
$877,000
444
119
136
45
Seller's
CA
San Francisco
$2,850,000
$2,300,000
85
10
26
41
Seller's
CA
Santa Barbara
$1,850,000
$1,337,500
39
7
4
56
Buyer's
CA
Silicon Valley
$1,437,000
$1,405,004
48
16
50
15
Seller's
CA
Ventura County
$748,900
$755,000
51
7
15
60
Seller's
CO
Boulder
$966,500
$892,225
48
8
12
148
Seller's
CO
Colorado Springs
-
-
-
-
-
-
-
CO
Denver
$689,000
$676,550
423
89
198
32
Seller's
CO
Douglas County
$588,050
$707,000
16
0
10
100
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
$3,774,500
$2,424,000
110
19
9
160
Buyer's
CO
Vail
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$799,000
$718,000
211
13
33
114
Balanced
DC
Washington D.C.
$1,837,000
$1,700,000
130
28
51
13
Seller's
$934,500
$835,000
436
78
61
44
Buyer's
$975,000
$780,000
154
20
20
48
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$870,000
$787,500
1,277
182
64
135
Buyer's
FL
Jacksonville Beaches
$1,147,500
$940,000
42
6
7
44
Balanced
FL
Miami
$1,050,000
$1,070,000
2,925
328
87
154
Buyer's
FL
Naples
$2,195,000
$1,825,000
288
32
21
38
Buyer's
FL
Orlando
$699,000
$625,000
53
8
12
40
Seller's
FL
Palm Beach Towns
$1,595,000
$1,200,000
413
64
27
77
Buyer's
FL
Sarasota & Beaches
$1,380,000
$966,347
275
53
54
1
Balanced
FL
Tampa
$785,000
$642,500
117
33
30
67
Seller's
GA
Atlanta
$675,000
$611,500
564
115
92
34
Balanced
HI
Kauai
$1,459,000
$1,225,000
84
12
9
42
Buyer's
HI
Maui
$1,800,000
$1,725,000
149
24
12
191
Buyer's
HI
Oahu
$1,298,000
$1,360,000
393
67
52
53
Buyer's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,189,500
$950,000
810
106
87
80
Buyer's
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,537,500
$1,942,500
194
25
70
44
Seller's
MD
Montgomery County
$792,445
$683,250
128
22
68
19
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$619,450
$615,750
106
6
6
227
Buyer's
MI
Oakland County
$789,500
$581,000
50
7
5
27
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$759,900
$697,075
177
21
26
26
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$612,450
$591,000
108
9
12
47
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,325,000
$1,202,500
547
94
78
77
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$669,495
$640,000
30
18
18
21
Seller's
ON
GTA - York
$879,900
$830,500
157
79
78
18
Seller's
ON
Toronto
$1,338,888
$1,125,000
383
143
107
19
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$1,112,500
$699,900
80
40
55
0
Seller's
TX
Austin
$813,020
$593,000
157
35
39
52
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$780,000
$700,000
173
19
25
75
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$799,000
$617,500
353
51
33
57
Buyer's
TX
The Woodlands and Spring
-
-
-
-
-
-
-
UT
Park City
$1,998,000
$1,723,750
170
23
38
22
Seller's
VA
Arlington & Alexandria
$1,199,000
$910,000
43
12
37
23
Seller's
VA
Fairfax County
$729,453
$695,000
140
39
71
12
Seller's
VA
McLean & Vienna
$1,349,000
$915,000
29
5
15
20
Seller's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,100,000
$1,002,495
128
12
54
32
Seller's
WA
Seattle
$1,214,998
$1,015,000
86
4
23
44
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
K N O X CO U N T Y TE NN E S S E E –January 2020–
KNOX COUNTY
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | DECEMBER 2019 Inventory
Sales
Luxury Benchmark Price 1: $525,000 $2,500,000+ $2,200,000 - $2,499,999 $1,900,000 - $2,199,999
12
0
Total Sales: 46 Seller's Market
5
2 0
14
2
12
0
$900,000 - $999,999
15
4
$800,000 - $899,999
$650,000 - $699,999
23
7
$750,000 - $799,999 $700,000 - $749,999
19
2
12
1
17
1
$600,000 - $649,999
16
10
$550,000 - $599,999
26
6
$525,000 - $549,999
1
Total Sales Ratio2: 23%
10
$1,200,000 - $1,399,999 $1,000,000 - $1,199,999
Total Inventory: 204
4
0
$1,600,000 - $1,899,999
$1,400,000 - $1,599,999
6
1
10
13
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$580,500
4
3
4
14
29%
3,000 - 3,999
$598,037
4
4
20
47
43%
4,000 - 4,999
$667,500
4
5
11
52
21%
5,000 - 5,999
$792,500
4
5
2
29
7%
6,000 - 6,999
$1,200,000
5
6
7
27
26%
7,000+
$1,352,500
5
8
2
35
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.
KNOX COUNTY
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$638,896
$698,500
$653,500
216
187
173 28 Dec-18
24
20
Jan-19
Feb-19
$657,500
$677,500
$695,000
240
252
264
40 Mar-19
46
Apr-19
Inventory
$692,250
50
May-19
Jun-19
$725,226 $598,700
276
275
273
55
$671,500
Solds
52
Jul-19
260
39
44
Aug-19
Sep-19
$651,000
$632,450
241
228
204
42
46
Nov-19
Dec-19
39
Oct-19
$633,261
MEDIAN DATA INVENTORY November
December
228
SOLDS November
December
204 VARIANCE: -11 %
46 VARIANCE: 10 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
November
December
182
$
181 VARIANCE: -1 % $
42
November
December
97.79% 97.14% VARIANCE: -1 %
SALES PRICE November
632k
$
December
633k VARIANCE: 0 % $
DAYS ON MARKET November
December
20
72 VARIANCE: 260 %
KNOX COUNTY MARKET SUMMARY | DECEMBER 2019 • The Knox County single-family luxury market is a Seller's Market with a 23% Sales Ratio. • Homes sold for a median of 97.14% of list price in December 2019. • The most active price band is $525,000-$549,999, where the sales ratio is 77%. • The median luxury sales price for single-family homes has increased to $633,261. • The median days on market for December 2019 was 72 days, up from 20 in November 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 865.405.4486.
- Whitney Ray-Dawson
WHITNEY RAW-DAWSON
865.405.4486 | whiteneyraydawson@gmail.com whitneyraydawson.alliancesothebysrealty.com/eng