The Agency Red Paper 2021 by The Agency

THE RED PAPER 2021

T H E A G E N C Y R E D PA P E R 2 0 2 1 | A N N UA L M A R K E T R E P O RT No 1

THE AGENCY

2021 Year in Review A beacon of hope. That’s the role that experts say the housing market played throughout 2021. Riding the wave of unprecedented demand that began the year before, the residential real estate market helped buoy the economic recovery, proving that people will always be on the move in search of their perfect place to call home. As The Agency surpassed our ten-year anniversary milestone, we were once again there to heed the call from buyers, sellers and agents around the world. In preparing our annual Red Paper, one theme was shared by our global offices: The future of real estate is now. The unprecedented market conditions of the past two years forever changed the way our business is conducted—and there is no turning back. As the market has shifted, so too have the needs and wants of buyers, sellers and agents alike. The digital age of real estate is upon us, with everyone at the table wanting a more streamlined, seamless buying and selling experience. By leveraging new PropTech opportunities, we as a real estate brokerage have the opportunity to solve problems and ease the antiquated transaction process to support our clients. At the heart of this modernization is the real estate agent, who provides the human touch as the integral local expert and personal guide. Partnering with the best agents around the world remains a key focus at The Agency. In 2021 alone, we welcomed hundreds of agents and opened 12 new offices, bringing our total to 48 offices in 5 countries (and counting). This rapid expansion has made The Agency one of the fastest-growing boutique luxury real estate franchise brands in the industry. Through it all, The Agency remains one connected community committed to collaboration and boutiquestyle service, growing our powerful global network and embracing technological innovation. The Red Paper is both a deep dive into the year gone by and a glimpse of what’s to come in 2022. With a new year underway, we understand that the future is now. And we’ve never been more ready.

MARKET OVERVIEW

THE FUTURE IS NOW

A WALK DOWN MEMORY LANE

10 16 18 20 28 34 38 42 50 54 60 64

From the Executive Team

Bringing a Human Touch to the Digital Age of Real Estate

The Agency Celebrates 10 Remarkable Years

ARIZONA

Phoenix, Scottsdale & Paradise Valley

NORTHERN CALIFORNIA San Francisco Bay Area Sonoma Carmel

SOUTHERN CALIFORNIA The Platinum Triangle Malibu Beach Cities Brentwood, Pacific Palisades & Santa Monica San Fernando Valley Pasadena & The Eastside Orange County Coachella Valley

142

M E X I C O - N AYA R I T

146

MEXICO - BAJA SUR

CONNECTICUT

150

M E X I C O - Q U I N TA N A R O O

D.C. METRO

154

CARIBBEAN

HAWAII

158

EUROPE

MASSACHUSETTS

NEVADA

162

THE AGENCY DEVELOPMENT GROUP

NEW YORK

68 72 76

100

COLORADO Denver Aspen

Fairfield County

Montgomery County, NW D.C., SW D.C. & McLean

Maui

Los Cabos, Todos Santos & La Paz

Riviera Maya

Turks & Caicos

The Netherlands

Boston

Las Vegas

North Shore, Long Island

FLORIDA

South Florida

112

U TA H

116

C A N A DA - A L B E RTA

120 124

Puerto Vallarta & Punta de Mita

Park City

Calgary

CANADA - BRITISH COLUMBIA Vancouver Victoria & Cowichan

130

C A N A DA - O N TA R I O

138

CANADA - QUEBEC

Toronto, Waterloo Region & Oakville

Montreal

164 166 168 170 172 174 176

Year in Review & Development Spotlights

THE AGENCY’S HIGHLIGHTS An Eventful Year 2021 by the Numbers The Agency Relocation Department Awards & Accomplishments Social Media Highlights In the Press Philanthropy

Market Overview From the Executive Team One pairing ruled the year 2021: Soaring demand and tight inventory. Low mortgage rates continued, remote workers pushed into new markets, buyers returned to the cities, and a wave of first-time homebuyers entered the market. Demand certainly outpaced supply, leading home pricing to all-time highs. Price appreciation surged over 19% year over year, the highest growth rate in recorded history according to the S&P CoreLogic Case-Shiller Index. Despite the year’s tight inventory and rising prices, over six million homes were sold, the highest number since 2006. And new reports show that millennials accounted for more than half of all home loan applications, signaling that the dream of homeownership is alive and well. However, many would-be buyers were competing with baby boomers who had more equity, pricing them out of the market and bringing affordability to the center of the conversation. Soaring prices can’t be sustained forever and, by year’s end, buyers were pushing back. The Home Price Index showed month-to-month price growth slowed to .8% in September and October, down from a peak of 2.3%, a sign that a gradual mellowing of the market may be coming. Bidding wars still ruled the day but began to ease slightly

by the fall, when typical trends affected by seasonality began to return. The year’s end also brought the reality of rising inflation, which reached its highest level in three decades. People have less expendable income when everything, from groceries to heating bills, is more expensive. What does this mean for homeowners? Historically, it has made real estate a solid hedge against inflation. Homeownership typically comes with a lockedin mortgage rate, meaning monthly payments don’t rise. The same can’t be said for rent or stock prices, which can be volatile during times of inflation. Home values and equity also rise, which is good news for homeowners and real estate investors alike. As for potential buyers, less cash in hand and decreased purchasing power can make down payments more difficult and affect affordability. Sellers can cash in on higher prices, but they may have difficulty finding something comparable or affordable to buy. However, all signs still point to real estate being a better bet than cash in the bank or lowyielding bonds during periods of inflation.

MARKET TRENDS As for the real estate market as a whole, pandemicinduced lifestyle decisions still ruled the day as buyers continued the trend of expanding their horizons and living spaces. Outdoor spaces remained top of mind, with swimming pools trending coast to coast in the U.S. and Canada. Global cities were back in the game as buyers either

Destination markets from Hawaii to Mexico and the Caribbean turned up the heat as remote workers opted to enjoy resort-style living. They snapped up vacation homes they could enjoy more often and then rent out as income properties for the rest of the year. The rental market across the globe was at an all-time high as demand again outpaced supply. One trend that took off in 2020 was further solidified in 2021: More home-shoppers are taking to social media, thus driving sales in every market. Leads and referrals from social media surged higher as more informed and savvy buyers took advantage of the tech platforms that made pricing and home tours more accessible. The traditional home tour became more candid and casual as agents walked their clients through homes and closed deals over video. Virtual tours, visual tech and digital media took center stage, helping ring in what we now know is the digital age of real estate. With connectivity happening in real-time, the agent’s role became even more crucial. Agents helped clients navigate the tech landscape, gain access to listings before they vanished and get the upper hand in the 2021 bidding wars.

THE YEAR AHEAD If there’s one thing we’ve learned from the last two years, it’s that the crystal ball of real estate is never crystal clear. We expect to see a slight rise in mortgage rates, which will remain at historic lows. Unlike the double-digit surges we saw over the last two years, home price growth will likely continue, but only by single-digit increments. More buyers will face affordability challenges, but additional inventory should start to free up by spring. What the future of work looks like will almost certainly shape major markets. It remains to be seen whether companies will resume occupancy of large office spaces or go with a scaled-down, more remote-focused environment. Savings in overhead could translate to an increase in wages, possibly helping to balance out the affordability issue.

Demand will continue to outpace supply until more new construction projects make their way into the marketplace. The demand in the new development sector is focused on turnkey, well-serviced offerings, which bodes well for hotel brands wading into the residential sector. However, stringent policies on new development and the high cost of materials across the globe aren’t currently favorable for a large shift in 2022. Still, new home construction did ramp up unexpectedly during the holiday season, and some relief is on the way. Just as in 2021, the number of homes sold will remain high, evidence that the next generation aging into the residential market still sees real estate as vital, whether they’re leasing or buying primary and secondary homes.

THE RED PAPER 2021

returned to work or once again desired to be close to restaurants, shopping, culture and entertainment. Ultra-luxury markets saw the greatest movement among local buyers, while international investors began to return by year’s end.

What we can say for sure is that there is no bubble to burst and a strong market is expected in 2022. Even if price appreciation slows this year, home prices will still be 20% above pre-pandemic levels. Even if mortgage rates rise, they will still be more favorable than in the recent past. In the U.S., the Federal Housing Finance Authority is raising conforming loan limits by a record 18% in 2022, the highest surge in history, and therefore increasing purchasing power across the U.S. market. It remains to be seen how long and how high inflation will go and what effects it will have on global consumer spending as people are less inclined to dip into their savings to buy, remodel or renovate. More world governments are making moves as they plan to step into the fight against inflation in the year ahead. As for luxury buyers, they still have ample disposable income to spend on simultaneously diversifying their portfolios and enhancing their lifestyles. Additionally, a new generation of buyers is here to stay, driving the push toward a blend of tech and agent services in the industry. Across the market, people will continue investing their money in real estate, whether they’re seeking a place to call home, a vacation retreat or an incomegenerating property. After all, home is still where the heart is and where the big money is invested.

MAURICIO UMANSKY

RAINY HAKE AUSTIN

BILLY ROSE

Founder & CEO

President

Founder & Vice Chairman

No 5

THE FUTURE IS NOW

Bringing a Human Touch to the Digital Age of Real Estate There is no denying that the future of the real estate industry is upon us. The pandemicinduced market conditions of the last two years have swelled innovation, bringing consumer-facing technology to the forefront of the industry. However, despite all of 2021’s new digital platforms, brokerage acquisitions and tech mergers, here’s what we know: The system is still broken. Buyers and sellers are so frustrated by the purchasing and transaction process that they’re willing to lose money on their home and work with an iBuyer or other platform just to speed up the process and avoid the experience as a whole.

The code to a more efficient, simplified process has yet to be cracked, and a lack of continuity and collaboration in the homebuying industry remains. In many cases, regulatory constraints are to blame, keeping walls between the brokerage, mortgage company, lender and title company. The constant flow of information, confusing contracts and endless disclosures make the process even more cumbersome for buyers and sellers. So what’s the hold-up? For too long, the PropTech industry and traditional real estate brokerages have been on opposite sides of the table, competing for buyers and sellers. Many new start-ups have worked to cut out the professional real estate advisor, attempting to discount commissions and automate the process. Unfortunately, this only placed buyers and sellers on a conveyor belt. Without an actual human and a local expert at their side, they were losing money in exchange for convenience. On the other hand, brokerages were slow to invest in PropTech platforms. They had to play catch-up and attempted to save on operating costs by trimming their agent services, making it more difficult for agents to advise and

With the rise of Zillow and other platforms, the digitizing of the real estate industry helped create a more informed and empowered consumer. Despite the arguments from within the industry, this evolution was a good thing. Today’s buyers (and the next generation of buyers) grew up in the digital age; they are the most educated and tech-savvy people in history. They no longer wanted to go through their agent as the gatekeeper of exclusive listing and pricing information. However, listing data was only a small portion of the real estate agent value proposition, and pricing algorithms left many in the lurch, as we saw this year when Zillow quickly closed its iBuyer platform. The reality is that real estate is not a commodity industry. There are nuances to each property that affect pricing, such as views, finishes, design pedigree and location. Only a local expert with deep market knowledge can effectively advise on these nuances to craft pricing strategies and competitive offers. Additionally, buying a home is likely the most expensive purchase a person will make, and the nuances that go into the decision-making

process are complex. The home is not just an asset; it’s a reflection of the owner, their life and their personality. It’s where they’ll make memories, spend time together and grow their families. The emotional aspect can’t be understated or understood by any algorithm or data platform.

THE RED PAPER 2021

serve their clients.

So what is the way forward? As a brokerage, we plan to leverage and invest in PropTech platforms that create ease in the transaction process while still fostering the human connection. We are focused on remaining ahead of the curve, engaging and investing in the cryptocurrency, NFT and blockchain sectors, which are expected to bring significant change and efficiency to our industry. Big data, predictive analytics, artificial intelligence and machine learning have intrinsic value. We must leverage them to empower our agents with data-driven input that supports their local expertise. They can then help their clients navigate and compete in the marketplace by combining powerful data science and technological advances with the invaluable human connection. With these tools, the agent’s focus can stay on how best to price a property for sale and negotiate on behalf of buyers to drive the most value in their purchase, both financially and emotionally. A human on their side of the table, armed with the digital tools needed to walk buyers and sellers through the intricacies and emotional decisions of the deal, can only create a better experience for all. The Agency aspires to make our agents and, in turn, our clients the savviest buyers and sellers on the block. In an industry ripe for disruption, 2022 is the year to go big and go bold. As disruptors from the very start, we’ve always understood that more of the same is never an option.

The future is now, and the possibilities are endless. No 7

A WALK DOWN MEMORY LANE

The Agency Celebrates 10 Remarkable Years Mauricio Umansky, Billy Rose and a team of Founding Agents form The Agency in Beverly Hills

20 11

The Agency’s first international office opens in Los Cabos, followed by Turks & Caicos Mauricio Umansky sells The Playboy Mansion, the first sale to surpass $100M+ in Los Angeles Becomes one of the first brokerages to establish in-house marketing and public relations divisions

20 14 Named among Inc. 5000’s fastest-growing private companies in the US, its first of six consecutive years

The Agency name goes global with the launch of Bravo TV’s “Million Dollar Listing Los Angeles” starring our own James Harris and David Parnes The Agency expands with its second office opening in Venice Beach

Becomes the first real estate brokerage to partner with Giveback Homes in its mission to change lives and build stronger communities The Agency team embarks on its first Build Day with Giveback Homes, building a home for a family in need in Compton

20 16

THE RED PAPER 2021

Becomes first residential brokerage to earn Well Health-Safety Rating through the International Well Building Institute (IWBI)

The Agency becomes the world’s most-followed residential brokerage on Instagram

The Agency completes its 19th Build Day in Long Beach, CA with charitable partner Giveback Homes

The Agency hosts its first Global Forum, gathering hundreds of agents from around the world in Los Angeles

The Agency Swag Store opens at ShopTheAgency.com, where the James Bond of real estate hats becomes available to the public

The Agency staff takes to the field for its first kickball game, with Mauricio’s team taking on Billy’s team. The winner shall remain nameless.

20 19 First Canadian office opens in Victoria, British Columbia, with Cowichan, Toronto, Waterloo Region, Oakville, Calgary and Vancouver soon to follow

Launches an international Relocation Department and expands The Agency Franchise Division The Agency opens a company record of 12 new offices around the world in one year Reunited and it felt so good. After two long years, The Agency team reunited in the desert for its second Global Forum and 10-Year Anniversary Celebration.

20 21

Rainy Hake Austin is appointed President of The Agency, bringing her extensive experience and knowledge to the executive team The Agency goes Over The Edge, beginning a new tradition of rappelling from the roof of the Hilton in Universal City to support the Los Angeles Union Rescue Mission

No 9

ARIZONA

THE RED PAPER 2021

SCOTTSDALE, PHOENIX & PARADISE VALLEY

The Draw of the Desert Multiple offers were the new norm in Arizona, a market that saw annual median price growth between 23% and 30% across the single-family and condo sectors of Phoenix, Scottsdale and Paradise Valley. Properties were in such high demand that homes sold often in “coming soon” status or even sight unseen. Contingencies were waived and as-is offers were the name of the game. The bottom line: Cash was king. Prices increased so significantly in such a short time that sellers felt a sense of urgency, wanting to take advantage of the profit margins before they changed or slowed. But a slow-down isn’t in sight even now. Arizona appealed as an escape from the pandemic reality, remaining relatively open and offering spacious living. Tax benefits, warm weather and a vibrant outdoor lifestyle were added bonuses of the locale. Inman named McCormick Ranch in Scottsdale as one of America’s hottest neighborhoods in 2021, showing just how many eyes were on Arizona real estate. The Grand Canyon state saw a huge influx of buyers from California—more so than usual and particularly from densely populated areas such as San Francisco, L.A. County and Orange County. Outside of California, Seattle and Chicago buyers were also very prominent in the area. Whereas Arizona has often been a hot second-home market, many buyers were moving to the area for their primary residences, a significant shift from prior years. Rental prices skyrocketed and investors were scouring the market for rentable properties. Low inventory meant buyers were forced to rent until they were successful in finding a purchase. What’s ahead in 2022? No cooling is expected in the hot desert market. An increase in inventory would be a welcome relief, and newer homes will likely remain attractive to buyers as well as higher-end finishes and spacious homes.

No 11

PHOENIX

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

17,966

$400,000

$241

1,632

1.1

YoY

23%

27%

-35%

14%

11%

2020

17,558

$325,000

$190

1,434

1.0

2019

17,440

$280,000

$167

2,284

1.6

2018

17,166

$264,900

$157

3,543

2.5

2017

17,287

$242,500

$145

3,282

2.3

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

20,000

$450,000

18,000

$400,000

16,000

$350,000

14,000 $300,000

12,000

$250,000

10,000

$200,000

8,000

$150,000

6,000 4,000

$100,000

2,000

$50,000

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

SOURCE: ARMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PHOENIX

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,340

$239,250

$245

193

1.0

YoY

23%

-23%

-37%

-49%

2020

1,895

$194,500

$199

308

2.0

2019

1,872

$171,000

$178

285

1.8

2018

1,756

$164,000

$165

414

2.8

2017

1,708

$147,000

$151

436

3.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,500

$300,000

$250,000

2,000

$200,000 1,500

$150,000 1,000

$100,000 500

$50,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 13

SCOTTSDALE & PARADISE VALLEY

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

7,036

$923,500

$344

912

1.6

YoY

10%

25%

22%

-37%

-16%

-24%

2020

6,391

$740,000

$281

1,090

2.0

2019

5,866

$625,000

$247

1,741

3.6

2018

5,763

$600,000

$235

2,524

5.3

2017

5,622

$555,000

$222

2,588

5.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

8,000

$1,000,000 $900,000

7,000

$800,000

6,000

$700,000 5,000

$600,000 $500,000

4,000

$400,000

3,000

$300,000 2,000

$200,000

1,000

$100,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 6.0

5.0

4.0

3.0

2.0

1.0

0.0 2017

SOURCE: ARMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

SCOTTSDALE & PARADISE VALLEY

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,113

$337,500

$308

189

1.1

YoY

21%

30%

29%

-26%

-44%

-54%

2020

1,745

$260,000

$238

337

2.3

2019

1,616

$231,000

$215

318

2.4

2018

1,641

$219,000

$202

489

3.6

2017

1,629

$199,000

$183

519

3.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,500

$400,000 $350,000

2,000

$300,000 $250,000

1,500

$200,000 1,000

$150,000 $100,000

500

$50,000 0

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 15

NORTHERN CALIFORNIA

THE RED PAPER 2021

SAN FRANCISCO BAY AREA

The Bay Continues to Buzz Bay Area residents continued to trend toward suburban and rural opportunities in 2021, often trading in the benefits of urban living for more square footage and outdoor space. Demand and prices were on the rise, and buyers had their eyes on homes with Zoom rooms and flexible spaces. Buyers faced multiple offers, took on all risk with non-contingent offers, and fought to be named the highest bidder. The North Bay, East Bay and Peninsula saw an increased flow of San Francisco residents taking advantage of remote work opportunities. In the East Bay, the lure of more land and amenities, such as guest homes, in-law spaces, pools and sports courts fueled buyer demand and resulted in year-over-year price gains for Contra Costa County in excess of 20%. In fact, the demand for pool construction has doubled since pre-pandemic times. Following a slow trend over the last decade, Silicon Valley residents filtered into the East Bay, with Danville and Alamo seeing median singlefamily home prices rise 29%. Across the Golden Gate in Marin, prices soared with the median single-family home price up 15% year over year. A new record-high sale was closed by The Agency in Ross at $28.1M, which was also the second-highest closing in the history of Marin. After only 15 days on the market, the home sold for $3.105M over the asking price. Even with buyers on the move, San Francisco remained a hotspot, with strong demand across all districts. Singlefamily home and condo transactions were up 33% and 40% respectively over the year before, with the condo market seeing a huge rebound from the losses of 2020. 2021 signaled that many buyers are longing for a return to the city and the lifestyle, entertainment and dining it offers—and more of this movement is expected in 2022. People are likely to continue focusing on maximizing the space in their homes to meet the needs of their newfound lifestyles in the year ahead.

No 17

NORTHERN CALIFORNIA

THE RED PAPER 2021

SONOMA

An Alluring Life Among the Vines Sonoma buyers continued to wage bidding wars over the area’s Wine Country gems. Listings were sparse, with only two to three weeks of inventory on the market at any given time. Many San Franciscans moved north to the Wine Country, spiking the net migration to that region by 65%, as compared to prior years. Single-family home transactions rose 37% and the median price rose 12% over the year before. The pace was fast and furious; properties up to $1M sold instantly, and often to local buyers. Homes in the $1M to $2M range—often newly constructed residences— frequently sold to out-of-area buyers looking for a different pace of life away from the city. Buyers trickled into Healdsburg and surrounding towns from San Francisco, the South Bay and Peninsula, selling their homes for top dollar and seizing the opportunity to work remotely and claim more space for their money. With the devastation of the recent wildfires still top of mind for the community, new construction outweighed amenities desired by buyers in 2021. Buyers intentionally sought new homes that featured upgraded materials for fire resistance. While Sonoma and Napa Counties saw big gains in price appreciation, buyer demand began to wane in the upper price points during Q4. This shift created an increase in inventory supply and resulted in great opportunities for buyers. The year ahead looks strong for Sonoma, especially if mortgage rates don’t climb significantly. Buyers are expected to continue snatching up homes as they become available with the prospect of living a dreamy, scenic life in wine country. No 19

NORTHERN CALIFORNIA

THE RED PAPER 2021

CARMEL

To the Fairways We Go Buyers were drawn to the spacious living and golf properties of the Monterey Peninsula, an escape from the bustle of city life. The median single-family home price rose 18% while inventory dipped 55% year over year. Beyond the Bay Area and Southern California clientele, a large number of buyers were Texans, especially when it came to those seeking to purchase in coveted Pebble Beach. Residents who would not be typically selling were making moves in 2021, trading in their investment properties for a bountiful profit and property upgrade. The ripple effect of the pandemic included a continued premium on golf-side living, in-home amenities and proximity to outdoor hiking, resorts, wineries, beaches and prestigious events. As in many markets, pools were trending for the first time ever in Carmel, speaking to an influx of buyers seeking resort-style recreation in the comfort of home. In short, Carmel buyers were looking to have it all: the perfect place to live their untethered digital life. The spring season will tell what’s in store next for Carmel. Ambitious buyers are expected to be more selective as inventory (hopefully) expands in 2022.

No 21

SAN FRANCISCO

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,904

$1,800,000

$1,030

209

0.9

YoY

33%

-14%

27%

-4%

2020

2,182

$1,650,000

$956

164

0.9

2019

2,126

$1,600,000

$942

0.4

2018

2,220

$1,587,000

$906

210

1.1

2017

2,261

$1,415,000

$855

129

0.7

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR $2,000,000

3,500

$1,800,000 3,000

$1,600,000 $1,400,000

2,500

$1,200,000

2,000

$1,000,000 1,500

$800,000 $600,000

1,000

$400,000 500

$200,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 1.2

1.0

0.8

0.6

0.4

0.2

0.0 2017

2018

SOURCE: CORELOGIC, NORCAL MLS ALLIANCE

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

SAN FRANCISCO

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,746

$1,211,775

$1,072

577

1.8

YoY

40%

-26%

-24%

2020

2,685

$1,204,500

$1,032

541

2.4

2019

2,745

$1,240,000

$1,082

211

0.9

2018

3,006

$1,200,000

$1,059

357

1.4

2017

2,886

$1,142,750

$989

284

1.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

4,000

$1,400,000

3,500

$1,200,000

3,000

$1,000,000

2,500 $800,000

2,000 $600,000

1,500 $400,000

1,000

$200,000

500

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

2018

2019

2020

2021

No 23

MARIN

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,405

$1,649,000

$828

128

0.6

YoY

18%

17%

-46%

-9%

-23%

2020

2,037

$1,400,000

$710

141

0.8

2019

1,906

$1,272,500

$646

387

2.4

2018

1,840

$1,315,000

$666

499

3.3

2017

1,934

$1,230,000

$631

360

2.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,000

$1,800,000 $1,600,000

2,500 $1,400,000

2,000

$1,200,000 $1,000,000

1,500 $800,000

1,000

$600,000 $400,000

500 $200,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

SOURCE: CORELOGIC, NORCAL MLS ALLIANCE

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

DANVILLE & ALAMO

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,270

$2,050,444

$704

0.3

YoY

29%

25%

-25%

-6%

-14%

2020

1,163

$1,584,107

$563

0.4

2019

910

$1,460,000

$530

0.4

2018

900

$1,450,000

$525

119

1.6

2017

958

$1,380,000

$504

103

1.3

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,400

$2,500,000

1,200 $2,000,000

1,000 $1,500,000

800 600

$1,000,000

400 $500,000

200 0

2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2017

2018

SOURCE: CORELOGIC, NORCAL MLS ALLIANCE

2019

2020

2021

No 25

H E A L D S B U R G , G E Y S E R V I L L E & S A N TA R O S A

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,662

$725,000

$446

114

0.5

YoY

37%

12%

11%

-20%

-76%

-82%

2020

1,942

$644,975

$402

474

2.9

2019

1,791

$615,000

$397

473

3.2

2018

1,775

$623,250

$405

497

3.4

2017

1,916

$590,000

$380

290

1.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,000

$800,000 $700,000

2,500

$600,000

2,000

$500,000

1,500

$400,000 $300,000

1,000

$200,000

500

$100,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

SOURCE: CORELOGIC, NORCAL MLS ALLIANCE

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

CARMEL

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

321

$2,410,000

$1,106

0.9

YoY

-8%

18%

15%

-56%

-55%

-51%

2020

349

$2,045,000

$963

1.8

2019

246

$1,687,500

$888

145

7.1

2018

259

$1,825,000

$893

132

6.1

2017

282

$1,525,000

$886

126

5.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

400

$3,000,000

350

$2,500,000

300 $2,000,000

250 200

$1,500,000

150

$1,000,000

100 $500,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016

2017

SOURCE: CORELOGIC, NORCAL MLS ALLIANCE

2018

2019

2020

No 27

SOUTHERN CALIFORNIA

THE RED PAPER 2021

THE PLATINUM TRIANGLE

Everyone Wants to Go Platinum In the great reshuffling of Los Angeles, demand remained high in the Platinum Triangle’s coveted neighborhoods of Bel Air, Beverly Hills and Holmby Hills, but this past year saw more local buyers scooping up primary residences and fewer international buyers investing in secondary homes. Single-family home sales were up 47% and the median price rose 26%, while the condo market saw a significant 133% rise in sales transactions with prices holding steady year over year. Los Angeles saw 20 sales over the $50M range as a new set of homebuyers brought lists of needs reassessed during the pandemic, which counter some of the most popular trends of the last few decades. Most notably, the open-concept home has lost some of its allure as buyers seek individualized spaces for work, study, fitness, and entertainment. Developers have taken note. Supply chain constraints have curbed buyers’ appetites to take on renovations as they’ve seen the demand for turnkey homes surge. In such a competitive market, however, buyers aren’t holding out for the one. Accustomed to shopping online and eager to invest, these tech-savvy buyers have turned to new tech and social media for up-to-the-minute updates on available inventory. More and more buyers are accepting homes as-is and deferring updates until timelines for projects stabilize. In 2022, home values in the Platinum Triangle are expected to remain steady and possibly appreciate due to the ongoing lack of inventory, while bidding wars are anticipated to continue as local buyers may face more competition from returning global investors.

No 29

B E V E R LY H I L L S , B E L A I R & H O L M B Y H I L L S

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

427

$4,150,000

$1,149

132

3.7

YoY

47%

26%

13%

-38%

-33%

-54%

2020

290

$3,293,986

$1,014

197

8.2

2019

309

$3,499,000

$986

191

7.4

2018

261

$3,500,000

$1,083

144

6.6

2017

324

$3,450,000

$974

146

5.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

450

$4,500,000

400

$4,000,000

350

$3,500,000

300

$3,000,000

250

$2,500,000

200

$2,000,000

150

$1,500,000

100

$1,000,000

$500,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

B E V E R LY H I L L S , B E L A I R & H O L M B Y H I L L S

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

161

$1,299,000

$730

2.4

YoY

133%

-40%

-44%

-76%

2020

$1,264,800

$685

9.9

2019

$1,278,500

$693

4.8

2018

101

$1,230,000

$735

4.5

2017

132

$1,243,500

$673

2.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

180

$1,400,000

160

$1,200,000

140 $1,000,000

120 100

$800,000

$600,000

$400,000

40 $200,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 12.0

10.0

8.0

6.0

4.0

2.0

0.0 2017

2018

2019

2020

2021

No 31

S U N S E T S T R I P - H O L LY W O O D H I L L S

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

560

$2,468,500

$969

155

3.3

YoY

36%

20%

-46%

-27%

-46%

2020

411

$2,062,508

$892

211

6.2

2019

402

$1,885,250

$818

198

5.9

2018

410

$1,869,250

$818

168

4.9

2017

474

$1,805,500

$785

166

4.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

600

$3,000,000

500

$2,500,000

400

$2,000,000

300

$1,500,000

200

$1,000,000

100

$500,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

S U N S E T S T R I P - H O L LY W O O D H I L L S

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

154

$747,500

$646

3.0

YoY

81%

-53%

-42%

2020

$719,000

$619

5.2

2019

$674,000

$624

2.6

2018

101

$641,000

$568

3.4

2017

124

$590,750

$549

1.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

180

$800,000

160

$700,000

140

$600,000

120

$500,000

100 $400,000 80 $300,000

$200,000

$100,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 6.0

5.0

4.0

3.0

2.0

1.0

0.0 2017

2018

2019

2020

2021

No 33

SOUTHERN CALIFORNIA

THE RED PAPER 2021

MALIBU

A Wave of Demand The ‘Bu continued to boom in 2021, seeing a 19% increase year over year in both singlefamily home sales and the median sales price, which reached $4.27M. Most homes receive multiple offers and sell within a couple of days on the market, and some buyers are adapting by looking for homes on their social feeds and supplementing the traditional walk-through with virtual reality tours. Demand is highest for beachfront homes, which quickly go for between $8M and $15M, but off-beach homes with views priced between $3M and $6M go just as quickly. As many residents began to travel this summer, shorter Airbnb rentals saw an uptick as well. More buyers are shifting their primary residences to Malibu, the majority being those who hail from Southern California and seek all the pandemicrelated shifts in living, such as guest houses, office areas and home gyms. However, many buyers from San Francisco, Chicago and Texas are competing for secondary and vacation homes. Although the next year won’t bring another 20% increase, a new elevated standard has been set for this market, and price gains are expected to remain healthy while normalizing between 10% and 15%. Supply may slowly come on board as many sellers look to relocate for tax purposes and escape the City of Malibu’s notoriously difficult permitting process. Between all the red tape and supply chain issues, remodeling a home is forecasted to take two to four years and new development five to seven years, making turnkey properties all the more appealing.

No 35

MALIBU

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

304

$4,270,000

$1,308

116

4.6

YoY

19%

18%

-32%

-16%

-29%

2020

255

$3,600,000

$1,104

138

6.5

2019

125

$3,340,000

$1,042

148

14.2

2018

209

$3,155,000

$1,099

130

7.5

2017

222

$3,050,000

$981

105

165

8.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

350

$4,500,000 $4,000,000

300

$3,500,000 250

$3,000,000

200

$2,500,000

150

$2,000,000 $1,500,000

100

$1,000,000 50

$500,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

MALIBU

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

$1,242,300

$835

1.9

YoY

-58%

-50%

-51%

2020

$1,155,000

$788

3.9

2019

$975,000

$774

7.7

2018

$1,200,000

$782

8.2

2017

$1,000,000

$700

5.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

$1,400,000

$1,200,000

70 $1,000,000

60 50

$800,000

$600,000

$400,000

20 $200,000

10 0

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

2019

2020

2021

No 37

SOUTHERN CALIFORNIA

THE RED PAPER 2021

BEACH CITIES

Drifting with the Tides Buyers seeking the quintessential Southern California lifestyle have turned to the Beach Cities for great weather and a small community feel within one of the world’s largest metropolitan areas. Single-family home and condo sales were up 24% and 27% year over year, with median sales prices up 12% and 17% respectively. Marina Del Rey down through the South Bay boasted strong performance in both the highend and entry-level market throughout 2021, with multiple offers for each home becoming standard. The condo market has also become one to watch for Manhattan Beach and Hermosa Beach, catching up to the pace of single-family homes. Rental demand increased as Northern Californians in the tech industry continued working from home. After some initial stagnation in the beginning of the year, the Venice market finally started to move. As shops and restaurants began opening and generating buzz, the demand for homes around the $3M mark saw a noticeable uptick. In place of open-concept layouts, buyers wanted more defined and transitional spaces. The forecast predicts the market remaining strong through 2022, even if mortgage rates rise. An influx of inventory is expected in the spring, which will give buyers more options and cool bidding wars, but may also bring the potential to slow prices.

No 39

H ER MO S A B E A C H , M A N H AT TA N B E A C H , REDONDO BEA C H & V ENI C E BEA C H

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,240

$2,175,000

$1,053

123

1.2

YoY

24%

12%

13%

-42%

-35%

-47%

2020

997

$1,940,000

$935

188

2.3

2019

911

$1,775,000

$909

224

3.0

2018

892

$1,839,000

$933

223

3.0

2017

1,039

$1,710,000

$882

173

2.0

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,400

$2,500,000

1,200

$2,000,000 1,000

$1,500,000

800 600

$1,000,000

400

$500,000 200 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016

SOURCE: THEMLS

2017

2018

2019

2020

2017

2018

2019

2020

2021

THE RED PAPER 2021

H ER MO S A B E A C H , M A N H AT TA N B E A C H , REDONDO BEA C H & V ENI C E BEA C H

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

884

$1,290,000

$705

0.6

YoY

27%

17%

14%

-36%

-48%

-59%

2020

697

$1,100,000

$619

1.4

2019

724

$1,067,000

$594

107

1.8

2018

708

$1,140,000

$589

150

2.5

2017

751

$1,020,000

$551

1.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,000

$1,400,000

900

$1,200,000

800 $1,000,000

700 600

$800,000

500 $600,000

400 300

$400,000

200 $200,000

100

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

2018

2019

2020

2021

No 41

SOUTHERN CALIFORNIA

THE RED PAPER 2021

BRENTWOOD, PACIFIC PALISADES & SANTA MONICA

Prime Luxury Status Agents here have had their busiest year yet as buyers clamor for extremely limited inventory in this market, renowned for great schools and natural beauty. Most homes have sold within the first week of listing, with many off-market deals and intense bidding wars. Condos and single-family residences have sold at record price points, with some going for as much as $1M over the asking price. In Pacific Palisades, singlefamily home sales were up over 49% and condos up 41%, with both sectors seeing double-digit price gains year over year. The numbers were similar in Santa Monica, where single-family transactions rose 48% and condo transactions rose 45% over 2020. In Brentwood, single-family home sales rose 30% with the median price up 21% year over year, while condo transactions soared 66%. Whereas the school year once played a much heavier role in the market, seasonal changes have become much less fixed since the start of the pandemic. Many Angelenos have taken any opportunity they can to migrate from Eastside neighborhoods, often competing with buyers from the East Coast and Bay Area. The desire for outdoor space has always been strong in this market, and now tennis courts have come back in vogue as a fitness-friendly, droughtresistant backyard feature. With delayed permits on new builds and material shortages caused by supply chain issues, inventory will remain tight. And now that Brentwood has cemented its status among Bel Air and Beverly Hills as one of the most sought-after luxury neighborhoods in the world, this will continue to be a preferred market.

No 43

BRENTWOOD

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

314

$3,887,000

$1,117

2.2

YoY

30%

21%

12%

-51%

-35%

-50%

2020

241

$3,200,000

$997

4.4

2019

225

$3,135,000

$981

3.6

2018

246

$3,100,000

$978

3.9

2017

251

$3,194,700

$1,027

3.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

350

$4,500,000 $4,000,000

300

$3,500,000 250

$3,000,000

200

$2,500,000

150

$2,000,000 $1,500,000

100

$1,000,000 50

$500,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

BRENTWOOD

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

282

$982,500

$715

0.9

YoY

66%

-49%

-50%

-70%

2020

170

$950,000

$701

3.0

2019

166

$986,113

$676

1.2

2018

165

$1,000,000

$673

2.2

2017

204

$899,500

$649

0.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

300

$1,200,000

250

$1,000,000

200

$800,000

150

$600,000

100

$400,000

$200,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 45

S A N TA M O N I C A

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

334

$3,362,500

$1,303

1.7

YoY

48%

22%

-51%

-15%

-43%

2020

225

$2,752,100

$1,206

2.9

2019

199

$2,735,000

$1,206

2.2

2018

196

$2,814,500

$1,215

2.1

2017

248

$2,530,000

$1,176

1.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

400

$4,000,000

350

$3,500,000

300

$3,000,000

250

$2,500,000

200

$2,000,000

150

$1,500,000

100

$1,000,000

$500,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

S A N TA M O N I C A

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

594

$1,150,000

$925

1.7

YoY

45%

10%

-53%

-34%

-55%

2020

411

$1,050,000

$910

128

3.7

2019

351

$1,165,000

$904

1.9

2018

384

$1,150,000

$917

2.6

2017

406

$1,102,500

$867

1.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

700

$1,400,000

600

$1,200,000

500

$1,000,000

400

$800,000

300

$600,000

200

$400,000

100

$200,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 47

PACIFIC PALISADES

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

375

$3,968,000

$1,179

1.7

YoY

49%

20%

-50%

-30%

-53%

2020

251

$3,295,000

$1,090

3.6

2019

208

$3,071,250

$1,086

3.8

2018

231

$3,350,000

$1,091

3.0

2017

259

$3,150,000

$1,045

2.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

400

$4,500,000

350

$4,000,000 $3,500,000

300

$3,000,000

250

$2,500,000 200 $2,000,000 150

$1,500,000

100

$1,000,000

$500,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PACIFIC PALISADES

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

$1,311,800

$797

2.8

YoY

41%

16%

17%

-63%

-29%

2020

$1,134,000

$679

3.9

2019

$1,112,500

$650

3.5

2018

$1,193,783

$653

5.6

2017

$1,130,000

$609

2.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

120

$1,400,000 $1,200,000

100

$1,000,000

$800,000 60 $600,000 40

$400,000

$200,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 6.0

5.0

4.0

3.0

2.0

1.0

0.0 2017

2018

2019

2020

2021

No 49

SOUTHERN CALIFORNIA

THE RED PAPER 2021

SAN FERNANDO VALLEY

Peaks and Value For years, buyers from around Los Angeles have been relocating to the Valley for more land, space, privacy and value, a trend that became more pronounced in 2021. Singlefamily home sales rose 16% year over year with the median sales price up 15%. Those in the market are increasingly savvy when it comes to construction, finishes and materials, and they come with a specific list of requests. At the top? Modern and new construction homes, which have seen record-breaking prices, followed by compartmentalized and multipurpose spaces. As virtually everyone now starts their home search from their device, the impact of print marketing has diminished and social platforms continue playing a pivotal role in the business. Agents with audience-facing profiles have seen significant gains among buyers and sellers, particularly those specializing in the luxury market who work with high-net-worth individuals, many of whom are drawn to modern Spanish homes in Calabasas. Numbers are expected to continue to surprise in the Valley next year, including in the rental market, which will likely face an ongoing lack of available inventory. The Hollywood celebrity crowd will continue flocking to the Valley for its private enclaves and proximity to the major studios. The migration of top-tier shopping and restaurants, as well as the Valley’s fantastic schools, will continue drawing affluent families, ensuring demand and prices remain high.

No 51

CALABASAS, SHERMAN OAKS & STUDIO CITY

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,419

$1,750,000

$718

126

1.1

YoY

16%

15%

14%

-67%

-29%

-39%

2020

1,219

$1,520,000

$627

177

1.7

2019

1,213

$1,367,380

$583

188

1.9

2018

1,146

$1,365,000

$584

342

3.6

2017

1,265

$1,275,000

$540

225

2.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,600

$2,000,000 $1,800,000

1,400

$1,600,000 1,200 $1,400,000 1,000

$1,200,000

800

$1,000,000 $800,000

600

$600,000 400

$400,000

200

$200,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

CALABASAS, SHERMAN OAKS & STUDIO CITY

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

695

$665,000

$507

0.7

YoY

21%

10%

-60%

-42%

-52%

2020

575

$615,000

$462

1.4

2019

554

$580,000

$441

1.2

2018

524

$580,000

$437

2.2

2017

681

$549,000

$410

0.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

800

$700,000

700

$600,000

600

$500,000

500 $400,000

400 $300,000

300 $200,000

200

$100,000

100

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 53

SOUTHERN CALIFORNIA

THE RED PAPER 2021

PASADENA & THE EASTSIDE

Rises in the East Multiple offers have become the norm as the market east of Los Angeles continues to rise, driving home prices from the $800K to $1.2M range up to between $1M and $1.5M. In Pasadena, the median price of single-family homes rose 15% year over year to $1.38M. Homes above the $4M mark saw some slowing in the first quarter of the year, but have picked up again. Demand has remained steady, especially as more Westsiders look east to escape crowds and congestion while still maintaining proximity to amenities and the entertainment industry. Diverse offerings in this market also present buyers with the opportunity to size up or down according to the needs of their families. In Pasadena, condo sales were up 46% over 2020, with the median sales price rising 13% to $740K. Los Feliz and Silverlake saw a 38% uptick in single-family sales and a 32% rise in condo sales with only singledigit price gains. Following the trends set in motion by the pandemic, more buyers are looking for home office spaces, larger yards and accessory dwelling units. Investors and landlords in these areas have been satisfied to see rents continuing to climb in the face of low inventory available for purchase. The market should remain highly competitive through 2022, with more buyers than available homes. Rates may rise too but, with so many people looking to get in, the impact should be minimal.

No 55

PASADENA

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,086

$1,381,000

$772

1.1

YoY

20%

15%

18%

-42%

11%

-7%

2020

903

$1,200,000

$655

1.2

2019

984

$1,055,000

$610

117

1.4

2018

945

$1,050,000

$600

214

2.7

2017

1,021

$984,370

$575

169

2.0

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,200

$1,600,000 $1,400,000

1,000

$1,200,000

800

$1,000,000

600

$800,000 $600,000

400

$400,000

200

$200,000

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PASADENA

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

785

$740,000

$594

1.1

YoY

46%

13%

-45%

-26%

-49%

2020

538

$655,000

$545

2.2

2019

547

$650,000

$525

1.3

2018

612

$645,250

$526

138

2.7

2017

657

$608,000

$492

1.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

900

$800,000

800

$700,000

700

$600,000

600

$500,000

500 $400,000

400 $300,000

300

$200,000

200

$100,000

100

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

2018

2019

2020

2021

No 57

L O S F E L I Z & S I LV E R L A K E

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

697

$1,500,000

$871

1.1

YoY

32%

-43%

30%

-1%

2020

530

$1,472,500

$845

1.1

2019

486

$1,295,000

$786

0.6

2018

545

$1,268,000

$749

2.1

2017

588

$1,152,500

$710

1.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

800

$1,600,000

700

$1,400,000

600

$1,200,000

500

$1,000,000

400

$800,000

300

$600,000

200

$400,000

100

$200,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 2.5

2.0

1.5

1.0

0.5

0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

L O S F E L I Z & S I LV E R L A K E

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

192

$760,500

$654

0.7

YoY

28%

-58%

-75%

-80%

2020

150

$705,000

$627

3.5

2019

111

$696,888

$610

2.3

2018

117

$749,000

$553

1.6

2017

116

$664,950

$540

0.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

250

$800,000 $700,000

200

$600,000 $500,000

150

$400,000 100

$300,000 $200,000

$100,000 0 2017

2018

2019

2020

2021

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 59

SOUTHERN CALIFORNIA

THE RED PAPER 2021

ORANGE COUNTY

Squeezed for Inventory Having gained notoriety for the year-round warm weather, gated communities and lifestyle amenities, Orange County saw an influx of buyers from Texas, Northern California and Chicago, following the many who had relocated from higher density areas of Los Angeles the year prior. Home prices and rent both increased as everyone competed for luxury apartments and single-family residences with home offices and swimming pools. The median price of singlefamily homes rose 26% over the year before to $2.8M, while condo sales rose 26% with a 13% rise in median price. Developers were expected to retreat from the market, but the lack of inventory and high demand proved too attractive to pass up. Year over year, the luxury market saw a significant increase with no signs of slowing. Real estate professionals increased their social media presence to enhance their marketing strategies and garner top dollar for the limited available properties. Inventory will remain tight through the coming year. Expect off-market deals to reach a high and prices to keep breaking records, especially as more buyers come in seeking secondary homes. Combined with inflation, home values will likely see healthy appreciation.

No 61

NE W P O RT B E A C H , N E W P O RT C OA S T, L A GUNA BEA C H & DA NA P OI NT

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,892

$2,800,000

$1,057

174

1.1

YoY

19%

26%

21%

-67%

-52%

-60%

2020

1,587

$2,215,000

$871

361

2.7

2019

1,384

$2,000,000

$841

749

6.5

2018

1,329

$2,055,000

$846

788

7.1

2017

1,476

$1,992,500

$800

686

5.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,000

$3,000,000

1,800 $2,500,000

1,600 1,400

$2,000,000

1,200 1,000

$1,500,000

800 $1,000,000

600 400

$500,000

200 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: CRMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

NE W P O RT B E A C H , N E W P O RT C OA S T, L A GUNA BEA C H & DA NA P OI NT

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

597

$1,000,000

$718

0.5

YoY

26%

13%

15%

-69%

-74%

-79%

2020

472

$881,938

$625

2.3

2019

431

$835,000

$609

186

5.2

2018

412

$813,750

$591

203

5.9

2017

489

$760,000

$567

169

4.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

700

$1,200,000

600

$1,000,000

500

$800,000

400 $600,000

300 $400,000

200

$200,000

100

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

2019

2020

2021

No 63

SOUTHERN CALIFORNIA

THE RED PAPER 2021

COACHELLA VALLEY

Coming in Hot The appeal of the desert didn’t cool in 2021 as tight inventory across the market drove the median price of single-family homes up 29% and condos up 20% year over year. Like the year before, younger snowbirds flocked from big cities, spending way more than a weekend in their second, third or fourth homes, working remotely and basking in the desert sun. Singlefamily home sales rose 3% while condo sales soared 18% year over year. And just as it was in 2020, lifestyle was everything, with buyers seeking proximity to golf, pickleball, tennis and outdoor spaces, making the gated country club communities more appealing than ever. With more buyers coming from New York, San Francisco, Seattle and San Diego, social media shopping was key, proving to be one of the top ways buyers discovered potential properties. As for rentals, they were practically nonexistent as properties filled quickly, leaving next to nothing available, even at the high end of the market. In the year ahead, high demand and tight inventory are expected to continue, possibly driving prices up higher as buyers continue their search for a place in the sun.

No 65

PALM SPRINGS, RANCHO MIRAGE & PALM DESERT

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,288

$785,000

$344

259

0.9

YoY

29%

27%

-39%

-37%

-38%

2020

3,201

$610,000

$271

408

1.5

2019

2,780

$550,000

$245

520

2.2

2018

2,782

$535,000

$238

735

3.2

2017

2,834

$490,000

$225

591

2.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,400

$900,000

3,300

$800,000

3,200

$700,000

3,100

$600,000

3,000

$500,000

2,900

$400,000

2,800

$300,000

2,700

$200,000

2,600

$100,000

2,500

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: THEMLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PALM SPRINGS, RANCHO MIRAGE & PALM DESERT

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,011

$371,000

$266

104

0.4

YoY

18%

20%

22%

-41%

-71%

-75%

2020

2,553

$310,000

$219

358

1.7

2019

2,381

$285,000

$205

311

1.6

2018

2,519

$270,000

$190

457

2.2

2017

2,544

$243,500

$174

550

2.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,500

$400,000

3,000

$350,000 $300,000

2,500

$250,000

2,000 $200,000

1,500 $150,000

1,000

$100,000

500

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

2018

2019

2020

2021

No 67

COLORADO

THE RED PAPER 2021

DENVER

Everyone Wants In It’s Denver’s time to shine. The Mile-High City holds a few distinctions that explain the rush of buyers from coast to coast: #1 City Millennials are Moving To*; 2nd Best Place to Live*; #2 Highest Rate of Entrepreneurship*; #3 Best Job Market*. Denver was one of the few cities that increased its labor force during the pandemic with business growth through the roof—especially in the tech sector between Denver and Boulder, which is earning a reputation as the second Silicon Valley. As a result, Q2 of 2021 saw the most aggressive price appreciation ever. While it’s calmed a bit since Q2, supply remains low and demand is sky-high. The median sales price of singlefamily homes rose 17% year over year, and the appeal of condo living soared, with sales up 34% over 2020. Buyers from California, Texas, Florida and the Midwest are drawn to the city for its lifestyle, mild climate, niche neighborhoods, wide open spaces and more affordable pricing compared to coastal cities. Denver’s luxury market saw an uptick of $5M+ homes for sale, a price point not often seen before the pandemic. Younger buyers are seeking more outdoor space, natural light, mountain views and home gyms, while the older generation is drawn to Denver’s quality of life and the ability to be closer to their kids working and living in the city. Another Denver perk is its proximity to Colorado’s mountain destinations, which many buyers hope to break into for both first and second homes. In the year ahead, expect to see more of the same with demand outpacing supply as more people relocate to Denver for work and play. The downtown condo market is expected to make a comeback, with more price appreciation likely.

*SOURCES: SMARTASSET, USA TODAY, SURGE CITIES 2020, WALL STREET JOURNAL

No 69

DENVER

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

9,163

$610,000

$455

234

0.3

YoY

17%

16%

-61%

-62%

2020

9,052

$520,000

$391

607

0.8

2019

8,421

$472,500

$360

1,011

1.4

2018

7,864

$460,000

$351

1,190

1.8

2017

8,196

$420,000

$324

848

1.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

10,000

$700,000

9,000

$600,000

8,000 $500,000

7,000 6,000

$400,000

5,000 $300,000

4,000 3,000

$200,000

2,000 $100,000

1,000

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2017

2018

SOURCE: PROS MLS, RE COLORADO

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

DENVER

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

4,346

$345,000

$388

289

0.8

YoY

34%

13%

15%

13%

-66%

-74%

2020

3,253

$304,500

$336

838

3.1

2019

3,078

$280,000

$323

602

2.3

2018

3,028

$285,000

$325

476

1.9

2017

3,303

$265,000

$298

365

1.3

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

5,000

$400,000

4,500

$350,000

4,000

$300,000

3,500

$250,000

3,000

$200,000

2,500 2,000

$150,000

1,500

$100,000

1,000 $50,000

500

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 71

COLORADO

THE RED PAPER 2021

ASPEN

$30M is the New $20M Can you put a price tag on Aspen life? You can, but it’s going to cost you. As one of the world’s most celebrated mountain destinations, Aspen again had a record-breaking year with over $545M in $20M+ sales on the books in 2021. By year’s end, there were six properties over $30M under contract, proving that in Aspen, $30M is the new $20M. Even homes purchased during the pandemic saw price appreciation over a 12-month period, and all-cash deals made up an estimated 80% of the market. The median sales price for single-family homes rose to $10M, an 8% increase over the year prior. Buyers from L.A., Chicago, Dallas, Houston, New York and the Northeast again chose to spend more time in their vacation home, working remotely and enjoying Aspen as more of a primary residence. Aspen buyers also spanned out across 40 miles of the Roaring Fork Valley to the scenic, spectacular areas of Snowmass, Basalt, Carbondale and Glenwood Springs in search of better pricing and new opportunities. The valley as a whole experienced record activity and pricing. As for vacation rentals, there were few to be found, especially through the holidays. Rentals like the three-bedroom residential suites at Hotel Jerome were going for $14,000 per night. What can we expect in 2022? The return of international buyers is anticipated, as are record prices on homes (fueled by low inventory) and new construction opportunities. Aspen is expected to remain a busy market as buyers relocate to the region for its natural beauty and incredible lifestyle.

No 73

ASPEN

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

142

$10,016,800

$2,132

156

4.6

YoY

-12%

31%

-20%

-54%

-48%

2020

161

$9,250,000

$1,624

194

117

8.7

2019

$6,000,000

$1,284

298

171

23.1

2018

$5,425,000

$1,331

204

168

26.9

2017

100

$6,300,000

$1,490

299

171

20.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

180

$12,000,000

160 $10,000,000 140 120

$8,000,000

100 $6,000,000 80 60

$4,000,000

40 $2,000,000 20 0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 30.0

25.0

20.0

15.0

10.0

5.0

0.0 2016

2017

SOURCE: ARMLS TO FLEXMLS (FBS)

2018

2019

2020

$0 2017

2018

2019

2020

2021

THE RED PAPER 2021

ASPEN

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

244

$2,125,000

$2,048

1.8

YoY

32%

-19%

-9%

-68%

-75%

2020

185

$2,625,000

$1,894

107

111

7.2

2019

141

$1,822,500

$1,542

147

116

9.9

2018

141

$1,580,000

$1,429

179

136

11.6

2017

175

$1,550,000

$1,321

169

121

8.3

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

300

$3,000,000

250

$2,500,000

200

$2,000,000

150

$1,500,000

100

$1,000,000

$500,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

2018

2019

2020

2021

No 75

CONNECTICUT

THE RED PAPER 2021

SOUTHERN CONNECTICUT

Country, Quaint & Commutable The picturesque, leafy towns of Fairfield County proved too good to resist for buyers from New York City to California. The year 2021 saw low inventory, fewer days on the market and high demand, with multiple offers causing bidding wars across the region. Many sellers chose to capitalize on the rising appreciation of their homes, which outpaced the last ten years in Southern Connecticut. The median price for single-family residences rose 25% year over year. Buyers came in droves to New Canaan, Darien, Greenwich, Westport, Fairfield, Easton and beyond, drawn to the small-town feel, stellar schools, charming downtowns and picturesque waterfront communities. The outdoor experience was key among buyers, with the biggest request being swimming pools, followed by home gyms, offices and sports courts. There was a mix in demand between the traditional Connecticut estates and the more sleek, modern design aesthetic. As for rentals, demand was high and inventory low, leaving little available for those hoping to break into the market. In 2022, demand is expected to remain high with more balance anticipated in the spring, which typically brings more inventory to the market.

No 77

FA I R F I E L D C O U N T Y

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

480

$1,686,000

$437

2.0

YoY

-2%

25%

21%

-18%

-49%

-48%

2020

490

$1,350,000

$363

118

158

3.9

2019

289

$1,239,000

$336

140

269

11.2

2018

296

$1,296,250

$375

147

310

12.6

2017

327

$1,485,000

$394

138

275

10.1

SALES BY YEAR 600

500

400

300

200

100

0 2017

SOURCE: FLEXMLS (FBS)

2018

2019

2020

2021

THE RED PAPER 2021

MEDIAN SALES PRICE BY YEAR $1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0 2017

2018

2019

2020

2021

No 79

WASHINGTON, D.C.

THE RED PAPER 2021

D.C. METRO

Times Are A-Changing More than just the seat of the U.S. government, the Washington D.C. area is also an economic hub with burgeoning tech and biomedical sectors. In 2021, the region drew more millennial buyers who could afford to break into the single-family home market rather than starting with the traditional condo. They faced plenty of competition with inventory very limited in many neighborhoods. At the start of December, the desirable North Bethesda neighborhood had only four homes on the market. Older buyers were also on the move, whether to the suburbs or south for the winter. No longer tied to a daily office commute, they fanned out to more rural areas or chose to upsize their life and downsize their cost with a lock-and-leave, highly serviced condominium. Turnkey, luxury properties were all the rage as buyers across the market sought move-in ready opportunities that were inclusive of the furniture. Single-family buyers wanted more space, yards, ADUs for secondary offices and the must-have amenity—the swimming pool. The market in 2022 is anticipated to stay strong, with inventory remaining a primary concern across the area. Any slowdown would likely be attributed to that while the multiple-offer environment is likely to stick around. Movement back to the city, where inventory is slightly higher, is also likely in the new year.

No 81

MO N T G O ME RY C O U N T Y, N O RT H W E S T D. C . , SOUTHWEST D. C . & M C LEA N

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

9,059

$762,000

$372

503

0.7

YoY

11%

12%

13%

-13%

-26%

-33%

2020

8,183

$679,000

$330

678

1.0

2019

7,838

$640,000

$319

1,874

2.9

2018

7,497

$630,000

$307

1,654

2.6

2017

7,778

$612,750

$298

1,659

2.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

10,000

$900,000

9,000

$800,000

8,000

$700,000

7,000

$600,000

6,000

$500,000

5,000 $400,000

4,000

$300,000

3,000

$200,000

2,000

$100,000

1,000

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: BRIGHT MLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

MO N T G O ME RY C O U N T Y, N O RT H W E S T D. C . , SOUTHWEST D. C . & M C LEA N

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

6,096

$350,000

$330

839

1.7

YoY

26%

-21%

2020

4,837

$340,000

$315

838

2.1

2019

4,850

$329,900

$324

1,446

3.6

2018

4,877

$315,000

$306

1,257

3.1

2017

5,133

$315,000

$307

1,137

2.7

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

7,000

$400,000

6,000

$350,000 $300,000

5,000

$250,000

4,000 $200,000

3,000 $150,000

2,000

$100,000

1,000

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 83

H AWA I I

THE RED PAPER 2021

MAUI

Beach Life Beckons Any home is the dream home when it’s by the beach in Maui. That was certainly the sentiment among buyers as demand reached an all-time high and inventory dipped low in 2021. At the start of December, there were only 12 homes and 10 condos for sale in Wailea, a stark contrast to the 30 homes and 90 plus condos typically available. Single-family home sales were up 21% with the median sales price rising 24% year over year. The condo market soared, seeing a 61% increase in sales over 2020. Luxury buyers came in droves, hitting record-breaking numbers in sales with higherpriced homes, two above the $40M mark, moving faster than before the pandemic. With a lack of inventory, buyers from SoCal, the Pacific Northwest, Texas and beyond snapped up fixer-uppers and remodels, despite the additional time and costs required, just to break into the island market. The hottest commodities: spectacular views and proximity to the beach. In 2021, Maui also piqued the interest of buyers who typically gravitate to the Caribbean. They were attracted by the favorable property and sales tax climate, as well as the option of enjoying island life from within the United States. As for rentals, vacation and long-term options were slim and prices high, a trend not likely to shift over the winter months. As for the year ahead, the Maui market is expected to remain strong and inventory to stay low, meaning agents will have to get creative in helping their clients secure their dream homes. Canadian buyers, who have been absent for the past year and a half, are also anticipated to return and drive up competition even further.

No 85

MAUI

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,276

$983,500

$623

167

1.6

YoY

21%

24%

21%

-19%

-54%

-62%

2020

1,052

$795,000

$514

364

4.2

2019

1,110

$740,000

$480

523

5.7

2018

1,138

$710,000

$455

105

572

6.0

2017

1,101

$695,000

$456

101

624

6.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,400

$1,200,000

1,200

$1,000,000

1,000

$800,000

800 $600,000 600 $400,000

400

$200,000

200 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

SOURCE: REALTORS ASSOCIATION OF MAUI

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

MAUI

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,151

$650,000

$761

118

0.7

YoY

61%

14%

20%

-19%

-88%

-93%

2020

1,338

$572,260

$633

1,018

9.1

2019

1,608

$516,500

$601

934

7.0

2018

1,647

$496,000

$561

105

979

7.1

2017

1,444

$444,750

$515

110

1,079

9.0

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,500

$700,000 $600,000

2,000 $500,000

1,500

$400,000 $300,000

1,000

$200,000

500

$100,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

2019

2020

2021

No 87

MASSACHUSETTS

THE RED PAPER 2021

BOSTON

City Life Sizzles There’s much to love about Boston city life—the restaurants, nightlife, sports offerings, top universities and singular culture. It’s no wonder the market saw double-digit, year-over-year growth as buyers migrated back to the city in 2021 to be closer to the action. Single-family home sales rose 26%, while the condo market saw a 42% increase in sales. Among the emerging markets was the Seaport, thanks in part to the arrival of more luxury and boutique options, including the St. Regis Residences. Q2 alone saw a 382% growth, with average pricing in the Seaport rising 42%. East Boston also had its day in the sun, with more available inventory leading to a rise in sales as high as 250% in Q3. Surrounding neighborhoods within 25 to 40 miles of the city offered the perfect blend of small-town feel and proximity to city life. There, buyers found more space and amenities, such as larger yards, gyms and offices. Buyers from California, New York, the Carolinas and Austin returned to capitalize on the strong job market in the medical and life sciences industries. The return of university students to the city that has more colleges per square mile than anywhere else in the country helped revive the rental market. Rental properties had lines out the door, multiple applications and big payments to move in, making it a good time to be a real estate investor in Boston. Looking ahead to 2022, local experts are anticipating another year of double-digit growth. More new development is expected to get underway throughout the region, with Jamaica Plains currently holding more building permits than anywhere else in the city.

No 89

BOSTON

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,108

$749,000

$449

0.9

YoY

26%

2020

876

$690,000

$424

2019

976

$650,000

$392

2018

1,032

$615,000

$383

2017

995

$576,600

$356

SALES BY YEAR 1,200

1,000

800

600

400

200

0 2017

2018

2019

2020

2021

MEDIAN SALES PRICE BY YEAR $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2017

SOURCE: MLS PIN

2018

2019

2020

2021

THE RED PAPER 2021

BOSTON

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

5,885

$695,000

$737

696

1.4

YoY

42%

10%

-4%

2020

4,157

$659,900

$672

2019

4,376

$650,000

$685

2018

4,570

$660,000

$700

2017

4,406

$600,000

$635

SALES BY YEAR 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2017

2018

2019

2020

2021

MEDIAN SALES PRICE BY YEAR $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2017

2018

2019

2020

2021

No 91

N E VA DA

THE RED PAPER 2021

LAS VEGAS

Rush from the Golden State Attracted to the tax savings, property sizes and quality of life, more Californians have chosen to set up their primary residences in Nevada. In fact, more than 80% of Las Vegas buyers in 2021 have been California-based. In previous years, the market has seen a steady influx of SoCal buyers, but a new and steady stream of NorCal buyers has helped heat demand, leading to a prolific number of transactions in the luxury market and dwindling inventory. Surprisingly, homes in the seven-figure range have been seeing multiple offers. Overall, the number of single-family home sales and the median price both rose 19% year over year, while the condo market saw a substantial 127% rise in sales transactions. The rental market proved to be even hotter, with 14 well-qualified applicants for every property available for lease. The Agency has already started working with developers and spec builders to get ahead of the curve. In the meantime, agents have focused on sharing listings before they make it to market and prioritizing videos over pictures in their marketing efforts, which has been great for procuring multiple offers and keeping clients satisfied. Signs don’t point to this market slowing down any time in 2022. That’s not to say, however, that value will spike. Builders have already picked up on the trend toward modern-farm chic and midcentury homes, so volume will likely match demand and keep prices steady.

No 93

LAS VEGAS

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

32,888

$405,000

$224

3,300

1.2

YoY

19%

21%

-58%

-32%

-43%

2020

27,630

$340,000

$185

4,874

2.1

2019

27,386

$314,900

$174

6,912

3.0

2018

27,806

$298,000

$166

7,817

3.4

2017

30,191

$263,000

$145

5,201

2.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

35,000

$450,000 $400,000

30,000

$350,000

25,000

$300,000

20,000

$250,000

15,000

$200,000 $150,000

10,000

$100,000

5,000

$50,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

LAS VEGAS

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,321

$360,000

$391

340

3.1

YoY

127%

-22%

-57%

-81%

2020

583

$350,000

$364

792

16.3

2019

695

$370,000

$380

611

10.5

2018

947

$340,000

$366

488

6.2

2017

969

$310,000

$341

490

6.1

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,400

$400,000

1,200

$350,000 $300,000

1,000

$250,000 800 $200,000 600 $150,000 400

$100,000

200

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

2018

2019

2020

2021

No 95

NEW YORK

THE RED PAPER 2021

NORTH SHORE—NEW YORK

Take a Dip, the Water’s Fine The bustling sellers’ market on Long Island’s North Shore remained strong in 2021. Rather than traveling, residents and buyers chose to put money into their houses and backyards, creating paradise right at home. Pools were a hot item and buyers, many from New York City, were willing to pay a sizeable premium for turnkey properties that featured updated amenities. The pace of the market picked up speed, with homes going under contract much quicker than they have historically. Inventory over the last three years has remained steady, with typically 20% to 25% of homes going into contract within 30 days. 2021 stood out with over 50% of homes going into contract in the first 30 days across all price points—a significant change in the market. This echoes the theme seen in other markets: There’s no time to waste when it comes to buying. What’s ahead for 2022? The market is expected to stay on track, with the pandemic-induced real estate frenzy settling into a more orderly and approachable market for buyers. The North Shore’s attractive school districts are likely to continue drawing families to the area, as well as its convenient proximity to New York City and waterfront lifestyle along the Long Island Sound.

No 97

CENTERPORT, COLD SPRING HARBOR, DIX HILLS, HUNTINGTON, NORTHPORT, & SYOSSET

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,624

$780,000

129

1.0

YoY

10%

-35%

-77%

-78%

2020

1,541

$710,000

569

4.4

2019

1,373

$679,250

796

7.0

2018

1,386

$660,000

801

6.9

2017

1,324

$650,000

683

6.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,800

$900,000

1,600

$800,000

1,400

$700,000

1,200

$600,000

1,000

$500,000

800

$400,000

600

$300,000

400

$200,000

200

$100,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

SOURCE: STRATUS DATA SYSTEMS, ONEKEY MLS

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

CENTERPORT, COLD SPRING HARBOR, DIX HILLS, HUNTINGTON, NORTHPORT, & SYOSSET

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

$599,500

2.1

YoY

12%

28%

-66%

-69%

2020

$550,000

6.9

2019

$592,500

3.2

2018

$516,500

3.5

2017

$556,250

4.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

$700,000

$600,000

76 $500,000

74 72

$400,000

70 $300,000

68 66

$200,000

64 $100,000

60 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

2019

2020

2021

No 99

FLORIDA

THE RED PAPER 2021

SOUTH FLORIDA

Flying South for the Winter, All Year Long Buyers in South Florida were really seeking the good life in 2021: the beach, sun and turnkey living. New development continued to rapidly expand in an effort to meet the soaring demand and re-balance a market that has been feeling the burn of tight inventory, and double-digit price gains were seen across the region. The reality of multiple offers wasn’t limited to real estate purchases; rental prices increased significantly, sparked by their own saga of bidding wars. In addition to New Yorkers flocking to South Florida, Californians headed to the Sunshine State with their eye on the prize: great beaches, warm weather and increased cash in their pockets with the benefit of no state income tax. In Miami, single-family home transactions rose 24%, while condo sales soared 90% year over year. The story was similar in Fort Lauderdale, where single-family home transactions rose 37% and the condo market rose 67%. Tight inventory in Palm Beach drove the singlefamily median home price up a significant 41%. When it came to architecture and design, the modern white box that was once trending was dialed back with elements of softness. Turnkey properties were hot items as fewer and fewer buyers were looking to undertake projects and renovations. Florida made serious gains in 2021 as a top state for home price appreciation, and there’s no slow-down in sight for 2022. The South Florida market is likely to continue building competition among buyers and creating incredible opportunities for sellers.

No 101

MIAMI & MIAMI BEACH

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

7,910

$500,000

$282

1,455

2.2

YoY

24%

20%

17%

-46%

-18%

-34%

2020

6,398

$415,000

$240

1,772

3.3

2019

6,706

$375,000

$214

2,903

5.2

2018

7,202

$360,000

$203

4,533

7.6

2017

7,045

$340,000

$186

4,453

7.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

9,000

$600,000

8,000 $500,000 7,000 6,000

$400,000

5,000 $300,000 4,000 3,000

$200,000

2,000 $100,000 1,000 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

MIAMI & MIAMI BEACH

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

13,723

$336,000

$339

4,092

3.6

YoY

90%

23%

32%

-22%

-44%

-71%

2020

7,216

$272,500

$257

7,368

12.3

2019

7,930

$255,000

$245

8,188

12.4

2018

8,371

$248,000

$243

11,110

15.9

2017

7,924

$239,000

$225

10,486

15.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

16,000

$400,000

14,000

$350,000

12,000

$300,000

10,000

$250,000

8,000

$200,000

6,000

$150,000

4,000

$100,000

2,000

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

2018

2019

2020

2021

No 103

BAL HARBOUR

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

$3,712,500

$1,032

171

8.0

YoY

100%

-48%

-14%

-33%

-27%

-64%

2020

$7,075,000

$1,201

254

22.0

2019

$5,350,000

$963

139

32.6

2018

$3,140,000

$692

211

19.6

2017

$4,975,000

$685

331

55.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

$8,000,000

$7,000,000 $6,000,000

$5,000,000 8 $4,000,000 6 $3,000,000 4

$2,000,000

$1,000,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 60.0

50.0

40.0

30.0

20.0

10.0

0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

BAL HARBOUR

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

276

$1,165,000

$632

146

137

6.0

YoY

146%

24%

13%

-37%

-61%

-84%

2020

112

$940,000

$562

231

349

37.4

2019

123

$925,000

$588

239

399

38.9

2018

106

$1,062,500

$601

220

438

49.6

2017

120

$1,015,000

$667

201

438

43.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

300

$1,400,000 $1,200,000

250

$1,000,000

200

$800,000

150 $600,000

100

$400,000

$200,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 60.0

50.0

40.0

30.0

20.0

10.0

0.0 2017

2018

2019

2020

2021

No 105

PALM BEACH

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

150

$7,640,000

$1,931

2.9

YoY

-15%

41%

44%

-68%

-40%

-30%

2020

176

$5,400,000

$1,338

164

4.1

2019

$4,900,000

$1,235

106

142

20.3

2018

111

$4,200,000

$1,154

103

120

13.0

2017

$4,275,000

$1,194

204

140

17.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

200

$9,000,000

180

$8,000,000

160

$7,000,000

140

$6,000,000

120

$5,000,000

100 $4,000,000

$3,000,000

$2,000,000

$1,000,000

20 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 25.0

20.0

15.0

10.0

5.0

0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PALM BEACH

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

515

$895,000

$600

1.7

YoY

56%

17%

-45%

-71%

-81%

2020

330

$843,500

$512

121

241

8.8

2019

317

$632,500

$446

315

11.9

2018

345

$575,000

$386

876

30.5

2017

314

$437,500

$332

100

759

29.0

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

600

$1,000,000 $900,000

500

$800,000 $700,000

400

$600,000

300

$500,000 $400,000

200

$300,000 $200,000

100

$100,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2017

2018

2019

2020

2021

No 107

FORT LAUDERDALE

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,682

$560,000

$333

391

1.7

YoY

37%

19%

15%

-52%

-38%

-54%

2020

1,959

$470,000

$291

627

3.8

2019

1,905

$385,000

$244

926

5.8

2018

2,063

$355,000

$238

1,363

7.9

2017

2,020

$319,450

$214

1,268

7.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,000

$600,000

2,500

$500,000

2,000

$400,000

1,500

$300,000

1,000

$200,000

500

$100,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

FORT LAUDERDALE

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,450

$380,000

$295

487

1.7

YoY

67%

13%

12%

-37%

-66%

-80%

2020

2,063

$337,000

$263

1,429

8.3

2019

2,089

$300,000

$251

1,381

7.9

2018

2,474

$327,188

$255

2,120

10.3

2017

2,044

$282,000

$242

2,155

12.7

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

4,000

$400,000

3,500

$350,000

3,000

$300,000

2,500

$250,000

2,000

$200,000

1,500

$150,000

1,000

$100,000

500

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

2018

2019

2020

2021

No 109

B O C A R ATO N

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,138

$642,000

$283

270

1.0

YoY

15%

23%

21%

-68%

-49%

-56%

2020

2,727

$520,000

$233

531

2.3

2019

2,490

$460,000

$213

1,016

4.9

2018

2,688

$440,000

$207

1,513

6.8

2017

2,621

$432,250

$200

1,663

7.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,500

$700,000

3,000

$600,000

2,500

$500,000

2,000

$400,000

1,500

$300,000

1,000

$200,000

500

$100,000

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

$0 2017

2018

2019

2020

2021

THE RED PAPER 2021

B O C A R ATO N

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

4,032

$277,250

$205

380

1.1

YoY

50%

18%

19%

-53%

-65%

-76%

2020

2,690

$235,113

$173

1,072

4.8

2019

2,776

$215,000

$158

1,158

5.0

2018

3,039

$210,000

$158

4,815

19.0

2017

2,891

$190,000

$146

4,313

17.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

4,500

$300,000

4,000 $250,000 3,500 $200,000

3,000 2,500

$150,000 2,000 $100,000

1,500 1,000

$50,000 500 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

2018

2019

2020

2021

No 111

U TA H

THE RED PAPER 2021

PARK CITY

From the City to the Slopes Demand and prices were on the rise in Park City, with wealthy buyers from major U.S. cities snatching up housing swiftly as they looked for a new escape. With the lack of inventory came a 29% surge in the median price of a singlefamily home, which reached $2.4M, and a 22% increase in the condo median sales price. The recreational allure of Utah continued to entice outdoor enthusiasts. Only 35 minutes from Salt Lake City, Park City is the most accessible ski resort city in the country—and super appealing for ski-home shoppers. Buyers leveraged their new remote work lifestyle in 2021 and sought mountain living, settling into Utah’s abundant mountain towns. Park City was a popular spot for those looking for a change of pace and saw a growing influx of buyers. In June 2020, Park City had 2,000 residential listings, including condos and single-family residences. By June 2021, this number fell to 650 with only 28 condos available, a drastic decline and the third lowest end-of-month in a decade. 2022 is expected to move along at a steady pace, with no shortage of demand due to metro feeder markets. Like many cities in Utah, Park City is growing quickly. New developments are in full swing, also popping up in Heber City, Midway and Oakley, and they’re giving the state a healthy boost of inventory. Park City’s quality of life is likely to continue to draw new residents. With more companies moving to the Salt Lake City area, the deal is getting even sweeter for buyers. No 113

PARK CITY

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

668

$2,412,500

$629

1.6

YoY

-18%

29%

35%

-71%

-27%

-12%

2020

810

$1,876,500

$467

121

1.8

2019

543

$1,500,000

$383

297

6.6

2018

516

$1,443,500

$382

401

9.3

2017

560

$1,232,290

$339

366

7.8

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

900

$3,000,000

800 $2,500,000 700 $2,000,000

600 500

$1,500,000 400 $1,000,000

300 200

$500,000 100 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

SOURCE: FLEXMLS (FBS)

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

PARK CITY

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,040

$850,000

$645

0.5

YoY

14%

22%

103%

-63%

-82%

-85%

2020

913

$699,000

$318

238

3.1

2019

714

$700,000

$498

361

6.1

2018

587

$640,000

$468

551

11.3

2017

656

$577,000

$413

448

8.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,200

$900,000 $800,000

1,000 $700,000 800

$600,000 $500,000

600 $400,000 400

$300,000 $200,000

200 $100,000 0

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 12.0

10.0

8.0

6.0

4.0

2.0

0.0 2017

2018

2019

2020

2021

No 115

A L B E R TA , CANADA

THE RED PAPER 2021

CALGARY

Keeping Up With Calgary The pandemic has been the perfect storm for Calgary’s real estate inventory. Single-family sales transactions soared 71% year over year, tightening inventory and driving a median price gain of 10%. With people re-evaluating their living situation and priorities, luxury resort-style properties were sizzling hot. Buyers wanted it all: acreage, pools, hot tubs, sports courts, game rooms and theaters. The more a family could do at home, the better. With the looming competition of the market feeling daunting, some homeowners chose to renovate their current home instead of buying an upgraded property. Crypto made a grand entrance into the world of Canadian real estate, with investors using the high-tech currency to buy condominiums. And scooping up investment properties was certainly a savvy move, as there was a huge demand for rental properties and nearly zero inventory. Rental fees were through the roof. Hopes are that this unsustainable market will taper off. With a shift in interest rates likely on the horizon, affordability will be affected, but demand is expected to remain high.

No 117

CALGARY

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

17,038

$517,000

984

0.7

YoY

71%

10%

-38%

-42%

-66%

2020

9,949

$470,000

1,705

2.1

2019

9,899

$465,000

2,476

3.0

2018

9,932

$484,000

2,922

3.5

2017

11,810

$490,000

2,314

2.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

18,000

$600,000

16,000 $500,000

14,000 12,000

$400,000

10,000 $300,000

8,000 6,000

$200,000

4,000 $100,000

2,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

CALGARY

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

8,077

$270,000

1,641

2.4

YoY

78%

-30%

-17%

-53%

2020

4,538

$258,500

1,982

5.2

2019

4,780

$266,875

2,042

5.1

2018

4,624

$275,995

1,966

5.1

2017

5,233

$286,000

2,070

4.7

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

9,000

$350,000

8,000

$300,000

7,000 $250,000

6,000 5,000

$200,000

4,000

$150,000

3,000

$100,000

2,000 $50,000

1,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 6.0

5.0

4.0

3.0

2.0

1.0

0.0 2017

2018

2019

2020

2021

No 119

BRITISH COLUMBIA, CANADA

THE RED PAPER 2021

VANCOUVER

Spreading Their Wings When you can golf, ski, bike and swim all in the same day, your city is bound to be a hotspot. Vancouver single-family home transactions were up 36% and the median price was up 11% year over year. The big spike in demand caused a shift in consumer behavior. More families and millennial buyers were driven from the city center by high prices and headed to secondary markets on the outskirts in search of single-family homes with more square footage. They sought room to accommodate the pandemic-fueled buyer trends we call the Four P’s: Pregnancy, Puppy, Peloton and Property. As they shifted from renters to homeowners, these buyers sought home offices, gyms, space for children and a yard for the dog, all within close reach of Vancouver’s incredible outdoor recreation. New product was hard to find with few new development offerings hitting the market. As for the townhome and condo market, transactions were up 50% year over year. The price per square foot remained high, driving new floor plan designs smaller to accommodate buyers seeking more affordable pricing. Rentals were extremely difficult to come by as demand remained high and supply low. Seasonality plays a large part in Vancouver’s housing market, more so than any other market in the region. November and December typically see a dip in sales as snowbirds fly south for the winter, putting off big decisions until after January. What can we expect in 2022? A return to the office in Q3 and Q4 could shift the demand in secondary markets along the Sunshine Coast from Vancouver to Squamish. The market for entry-level product, single-family homes and condos will remain red hot, while a steadying of pricing is anticipated. There is also talk that the BC government may step in with new guidelines for the market by spring.

No 121

VANCOUVER

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

3,053

$2,148,000

$894

1,221

4.8

YoY

36%

11%

10%

-15%

21%

-11%

2020

2,247

$1,935,000

$815

1,012

5.4

2019

1,762

$1,790,000

$750

1,354

9.2

2018

1,620

$1,950,000

$832

1,597

11.8

2017

2,455

$1,998,000

$889

1,479

7.2

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

3,500

$2,500,000

3,000 $2,000,000 2,500 $1,500,000

2,000 1,500

$1,000,000

1,000 $500,000 500 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2017

SOURCE: MLSLINK

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

VANCOUVER

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

7,593

$728,000

$1,010

1,959

3.1

YoY

50%

-15%

-3%

-35%

2020

5,051

$700,000

$967

2,020

4.8

2019

4,624

$680,000

$948

1,941

5.0

2018

4,766

$740,000

$1,028

1,475

3.7

2017

6,537

$695,000

$961

1,051

1.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

8,000

$800,000

7,000

$700,000

6,000

$600,000

5,000

$500,000

4,000

$400,000

3,000

$300,000

2,000

$200,000

1,000

$100,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 6.0

5.0

4.0

3.0

2.0

1.0

0.0 2017

2018

2019

2020

2021

No 123

BRITISH COLUMBIA, CANADA

THE RED PAPER 2021

VICTORIA & COWICHAN

Play Where You Live The Vancouver Island lifestyle, from the scenic beaches to the forested hillsides, was too good to resist for Canadian buyers in 2021. In Victoria, demand soared and supply remained low with single-family home transactions rising 12% and the median price climbing 22% year over year. Buyers faced multiple-offer bidding wars, while sellers were hesitant to list without a plan for what and where to buy next. The luxury market was exceptionally strong with 93 sales over the $3M+ mark in 2021 compared to 57 in 2020 and 18 in 2019. Local buyers were joined by buyers from Vancouver, Alberta and Ontario, while travel restrictions and the foreign buyer tax meant little competition from the U.S. Demand for equestrian, recreational properties and resort-inspired homes increased, especially close to lakes and ski resorts. The Cowichan and Nanaimo areas saw a 26% increase in the median price of single-family homes. Less travel among Canadians meant they were spending more time and money on upgrading their properties and enhancing their lifestyles by buying boats and motor homes to enjoy some of the best weather in Canada. In Victoria and beyond, the swimming pool became a hot commodity, despite the short summer season. As for rentals, there was little to be found throughout the marketplace. The lack of inventory is expected to continue in 2022 as sellers remain hesitant to list. Demand will likely remain high, especially in the luxury market, as buyers continue to seek more space and acreage to enjoy.

No 125

VICTORIA

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,986

$1,160,000

$521

109

0.7

YoY

12%

22%

16%

-53%

-42%

-48%

2020

1,775

$949,900

$449

187

1.3

2019

1,576

$855,000

$417

263

2.0

2018

1,613

$877,000

$429

316

2.4

2017

1,758

$859,950

$415

201

1.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,500

$1,400,000 $1,200,000

2,000 $1,000,000

1,500

$800,000 $600,000

1,000

$400,000

500 $200,000 $0

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 2.5

2.0

1.5

1.0

0.5

0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

VICTORIA

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

2,302

$485,000

$599

152

0.8

YoY

32%

12%

14%

-40%

-55%

-66%

2020

1,742

$433,000

$527

336

2.3

2019

1,674

$424,000

$492

341

2.4

2018

1,622

$415,000

$482

266

2.0

2017

1,904

$370,000

$430

161

1.0

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

2,500

$600,000

$500,000

2,000

$400,000 1,500

$300,000 1,000

$200,000 500

$100,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

2018

2019

2020

2021

No 127

NANAIMO & COWICHAN

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,604

$740,000

$355

111

0.8

YoY

11%

26%

-30%

-21%

-29%

2020

1,446

$585,819

$281

141

1.2

2019

1,298

$549,950

$270

293

2.7

2018

1,544

$524,898

$267

347

2.7

2017

1,712

$480,250

$243

238

1.7

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,800

$800,000

1,600

$700,000

1,400

$600,000

1,200

$500,000

1,000 $400,000 800 $300,000

600

$200,000

400

$100,000

200 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.0

2.5

2.0

1.5

1.0

0.5

0.0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

NANAIMO & COWICHAN

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

464

$360,000

$391

0.5

YoY

34%

22%

14%

-38%

-79%

-85%

2020

347

$293,895

$344

3.4

2019

356

$303,190

$347

114

3.8

2018

364

$269,450

$310

2.3

2017

354

$232,750

$248

1.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

500

$400,000

450

$350,000

400 $300,000

350

$250,000

300 250

$200,000

200

$150,000

150 $100,000

100 $50,000

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 129

O N TA R I O , CANADA

THE RED PAPER 2021

TORONTO, WATERLOO REGION & OAKVILLE

A Record Year Lack of inventory is still the catalyst fueling Toronto’s steep prices, which increased significantly in 2021. Residents of Ontario’s capital city met a new single-family home average price of $2.53M, a 13% increase over 2020. Demand couldn’t be satiated with inventory dropping significantly. It was a record-breaking year in terms of the number of homes sold and average price increase. Condominium sales were strong, with the number of transactions rising 50% year over year. Toronto is always a hotspot for international buyers, but this year, more locals purchased in their home city than ever before. It’s no wonder; with an abundance of entertainment and arts, this city is a vibrant, multicultural hub. In Waterloo Region, the median price for singlefamily homes rose 27% and 29% for condominiums. The picturesque town of Oakville was also in high demand, seeing a large dip in inventory and a 22% rise in the median price for a single-family home. Some buyers were looking to downsize, but many focused on upgrading their homes. While travel remained stagnant due to pandemic precautions, homeowners invested time, energy and money into their current properties, undergoing extensive renovations. Technology and lighting upgrades were at the top of their lists, and they were willing to pay top dollar for these enhancements. 2022 is expected to look similar to this past year, with Ontario real estate still on fire and low mortgage rates giving buyers even more reason to make a move. The international buyer will be back on the scene as borders continue to re-open.

No 131

TORONTO

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

AVERAGE PRICE

AVERAGE DOM

MONTHS OF INVENTORY

2021

3,272

$2,528,998

1.7

YoY

22%

13%

495%

-40%

2020

2,691

$2,239,213

2.9

2019

2,506

$2,061,422

4.1

2018

2,197

$2,091,495

4.3

2017

2,805

$2,318,057

2.5

SALES BY YEAR

AV E R A G E S A L E S P R I C E B Y Y E A R

3,500

$3,000,000

3,000

$2,500,000

2,500

$2,000,000

2,000 $1,500,000 1,500 $1,000,000

1,000

$500,000

500 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

SOURCE: STRATUS DATA SYSTEMS, TRREB

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

TORONTO

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

AVERAGE PRICE

AVERAGE DOM

MONTHS OF INVENTORY

2021

14,639

$754,391

1.4

YoY

50%

-10%

-54%

2020

9,735

$729,434

2.9

2019

10,359

$695,647

1.6

2018

10,612

$656,275

1.6

2017

12,801

$600,551

1.3

SALES BY YEAR

AV E R A G E S A L E S P R I C E B Y Y E A R

16,000

$800,000

14,000

$700,000

12,000

$600,000

10,000

$500,000

8,000

$400,000

6,000

$300,000

4,000

$200,000

2,000

$100,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2021

No 133

C A M B R I D G E , K I T C H E N E R & WAT E R L O O

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

2021

6,090

$800,000

$525

YoY

12%

27%

30%

-13%

2020

5,430

$629,000

$404

2019

5,033

$530,000

$365

2018

4,798

$487,500

$339

2017

5,815

$465,000

$326

SALES BY YEAR 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2017

2018

2019

2020

2021

2020

2021

MEDIAN SALES PRICE BY YEAR $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2017

SOURCE: CORELOGIC

2018

2019

THE RED PAPER 2021

C A M B R I D G E , K I T C H E N E R & WAT E R L O O

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

2021

3,253

$549,000

$755

YoY

22%

29%

102%

-42%

2020

2,661

$424,450

$374

2019

2,362

$371,425

$327

2018

2,372

$340,000

$297

2017

2,403

$320,000

$277

SALES BY YEAR 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2017

2018

2019

2020

2021

2020

2021

MEDIAN SALES PRICE BY YEAR $600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0 2017

2018

2019

No 135

OAKVILLE

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

1,803

$1,661,000

$705

0.1

YoY

10%

22%

10%

-60%

-75%

-77%

2020

1,635

$1,361,000

$641

0.6

2019

1,465

$1,199,000

$640

206

1.7

2018

1,430

$1,155,000

$584

317

2.7

2017

2,105

$1,252,000

$628

285

1.6

SALES BY YEAR 2,500

2,000

1,500

1,000

500

0 2017

SOURCE: CORELOGIC

2018

2019

2020

2021

THE RED PAPER 2021

MEDIAN SALES PRICE BY YEAR $1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0 2017

2018

2019

2020

2021

No 137

QUEBEC, CANADA

THE RED PAPER 2021

MONTREAL

On the Fast Track The second most populous city in the country, Montreal is Canada’s economic and cultural hub, merging French and English culture throughout its distinct neighbourhoods. High demand sent the median price for a singlefamily home up 20% year over year, while the number of condo transactions rose 31%. With the fast pace of real estate in 2021, Montreal brokers leveraged pocket listings to see if they could get traction quickly before coming to market. Still, buyers tried to go the emotional route to nab the winning offer, often submitting a resume with their photo and personal story to entice the seller. Montreal buyers remained largely local, with Chinese investors slowing their pace due to the challenges of the pandemic. A recordhigh number of new developments came to life in 2021, with soaring demand for rentals pushing developers for more. Renters sought amenities such as a gym, pool, easy access to parking and storage for delivered packages. Some buyers flocked to the country, seeking the delights of mountain living with their new flexible work schedule. The Montreal real estate market won’t likely be changing its tune in the immediate future, and more of the same is expected in 2022: prices on the rise, insatiable demand and limited supply. Buyers will likely remain hesitant to sell with so little to purchase, continuing a vicious standoff between supply and demand. If interest rates go up in the second quarter of the year, shifts may happen in the market, but only time will tell.

No 139

MONTREAL

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

5,916

$710,000

1,003

2.0

YoY

-4%

20%

-20%

-16%

-12%

2020

6,193

$593,000

1,196

2.3

2019

6,005

$515,000

1,505

3.0

2018

5,982

$480,000

1,730

3.5

2017

6,246

$447,000

1,814

3.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

7,000

$800,000

6,000

$700,000 $600,000

5,000

$500,000 4,000

$400,000 3,000

$300,000 2,000

$200,000

1,000

$100,000

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2017

SOURCE: CENTRIS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

MONTREAL

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

20,413

$419,000

5,452

3.2

YoY

31%

22%

-31%

-47%

2020

15,610

$388,000

7,875

6.1

2019

16,028

$340,000

4,440

3.3

2018

15,507

$310,000

5,070

3.9

2017

14,520

$295,513

6,807

5.6

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

25,000

$450,000 $400,000

20,000

$350,000 $300,000

15,000

$250,000 $200,000

10,000

$150,000 $100,000

5,000

$50,000 $0

0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2017

2018

2019

2020

2021

No 141

N AYA R I T, MEXICO

THE RED PAPER 2021

PUERTO VALLARTA & PUNTA DE MITA

The Dream Can’t Wait Why wait until tomorrow when you can enjoy paradise today? That was the sentiment among buyers who flocked to Mexico’s scenic Pacific Coast, leading to a surge in transactions in 2021 over the previous year. The number of single-family home transactions rose 30%, with the median price soaring 95%. Condos were the hottest commodities, with transactions rising 93%, followed by single-family homes and undeveloped land. U.S. buyers hailed from California, Texas and Seattle, while more Mexican nationals from Mexico City and Guadalajara invested in the market, with the new road from Guadalajara to Puerto Vallarta set to cut down on travel time from the city. Sought-after architectural styles varied, with Mexican buyers seeking more sleek, modern designs in the hotel and marina zones. Buyers from the U.S. were drawn to contemporary designs that were infused with authentic Mexican charm. Among the hotlist of amenities were pools, elevators, pet-friendly options and expansive terraces. Buyers also invested in income properties they could enjoy for vacation and rent out for the rest of the year. The demand for long-term rentals in the three- to six-month range was up as people extended their stays to work from the coast. In 2022, a very active high season is expected, especially as more international buyers, specifically those from Canada, return to the market.

No 143

P U E RTO VA L L A RTA & P U N TA D E M I TA

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

143

$325,000

$120

197

116

9.7

YoY

30%

95%

26%

-12%

-20%

-38%

2020

110

$167,000

$95

225

145

15.8

2019

150

$196,500

$97

163

219

17.5

2018

129

$215,000

$91

292

216

20.1

2017

$200,000

$87

225

271

33.5

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

160

$350,000

140

$300,000

120

$250,000

100 $200,000

80 $150,000

60 $100,000

$50,000

0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2017

SOURCE: FLEXMLS (FBS)

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

P U E RTO VA L L A RTA & P U N TA D E M I TA

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

953

$289,500

$222

177

647

8.1

YoY

93%

16%

-4%

-40%

-8%

-52%

2020

494

$250,000

$233

294

705

17.1

2019

508

$260,284

$220

222

717

16.9

2018

639

$248,660

$215

211

722

13.6

2017

554

$218,250

$181

241

895

19.4

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,200

$350,000 $300,000

1,000

$250,000

800

$200,000 600 $150,000 400

$100,000

200

$50,000

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 25.0

20.0

15.0

10.0

5.0

0.0 2017

2018

2019

2020

2021

No 145

BAJA SUR, MEXICO

THE RED PAPER 2021

LOS CABOS, TODOS SANTOS & LA PAZ

Hotter Than Ever 2021 was the hottest market in the history of Los Cabos. For the first time, it was a seller’s market, with the number of single-family home transactions rising 126% and a median price gain of 49% year over year. Condo transactions soared 192% with a median price gain of 19%. Any backlog in preconstruction and predevelopment inventory also flew off the shelves, while growth expanded further outside the Los Cabos area. The Four Seasons, located over an hour away, had great success in terms of residential sales. The Baja Sur capital of La Paz and the artsy surf town of Todos Santos also saw significant growth in demand for residential offerings. What was once primarily a residential destination for buyers from the U.S. West Coast is now attracting more owners from all over the country, including New York and Chicago. They were joined by Mexican buyers snapping up investment properties to capitalize on the vacation rental industry, which was off the charts in 2021, squeezing out hopes of finding a long-term lease in the area. Buyers across the market were willing to pay a premium for turnkey offerings and leaned more toward contemporary designs that infused Mexican elements throughout. No cooldown is expected in 2022 as buyers priced out of the U.S. market dip their toes in the waters south of the border to take advantage of the income-producing vacation rental market. They may find prices higher than expected as the Baja Sur lifestyle is in increasingly high demand. People looking to rent in the short- or long-term won’t find much available, and will likely have to buy to get in on the action.

No 147

LOS CABOS, LA PAZ & TODOS SANTOS

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

873

$410,000

$201

234

465

6.4

YoY

126%

49%

34%

-11%

-47%

-76%

2020

386

$274,500

$149

263

874

27.2

2019

419

$260,000

$148

245

962

27.6

2018

342

$250,000

$144

266

868

30.5

2017

348

$241,875

$156

285

779

26.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,000

$450,000

900

$400,000

800

$350,000

700

$300,000

600

$250,000

500 $200,000

400

$150,000

300

$100,000

200

$50,000

100 0

$0 2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2017

SOURCE: BCS MLS

2018

2019

2020

2021

2017

2018

2019

2020

2021

THE RED PAPER 2021

LOS CABOS, LA PAZ & TODOS SANTOS

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

950

$290,000

$240

198

704

8.9

YoY

192%

19%

-9%

-39%

-79%

2020

325

$243,000

$202

218

1,160

42.8

2019

417

$250,000

$210

174

957

27.5

2018

285

$259,000

$210

264

783

33.0

2017

315

$200,000

$179

239

680

25.9

SALES BY YEAR

MEDIAN SALES PRICE BY YEAR

1,000

$350,000

900

$300,000

800

$250,000

700 600

$200,000

500

$150,000

400 300

$100,000

200

$50,000

100 0

$0 2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

MONTHS OF INVENTORY BY YEAR 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2017

2018

2019

2020

2021

No 149

Q U I N TA N A R O O , MEXICO

THE RED PAPER 2021

RIVIERA MAYA

An Investor’s Paradise Along the Caribbean coastline on Mexico’s northeastern Yucatán Peninsula, the travel destination Riviera Maya was as hot as ever. Buyers filtered in from the U.S., Canada and Europe, looking to invest their money outside of their own country and take advantage of higher returns on investment with a sizzling rental market at their fingertips. Prices increased but overall remained stable, continuing to offer attractive and affordable opportunities. Although condominiums remained the primary allure for investors, many sought more spacious villa-style living with outdoor spaces this last year. Sellers looked to seize the opportunity to cash in on the appreciated value of their properties. Inland singlefamily residences ranged from $350K to $2.5M in price, while oceanfront residences sold for as high as $10M, demonstrating that buyers were willing to pay a mighty price for luxe locations. Architecture and design continued to grow more creative and alluring to the aesthetically-inclined buyer; the boho-chic style was reimagined with a twist of luxury, intertwining nature-inspired elements with higher-end finishes. More of the same is anticipated in 2022, with more builders catching on to the demand for single-family residences.

No 151

R I V I E R A M AYA

Typical Pricing S I N G L E - F A M I LY R E S I D E N C E S T YPE

SIZE RANGE*

PRICE RANGE

Inland

1,610 - 4,310

$400,000 - $2,500,000

Ocean

1,830 - 5,380

$200,000 - $10,000,000

*SQUARE FOOTAGE INCLUDES OUTDOOR SPACE

Inland

Ocean

$12,000,000

$10,000,000

$8,000,000

$6,000,000

$4,000,000

$2,000,000

$0 0

1,000

2,000

DATA FROM SALLY SUDOL, 12.27.2021. AREAS COVERED ARE: PLAYA, TULUM, AND CANCUN.

3,000

4,000

5,000

6,000

THE RED PAPER 2021

OCEAN CONDOMINIUMS T YPE

SIZE RANGE*

PRICE RANGE

Studio

410 - 540

$150,000 - $400,000

One Bedroom

540 - 700

$250,000 - $450,000

Two Bedroom

700 - 1,180

$350,000 - $750,000

Four Bedroom

3,500 - 7,000

$2,000,000 - $4,000,000

$5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 0

1,000

2,000

Studio

3,000

4,000

One Bedroom

5,000

6,000

Two Bedroom

7,000

8,000

Four Bedroom

INLAND CONDOMINIUMS T YPE

SIZE RANGE*

PRICE RANGE

Studio

410 - 540

$150,000 - $200,000

One Bedroom

540 - 700

$200,000 - $250,000

Two Bedroom

700 - 1,180

$250,000 - $380,000

Three Bedroom

2,500 - 4,000

$350,000 - $600,000

Four Bedroom

3,500 - 4,500

$500,000 - $1,000,000

$1,500,000 $1,000,000 $500,000 $0 0

500

1,000

1,500

2,000

2,500

3,000

Studio

One Bedroom

Three Bedroom

Four Bedroom

3,500

4,000

4,500

5,000

Two Bedroom

No 153

THE CARIBBEAN

Island Life Picks Up the Pace

THE RED PAPER 2021

TURKS & CAICOS

Turks & Caicos told a new story in 2021—a tale of extremely high demand and low inventory. Single-family home transactions soared 167% with the median price rising 51%, while condo transactions saw unprecendented growth year over year, buoyed by the completion of The Ritz-Carlton Residences at Grace Bay. Sales on the 40 picturesque islands typically take 18 months from initial listing to sale, but were expedited to a nine-month timeline due to soaring demand over the last year. Buyers continued to seek out island living for second homes and investment rentals, but they were also looking to spend more time in their island homes with the newfound flexibility of remote work. The result: an increase in hybrid-use homes, occupied by the owner for a significant portion of the year and harnessed as rental income for the remaining months. In general, the rental market was extraordinary. Both long-term and short-term rentals were hot commodities, costing island visitors a pretty penny. The rise of social media wasn’t new to Turks & Caicos this year. As a market that has been leveraging digital marketing strategies for some time now, the sale of homes sight-unseen isn’t unusual. Home office spaces were trending in 2021, with residents shifting their media room or den to stylish but practical workspaces. Solar power is becoming the standard in new development projects, with base packages a prerequisite for sales. Modern homes offered flat, living roofs as a draw for buyers seeking the signature indoor-outdoor island lifestyle. So, what’s ahead for our beloved Turks & Caicos market? Swift and intentional new developments are on their way—both vertical and horizontal in design. The country will likely continue to trend as a coveted oasis for muchneeded relaxation after a particularly trying couple of years across the world.

No 155

TURKS & CAICOS

Single-Family Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

219

$1,210,000

$380

219

177

9.7

YoY

167%

51%

19%

17%

2020

$800,000

$320

187

2019

$725,000

$303

278

2018

$750,000

$344

260

2017

$750,000

$287

450

SALES BY YEAR 250

200

150

100

0 2017

2018

2019

2020

2021

MEDIAN SALES PRICE BY YEAR $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2017

2018

SOURCE: TURKS AND CAICOS REAL ESTATE ASSOCIATION

2019

2020

2021

THE RED PAPER 2021

TURKS & CAICOS

Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE

MEDIAN PPSF

MEDIAN DOM

ACTIVE UNITS

MONTHS OF INVENTORY

2021

122

$590,000

$386

192

144

14.2

YoY

110%

-18%

-9%

2020

$575,000

$468

212

2019

$445,000

$393

146

2018

$436,250

$356

244

2017

$485,000

$413

257

SALES BY YEAR 140 120 100 80 60 40 20 0 2017

2018

2019

2020

2021

MEDIAN SALES PRICE BY YEAR $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2017

2018

2019

2020

2021

No 157

EUROPE

THE RED PAPER 2021

THE NETHERLANDS

Up, Up and Away

Prices (and emotions) were on the rise in Amsterdam on a weekly basis in 2021. While home to the European headquarters of some of the world’s largest companies, this global city offers an appealing smalltown charm to prospective buyers, and the market was red hot this last year. Buyers were willing to pay top dollar for Amsterdam properties, but not without a fight. They had to put on their boxing gloves and hop in the ring in order to outbid other buyers—even with cash on hand. The median price for single-family and condominium properties rose 12% year over year. Buyers remained mostly young and successful local couples over the last year. They had their sights set on homes that accommodated remote work with extra space. If they couldn’t find the space they needed in the city, they headed to the outskirts and the nation’s secondary markets. Additionally, sustainability and energy efficiency were top of mind, and homes with green features went fast. The real estate crystal ball suggests that prices aren’t dropping in the Netherlands anytime soon, even if the pandemic finally peters out.

No 159

AMSTERDAM

Single-Family & Condominium Residences 5-YEAR MARKET OVERVIEW YEAR

SALES

MEDIAN PRICE (€)

MEDIAN PPSM (€)

MEDIAN DOM

2021

6,248

€544,733

€7,050

YoY

-17%

12%

22%

-4%

2020

7,553

€484,622

€5,757

2019

7,223

€460,801

€5,450

2018

6,176

€426,120

€5,293

2017

7,493

€365,365

€4,694

SALES BY YEAR 8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0 2017

2018

DATA FROM KARINA NIPPERUS, 12.20.2021. AREA COVERED IS AMSTERDAM.

2019

2020

2021

THE RED PAPER 2021

MEDIAN SALES PRICE BY YEAR € 600,000

€ 500,000

€ 400,000

€ 300,000

€ 200,000

€ 100,000

€0 2017

2018

2019

2020

2021

No 161

THE AGENCY DEVELOPMENT GROUP

Year in Review 2021 was the year to play catch-up for developers and home builders across the marketplace. Demand pent up fast and furiously during the pandemic-induced, nine-month pause in construction. The year brought little relief as developers faced rising construction costs, labor shortages and supply chain lags. Even if the product was finished, the furnishing packages, finishes and appliances were delayed. Developers had to shift quickly, and those with available inventory won the day. Several trends emerged as buyers sought more turnkey, concierge service offerings, both for their primary and vacation homes. Hotel brands were increasingly stepping into the residential market, building highly serviced homes without an attached hotel component. So began the trend

of everything being branded, from bicycle rooms to gym equipment. Lobby spaces increased in size as buyers wanted room for concierges to accept and store their packages, or place them inside their homes. On-site and in-residence dining was another prime request, leading more restaurant brands to wade into the residential business. For developers, the focus was less on the size of the amenity spaces, such as the gyms, movie theaters and pools, but rather on how those spaces would be programmed and serviced. After years of discussion, the integration of tech and energy efficiency finally came to life. Buyers cared deeply about the health of their living space, wanting optimal airflow and resource efficiency. Rather than buildings with a few electric vehicle charging stations, now more homes tend to include one. Another trend here to stay: Buyers are more informed, on the move and hyper-connected. Savvy developers understood this and responded, creating apps for their buildings so owners could unlock the door for their housekeeper, call the valet and schedule food delivery all at the touch of a button and

As for the homes themselves, buyers sought larger floor plans, an elevated level of finishes and expanded outdoor living spaces. The ultra-modern design style was less typical, as buyers sought a more transitional modern design aesthetic that embraced the culture and environment of their location. Still untethered from their places of employment, buyers could explore new locations and split their time, spending summer in the mountains and winter by the beach. With multiple properties, they craved less upkeep—another reason why turnkey offerings were the star of the show. Investment properties also made sense, as the shortage in housing sent rent prices in the most desirable markets soaring. As for the year ahead, relief in construction lags and supply chain delays is hoped for and anticipated, while prices may not budge much. The new development sector will continue to evolve out of pandemic norms, seeing a return in demand for townhomes, condos and apartments. After all, in many markets, the only option is to build up. As for buyers, baby boomers looking to retire in the next five to ten years are motivated to purchase new development offerings now in fantastic markets within close reach of dining, shopping and cultural experiences. Millennial buyers tend to buy differently, purchasing vacation homes in great areas and renting where they live. Growing up in a leasing economy, they are less tied to their assets, which is a great indicator for the luxury leasing business.

Spotlights M A N D A R I N O R I E N TA L R E S I D E N C E S B E V E R LY H I L L S The Mandarin Oriental Residences is one of the first new condominium buildings to be constructed in Beverly Hills in over a decade. The brand’s first stand-alone residential concept in the U.S. features 54 residences at 9200 Wilshire Boulevard and offers “the legendary services of a great hotel with none of the guests.” Owners will enjoy concierge services and the only private owners’ rooftop pool, lounge and bar in Beverly

Hills. World-renowned, Michelin-starred Chef Daniel Boulud will make his West Coast debut at the property, operating the rooftop bar, inhome dining and two restaurants at the base of the property. Luxury design studio 1508 London oversaw the residential design and will offer curated, turnkey furniture packages. Pre-selling has begun with the first closings expected in 2022.

THE RED PAPER 2021

without having to interact with another person.

Learn more at MO-ResidencesBeverlyHills.com

A S C AYA Situated in the mountains above the Las Vegas Valley, Ascaya features a collection of over 300 luxury homesites with custom homes and sweeping views of the Strip. Offering absolute privacy, the residential community boasts contemporary design masterpieces and worldclass lifestyle amenities. Henderson, Nevada, where Ascaya is located, has recently seen an influx of buyers attracted to its thriving economy, outdoor recreation, fantastic weather and stunning landscapes, located within close reach of nationally recognized schools and entertainment. In 2021, total sales reached $94.7M for the year, more than triple the year prior and well above the $60.46M sold within the exclusive community between 2014 and 2020. Learn more at Ascaya.com

M AYA K O B A Mayakoba is a 620-acre, gated resort community located on the pristine shores of Riviera Maya, Mexico. Home to white-sand Caribbean beaches, pristine lagoons, rolling green fairways and leafy mangroves, Mayakoba features two hotel-branded residential offerings: Fairmont Residences and Rosewood Residences. Owners enjoy world-class amenities and services, including beach clubs, award-winning spas, kids’ clubs, a championship PGA golf course, dive center, nature trails and over 25 dining options, all located just moments from home. In 2021, nearly $30M of real estate was sold within the gates, more than in the six years prior, a testament to the appeal of the highly serviced, amenity-rich lifestyle that hotel-branded residences can offer. Learn more at Mayakoba.com

No 163

THE AGENCY HIGHLIGHTS

An Eventful Year THE AGENCY GLOBAL FORUM 2021 Together at last. After nearly two years apart, The Agency team gathered from around the world for three inspiring days in Palm Desert. The Agency (literally) painted the town red with brand activations throughout the Palm Springs airport and the JW Marriott. Epic reunions, guest speakers, panels, and workshops led to the event’s pinnacle—The Agency’s TenYear Anniversary Celebration. Hundreds of agents gathered under the stars on the sprawling resort event lawn to toast the last decade of success, enjoy a photo booth and dance the night away to DJ music, including a spin session by our own Jon Grauman. The night culminated with a surprise finale of fireworks, glowing The Agency’s signature red across the desert sky.

12 OFFICE OPENINGS IN ONE YEAR The Agency’s global expansion hit a fever pitch with a company record of 12 new offices in one year, making us one of the fastest-growing boutique luxury real estate franchise brands in the industry. Welcome to the family Oakville, New Canaan, North Shore—New York, Calgary, Vancouver, Boston, Maui, Las Vegas, Denver, Studio City, Pacific Palisades, the Netherlands and up next, Montreal!

No 165

879 AGENTS STRONG

COUNTRIES

OFFICES

48 5 5,873 DEAL SIDES CLOSED

THE RED PAPER 2021

NEW OFFICES J O I N E D O U R FA M I LY

$1.92M $12.8M 41%

AV E R A G E SALES PRICE

( 11% OVER 2020 )

AV E R A G E S A L E S PER AGENT ( 29% OVER 2020 )

INCREASE OF S TA F F A N D A G E N T S

$11,272,361,774 IN SALES VOLUME AND COUNTING ( 69% OVER 2020 )

No 167

RELOCATION DEPARTMENT

Your Global Connection A new year, a new division. In 2021, The Agency launched its Relocation Department, offering our brand of boutique, concierge-style service to clients and agents all over the world. Led by Relocation Director Rachel Guerin, the internal team pairs clients with an accredited relocation specialist in each market to ensure exceptional, turnkey service from start to finish. The team brokers and nurtures relationships with companies and real estate professionals worldwide, connecting those on the move with reliable experts representing a global network of premier properties.

The launch of our Relocation Department is another great milestone for The Agency as we continue to grow both our footprint around the world and our experienced leadership team. MAURICIO UMANSKY Founder & CEO

No 169

The (Not So) Humble Brag The Agency ranked number 247 in the Inc. 5000 Regionals List of the Fastest Growing Private Companies in California

247

The Agency was recognized as one of Inc. 5000’s Fastest-Growing Private Companies in America for the 6th Consecutive Year

6T H

MOST I NFLUE N T I A L

FAS T ES T G R OW ING

Mauricio Umansky was named among the most influential real estate executives by Swanepoel

The Agency was ranked as one of Americas’ Fastest Growing Companies in 2021 by Financial Times

TOP BROKERA GE

S O CIAL M ED IA W INN ER

The Agency was named a Top Brokerage in the 2021 Mega 1000

The Agency was named as a 2021 Social ShakeUp Digital + Social Media Award winner

The Agency is proud to be the first residential brokerage to earn the WELL Health-Safety Rating through the International WELL Building Institute (IWBI). By making the health and safety of our agents, clients, staff and communities our primary focus, The Agency has achieved the IWBI’s standard for creating a work environment committed to personal comfort, health and well-being. At home, we create a safe space for ourselves and our loved ones. The Agency ensures that feeling of home extends to the office—where we come together to create, innovate and sell real estate.

THE RED PAPER 2021

T HE A GE N C Y EAR NS IW B I’ S WE L L HE A LTH - S AFET Y R AT IN G The video starring Mauricio Umansky, which was created to debut the partnership, nabbed gold at The Viddy Awards in the health and wellness category for non-broadcast, short-form web videos. Administered by The Association of Marketing and Communication Professionals, the international competition recognizes creative excellence across the video industry and this year garnered more than 50,000 entries spanning 100 countries.

TO P 100 HousingWire recognized Rainy Hake Austin as one of the Top 100 Women Influencing Real Estate

FA STEST GROWI N G The Agency was listed among Los Angeles Business Journal’s 100 Fastest Growing Private Companies

R A NKED & F I N A L I S T The Agency was ranked among Los Angeles Business Journal’s list of Largest Private Companies 2021 and a finalist for the 2021 International Business Awards

WO M AN O F IN FLU EN CE Rainy was recognized by Bisnow as a Woman of Influence 2021

FINALIST

W INN ER

2021 Inman Golden | Club Top Luxury Brokerage

2021 Inman Golden | Club Top Luxury Agent, Santiago Arana No 171

Social Media Highlights

If 2020 launched the trend of social media real estate buying and selling, 2021 solidified it. And as the world’s most-followed residential real estate brokerage with 368,000+ followers on Instagram, The Agency had a busy, successful year on social media indeed. Buyers took to Instagram in search of the perfect home, shopping and touring properties, and in many cases, closing the deal sight-unseen from afar. Virtual tours, visual tech and digital media took center stage as connectivity happened in real-time.

297,477 ACCOUNTS | 22,264 INTERACTIONS

220,000 ACCOUNTS | 14,382 INTERACTIONS

193,785 ACCOUNTS | 10,000 INTERACTIONS

This Beverly Hills stunner represented by Mauricio Umansky and Ben Belack reached 297,477 accounts with 22,264 interactions.

In Paradise Valley, Arizona, this one-acre, resort-style estate represented by Adrian Heyman reached over 220,000 accounts and 14,382 interactions.

This Santa Barbara-inspired estate in Alamo, listed by Jill Fusari, reached 193,785 people, nearly 10,000 likes and thousands of saves.

169,111 ACCOUNTS | 12,032 INTERACTIONS

160,844 ACCOUNTS

A grand Mediterranean-inspired estate, this Bel Air home, listed by Farah Levi and Jessica Michalov, reached 169,111 accounts, with 12,032 people liking, sharing and saving.

Rounding out the top five in Malibu, this chatueau-like oasis represented by Jacob Dadon reached 160,844 people, with thousands of likes, shares and saves.

THE RED PAPER 2021

A R E E L I M PA C T When hundreds of agents and staff descended on Palm Desert for The Agency Global Forum 2021, they took to Instagram to share the love and excitement over the chance to connect and celebrate The Agency’s 10th Anniversary. Reels from the event were watched over 42,000 times with interactions throughout the month reaching into the millions. The Agency had over 2M Instagram Impressions in the month of October alone.

IGTV LIVE HOME TOUR SERIES The Agency’s agents took over Robb Report’s Instagram with their first-ever IGTV live Home Tours series, showcasing their listings across the globe. No 173

In The Press

2,000

In 2021, The Agency Public Relations team secured approximately 2,000 press placements on behalf of the brokerage across local, national, and international publications. The editorial coverage secured by our team of specialists won eight Hermes Creative Awards for their strategic PR campaigns.

Press placements over 12 months

PR Awards

100+

Articles focused on The Agency’s growth

80+

Trend and feature articles secured in Mansion Global

Articles in The Wall Street Journal & The New York Times

50+

30+

120+

25+

Features in the LA Times

Byline features in Inman by The Agency executives and principals

THE RED PAPER 2021

35+

Articles in Robb Report

Articles in Architectural Digest

No 175

Philanthropy The Agency community around the globe came together in the spirit of giving throughout 2021, working alongside our charitable partner Giveback Homes. Since its founding in 2013, Giveback Homes has been dedicated to creating social change around the world. The Agency was the first real estate brokerage to join the organization on its mission to change lives and build stronger

communities. Together, we’ve been creating hope, fundraising, mobilizing teams of volunteers and building homes for families and individuals worldwide. The Agency’s global team of real estate professionals comes together in each market to make a difference and support a wide range of organizations, community events and initiatives through our The Agency Gives campaign.

G I V E B A C K H O M E S B U I L D D AY S From coast to coast, The Agency family donned hard hats and swung hammers to help build homes for families in need. Build days occurred in Park City, Aspen, NorCal, Arizona, D.C. Metro and Los Angeles.

WE LOVE OUR CITY(S)! The Agency team rolled up their sleeves to clean up beaches, parks and schools in our global cities from L.A. to Aspen, D.C. to Amsterdam, Florida to Maui and Los Cabos.

OVER THE EDGE The Agency partnered with the Los Angeles Union Rescue Mission for the annual Over the Edge fundraising event, when our team members rappelled from the roof of the Hilton hotel to raise $20,000 for people experiencing homelessness.

O T H E R O R G A N I Z AT I O N S W E T O U C H E D T H R O U G H O U T 2 0 2 1 Alexandria House

Synergy School

The Princess Margaret Cancer Centre

American Red Cross

Feeding America

Make-A-Wish Foundation

World Central Kitchen

Denver Children’s Home

Casa Hogar Cabo

LA Women’s Shelter

HeroWork Canada

Food Bank of Waterloo Region

If you’d like to support The Agency’s global initiatives, you can do so by making a tax-deductible donation at TheAgencyGives.com. No 177

THEAGENCYRE.COM

The Red Paper – The Agency Report 2021 (this “Report”), and the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the “Information”) is the property of The Agency Holdco, Inc. or its subsidiaries (collectively, “The Agency”), and is provided for informational purposes only. The Information may not be modified, reverse-engineered, or reproduced, in whole or in part without prior written permission of The Agency. The Agency reserves all rights in the Information and the Report. This Report contains general information about The Agency and its franchisees and its and their undertakings from time to time, including without limitation information related to the real estate markets in which it and they do business and the real estate industry generally. The data, estimates, and views expressed in this Report are based upon past or current market conditions and/or data and information provided by public sources, unless otherwise identified in the Report. Although every effort has been made to assure the accuracy of the data contained in this Report, The Agency makes no warranty or representation, either expressed or implied, with respect to quality, performance, or fitness for a particular purpose. Certain information set forth in this Report contains forward-looking statements that are based on The Agency’s and its franchisee’s current internal expectations, estimates, projections, assumptions and beliefs, and which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as anticipate”, “believe”, “plan”, “estimate”, “expect”, “predict”, “intend”, “will”, “may”, “could”, “would”, “should” and similar expressions intended to identify forward-looking statements. These statements are not guarantees of future performance of the real estate market. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements. As such, undue reliance should not be placed on any forward-looking statement. The information contained in this Report should not be relied on for, investment, tax, legal or financial advice. Any reliance placed on this Report is done entirely at the risk of the person placing such reliance. In no event will The Agency or its franchisees be liable for direct, indirect, special, incidental, or consequential damages arising out of the use or inability to use this Report.