2019 Annual Report
+ TABLE OF CONTENTS
05
37
THE AGENCY: 2019 YEAR IN REVIEW
S O U T H E R N C A L I F O R N I A M A R K E T O V E RV I E W
07
48
OUR MILESTONES
A R I Z O N A M A R K E T O V E RV I E W
11
52
AWARDS & ACCOLADES
MEXICO MARKET OVERVIEW
13
58
PUBLIC RELATIONS
PA R K C I T Y M A R K E T O V E R V I E W
17
62
OUR GROWTH
S O U T H F LO R I D A M A R K E T O V E R V I E W
19
66
T H E A G E N C Y C R E AT E S
TURKS & CAICOS MARKET OVERVIEW
21 T H E A G E N C Y D E V E LO P M E N T G R O U P
23 BRITISH COLUMBIA MARKET OVERVIEW
29 N O RT H E R N C A L I F O R N I A M A R K E T O V E RV I E W
The Agency: 2019 Year in Review The Agency was born from one simple idea. We can do things better. We can modernize the process of buying and selling real estate. We can offer a new way of doing business that drives results for our clients and agents. Here we are, eight years since our inception, taking stock of how far we’ve come. Our culture has set us apart from the rest of the industry. No matter what office you work with, the same feeling of partnership, passion and family remains consistent. We’ve created a place where people want to come to work each day. Where each agent and client is backed by a team of international real estate advisors. This support extends to every division of the company, from marketing to tech, new development to residential sales. In 2019, The Agency had many record-breaking sales in Los Angeles and beyond. Our office had the highest sale in Northern California’s East Bay—3114 Blackhawk Meadow Lane in Danville sold for $7 million. In Encino, The Agency sold 16144 High Valley Place, which created a new record when it sold for $10.8 million, but was soon eclipsed by our sale of 17100 Rancho for $20 million. In Canada’s Cordova Bay, our agents achieved the area’s highest selling price for a single-family home in 2019 with 1104 D’Arcy Lane, which sold for $3,095,000. During the year, we cornered 22% of the market share with only 1% of the agents in Los Angeles. We took our model for the industry and continued our expansion to new markets, from Orange County to Aspen, La Paz to Healdsburg. We were named among Inc. 5000’s list of fastest-growing private companies in the country for the fourth consecutive year. Surpassing 270,000 followers on Instagram, we became the most followed real estate brokerage in the world. None of this would have happened if we didn’t hyper-focus our global expertise in each market we represent—hiring only the best local agents and maintaining our boutique approach every step of the way. Our biggest source of pride has always been our people—we value every member of The Agency team and the clients who influence our every move. Each day, we come to work grateful, inspired and driven to further our mission on behalf of the agents and clients who’ve placed their trust in The Agency. And we’ll never take our mission lightly.
BILLY ROSE
MAURICIO UMANSKY
Founder + President
Founder + CEO
In 2019, The Agency proved we can go global and still be local — just as we always intended.
NO. 5
The Agency Global Forum 2019 MARKED THE LAUNCH OF THE AGENCY’S INAUGURAL GLOBAL FORUM
THE AGENCY REPORT 2019
This two-day conference brought together hundreds of agents from across the U.S., Canada, Mexico and the Caribbean, as well as leading industry specialists and paradigm-shifting innovators. Agents networked and attended workshops led by some of the best and brightest minds in real estate today, including Clara Capano of Ninja Selling, digital marketing expert James Rembert and The Agency's Principal Santiago Arana. The Agency’s Co-Founders, CEO Mauricio Umansky and President Billy Rose, gave a rousing company address in which they reflected on the past eight years and looked to the future. “This company was built for agents, by agents,” Mauricio said. “It’s so important to surround yourself with great people—people with passion and grit—who will lift you up. We are meant to be the few. And what makes us special is how we all come together.” After a spirit-lifting performance from L.A. gospel-pop choir, RAISE, the Forum concluded with an inspiring closing keynote address from bestselling author, entrepreneur, and ESPY award-winning mixed martial arts athlete, Kyle Maynard.
NO. 7
We Like to Keep Things Eventful
THE AGENCY REPORT 2019
In between setting record-breaking sales numbers and growing our roster of agents across the country, The Agency team still found time for fun. Highlights included our summertime Anniversary Party, our first-ever staff kickball game, a high-energy beach clean-up in Santa Monica, 1895 Rising Glen’s star-studded debut fete, a lively ShoreBar happy hour that benefited Giveback Homes, an unforgettable backyard party at Brentwood’s 227 N. Tigertail (complete with synchronized swimmers) and the toastworthy opening of our Healdsburg office in Northern California wine country.
NO. 9
Awards and Accolades THE AGENCY TEAM PICKED UP A NUMBER OF AWARDS IN 2019
5 of our Agents named to REAL Trends Inc.’s ranking of the 50 Top Real Estate Professionals and Teams 42 ranked among REAL Trends Inc.’s America’s Best The Hollywood Reporter named Santiago Arana, Sandro Dazzan, David Parnes and James Harris and The Umansky Team (Mauricio Umansky, Farrah Brittany and Eduardo Umansky) among Top 30 Real Estate Agents in Hollywood The San Francisco Business Journal named Tracy McLaughlin among the Most Influential Women in Business
THE AGENCY REPORT 2019
Michelle Schwartz was selected by L.A. Biz as a Women of Influence Honoree The Los Angeles Business Journal recognized Mauricio Umansky and Santiago Arana among the publication’s exclusive LA 500 for 2019 Our PR team was honored with the Hermes Creative Award for the third consecutive year The Agency Commercial Advisory division was honored by the Los Angeles Business Journal Shane Farkas, The Agency Chief Operating Officer & Chief Technology Officer, was named a finalist in the Rising Star category of the publication’s esteemed CTO awards The Agency was named one of L.A.’s 100 Fastest-Growing Private Companies by The Los Angeles Business Journal T3 Sixty’s Swanepoel Mega 1000—a brokerage and franchise rankings report—ranked The Agency Number 21 among the Nation’s Top 1,000 brokerages For the second year in a row, Mauricio Umansky was recognized by Swanepoel Power 200 as one of the most powerful and influential leaders in residential real estate The Agency Arizona’s Marilyn Cavanaugh was honored at the 5th Annual Scottsdale Women’s Council of Realtors Top Women in Real Estate event For the fourth year in a row, The Agency ranked on Inc. 5000 ’s list of Fastest-Growing Private Companies in America, also making a significant jump in rank this year, from number 3,947 in 2018 to number 3,174
#HUMBLEBRAG
13 agents named among Real Trends Inc.'s The Thousand 2019 featured in The Wall Street Journal As advertised by The Wall Street Journal and REAL Trends
TEAMS
SANTIAGO ARANA
The Umansky Team
SANDRO DAZZAN
MAURICIO UMANSKY
AILEEN COMORA
EDUARDO UMANSKY
TRACY MCLAUGHLIN
FARRAH BRITTANY
PAUL LESTER
The Harris & Parnes Team
BLAIR CHANG
JAMES HARRIS
JON GRAUMAN
DAVID PARNES
CRAIG KNIZEK
NO. 11
INDIVIDUALS
Public Relations 2019 WAS A LANDMARK YEAR FOR THE AGENCY
THE AGENCY REPORT 2019
From our hometown paper (the L.A. Times) to international publications and beyond, The Agency enjoyed a year jam-packed with exceptional press coverage.
The Agency PR team secured 2,096 media placements in 2019 The outlets included: GQ Magazine Haute Residence Herald Sun JustLuxe Ideal Home Inman InMexico Interior Design KTLA Los Angeles Daily News Los Angeles Magazine Luxury Magazine Mansion Global Maxim Mexico News Daily Modern Luxury Modesto Bee MSN NBC Nob Hill Gazette Ocean Home Magazine Observer Ok! Orange County Business Journal Orange County Register Palm Springs Life Penta People Radar Online Realtor.com Refinery 29 Robb Report Robb Report Singapore
Salt Lake Tribune Santa Barbara Life & Style San Diego Union Tribune San Francisco Chronicle South China Morning Post The Chicago Tribune The Daily Mail The Financial Times The Guardian The Hollywood Reporter The Los Angeles Business Journal The Los Angeles Times The Miami Herald The New York Post The New York Times The Real Deal The Sun Sentinel The Sunday Times The Wall Street Journal The Washington Post TMZ Travel + Leisure Travel Weekly Travel Pulse Toronto Star Unique Homes US Weekly USA Today Variety Veranda Vogue Yachts International Yahoo!
NO. 13
Access Hollywood Apartment Therapy Architectural Digest Artful Living Aspen Times Bella Magazine Bloomberg Bravo Business Insider Calgary Herald California Home + Design Caribbean Journal City & Shore Magazine CNBC Cosmopolitan Cottages & Gardens Country & Town House CSQ Magazine Curbed DIGS Magazine DuJour Dwell E! News Elle DĂŠcor Entertainment Tonight Entrepreneur Financial Times Forbes FORE Magazine Fox News Galerie Magazine Globe Street Good Housekeeping
On the Record + MAURICIO UMANKSY
“My advice for anyone who’s looking to start their own real estate business is to be confident in their decisions and soak up as much knowledge of the market as possible and don’t be afraid to fail. Maintaining that fire and tenacity is crucial in order to be successful and offer your clients the best service possible.”
THE AGENCY REPORT 2019
+ DAVID PARNES
“To crack the market in Bel Air, James [Harris] and I would literally play rock, paper, scissors to determine who would have to cold-knock on the door to find new clients. We’d be parked outside Keanu Reeves’ and Leonardo DiCaprio’s house playing the game. I remember having to walk up to Dr. Dre’s house and ring the bell. I was petrified and I could see James in the car laughing his head off. But that’s how we broke in.” + BILLY ROSE
“We’ve done analyses in the past in Los Angeles that showed if you’ve owned anywhere in the city for any seven-year period of time, you’ve always made money.” + SANTIAGO ARANA
“I believe in life, there are moments. I believe that we shape our lives and our destinies by the decisions we make—the good ones and the bad.”
OUR AGENTS IN THE PRESS
+ RACHEL SWANN
“When buyers are looking, they look for what is not commonplace; they look for the diamond in the rough— something you keep in a collection, something with a story or iconic aspect to it.” + IAN HURDLE
+ TRACY MCLAUGHLIN
“The Agency is a company that I have long admired for its collaborative spirit and marketing prowess. Mauricio Umansky and Billy Rose created a firm that is one of the most innovative in the real estate industry, and I am honored to be leading operations in Marin County.” + BERNARDO MUCINO KOENIG
“The Agency in Los Cabos has revolutionized the real estate market in the region, and it has been a pleasure to bring to Mexico the collaborative philosophy and unique culture our firm represents.”
NO. 15
"We are seeing investors flocking to our shores, who recognize the value that our contemporary beachfront product offers versus the rest of the Caribbean and who love the symbiosis our low-density luxury lifestyle in tandem with our friendly Island community and of course East Coast accessibility.”
OUR RESULTS
THE AGENCY REPORT 2019
THE AGENCY ACHIEVED
Approximately $6 Billion in Sales Volume IN 2019
WE OPENED
8 New Offices OUR TEAM COMPLETED APPROXIMATELY
2,800 Transactions
Honorable Mentions THE AGENCY ARIZONA Over just two years, we tripled our market share in the region. We completed 258 transactions. This was an increase of 49% over 2018.
THE AGENCY VANCOUVER ISLAND, BRITISH COLUMBIA We made a record-breaking sale—1104 D’Arcy Lane garnered the highest selling price for a Single-Family home in Cordova Bay in 2019, $3,095,000.
THE AGENCY NORTHERN CALIFORNIA We achieved the highest sale in the East Bay in 2019—3114 Blackhawk Meadow Lane, $7 million.
THE AGENCY LOS ANGELES We sold The Manor, achieving the highest recorded sale in Holmby Hills and, as of print, was the second-highest sale in Los Angeles for $120 million.
THE AGENCY TURKS & CAICOS We achieved the highest recorded sale on Long Bay Beach—Triton Villa, $11.5 million. We achieved the highest recorded sale on International Drive—Stargazer, $5 million. We more than doubled our sales volume in 2019.
NO. 17
THE AGENCY REPORT 2019
The Agency Creates
The Agency single-handedly changed the way people buy and sell real estate by adapting to the nature of the global consumer. It was adaptability that was the driving force behind the brokerage’s vision for marketing real estate. The Agency’s in-house creative team excels in the art of branding and marketing real estate, having collaborated on some of the most influential properties in the world. The Agency Creates (TAC) has branded billions of dollars in real estate, from Los Angeles to Los Cabos, San Francisco to Miami. TAC continually innovates fresh ways to present properties to the world, calling on its team of forwardthinking designers and creatives for of-the-moment tactics and compelling strategies.
DIGITAL FOOTPRINT TAC led the charge in establishing The Agency’s powerful owned media network, including social media, website and email marketing, an invaluable asset to our agents and their clients. Surpassing 270,00+ Instagram followers in 2019, The Agency became the most followed brokerage in the world.
WEBSITE TAC led the creation of TheAgencyRE.com, which was envisioned to put the firm’s technology, power and knowledge into the hands of our clients.
NO. 19
THE AGENCY REPORT 2019
The Agency Development Group
YERBA BUENA ISLAND, SAN FRANCISCO
2019 was a banner year for The Agency Development Group, which has been inking new deals, selling out projects and representing incredible properties and brands around the globe. The Agency Development Group offers a fully integrated approach to the representation of new, luxury development clients worldwide. The company is comprised of leading real estate industry experts with various specialties, including development, asset management, sales and private equity. With the engine in-house to lead everything from land entitlement to sales strategy, The Agency Development Group provides pre-construction design input, marketing and public relations strategy, sales operation management, branding solutions and a vast international client reach.
The Agency Development Group’s current portfolio is almost $2.218 billion in total sales mandates, with approximately $1.668 billion in new sales mandates added in 2019 alone.
NO. 21
THE AGENCY REPORT 2019
MARKET REVIEW
NO. 23
Our Notable Sales $5,500,000 2612 QUEENSWOOD LANE, VICTORIA $4,630,000 2753 SOMASS DRIVE, VICTORIA $3,157,500 430 ST. PATRICK STREET, VICTORIA
Victoria SINGLE-FAMILY RESIDENCES
Having already showed signs of slowing last year, a combination of new federal and provincial tax and lending rules aimed at housing served to further cool market activity in Victoria during 2019. Despite moderating prices, purchase activity fell across all segments of the market with inventory building up throughout most of
the year as homes sat on the market longer. The once competitive seller’s market has largely shifted in favour of buyers, although affordability constraints continue to be a challenge.
Sales
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
1,760
$779,950
$370
-1.9%
29
2019
719
$998,788
$432
4.9
YoY
-39.9%
-3.8%
-2.4%
-
38.1%
YoY
44.4%
11.0%
5.1%
140.4%
2018
2,930
$811,000
$379
-1.2%
21
2018
498
$899,900
$411
2.0
2017
3,772
$769,000
$359
0.8%
14
2017
349
$960,000
$397
1.1
2016
4,924
$665,000
$311
1.4%
14
2016
290
$899,444
$359
0.7
2015
4,037
$575,750
$274
-1.6%
27
2015
547
$644,000
$287
1.6
5 Year History $1,250,000
1,600
$800,000
1,400 1,600
$700,000 $1,000,000
1,200
$600,000
1,200 1,000
$750,000 $500,000
800
$400,000
600
$300,000
400 400
$200,000 $250,000
200
$100,000
800
$500,000
0
$0
Q3-15 Q3-15
Q4-15 Q4-15
Q1-16 Q1-16
Q2-16 Q2-16
Q3-16 Q3-16
Q4-16 Q4-16
Sales
Q1-17 Q1-17
Active Units
Sales by Price Range
Q2-17 Q2-17
Q3-17 Q3-17
Q4-17 Q4-17
Q1-18 Q1-18
Q2-18 Q2-18
$0
Q4-19 Q4-19
723
Median DOM by Price Range 40 31
21
26
20 17
20
23
9
10
100 0 $0 - $599,999 $600,000 $699,999
$700,000 $799,999
$800,000 $899,999
$900,000 - $1,000,000 - $3,000,000 + $999,999 $2,999,999
5 0
$0 - $599,999 $600,000 $699,999
$700,000 $799,999
$800,000 $899,999
2018 2019
15
173
200
25
20
342
303
2019
26
28
475
2018
28
560
30
390 310
382
Q3-19 Q3-19
45
35
278
300
255
400
Q2-19 Q2-19
40
461
500
Q1-19 Q1-19
Median DOM by Price
700 600
Q4-18 Q4-18
Median Active Price Median Sale Price Median Active Price
Sales by Price Range 800
Q3-18 Q3-18
42
Q2-15 Q2-15
22
Q1-15 Q1-15
16
Q4-14 Q4-14
28
0
Price Price
2,000
Units Units
+ THE AGENCY REPORT 2019
2019 Market Overview
$900,000 $999,999
$1,000,000 - $3,000,000 + $2,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Similar to the single-family space, Victoria’s condominium market recorded another year of cooling real estate activity. Sales activity fell sharply across all segments of the market, with homes taking about 10 days longer to sell than the previous year. Although the median sale price decreased and homes sold at a larger discount, buyers paid more on price per
square foot. Despite a build up in supply throughout most of the year, inventory is slightly tighter than a year ago but still above levels in 2016/17. List prices have come down; however, it’s largely a result of the changing composition of supply, with a shift toward new development as well as compact units that garner a premium per square foot.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
1,561
$424,000
$449
YoY
-44.7%
-3.6%
4.1%
2018
2,824
$440,000
$432
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
-2.0%
27
-
58.8%
-0.8%
17
MEDIAN PPSF
MONTHS OF INVENTORY
2019
408
$519,450
$612
3.1
YoY
-4.7%
-1.9%
28.2%
72.5%
2018
428
$529,400
$477
1.8
3,613
$393,000
$394
1.0%
12
2017
260
$525,000
$408
0.9
3,891
$339,900
$326
-0.5%
19
2016
218
$394,900
$366
0.7
2015
2,899
$320,000
$288
-2.5%
40
2015
561
$320,000
$299
2.3
NO. 25
2017 2016
$600,000 $800,000
1,400 1,250
$700,000 $500,000
1,200 1,000 1,000
$600,000 $400,000 $500,000
750 800
$300,000 $400,000
600 500
$300,000 $200,000
400 250 200
$200,000 $100,000 $100,000 Q4-14 Q4-14 Q1-15 Q1-15 Q2-15 Q2-15 Q3-15 Q3-15 Q4-15 Q4-15 Q1-16 Q1-16 Q2-16 Q2-16 Q3-16 Q3-16 Q4-16 Q4-16 Q1-17 Q1-17 Q2-17 Q2-17 Q3-17 Q3-17 Q4-17 Q4-17 Q1-18 Q1-18 Q2-18 Q2-18 Q3-18 Q3-18 Q4-18 Q4-18 Q1-19 Q1-19 Q2-19 Q2-19 Q3-19 Q3-19 Q4-19 Q4-19 Sales
Active Units
Sales by Price Range
Median DOM by Price
Sales by Price Range
$400,000 $499,999
15
22
27
19
22
26
26
27
32
$500,000 $749,999
20
42
10
0 $0 - $299,999 $300,000 $399,999
30
9
54
100
25
173
2019
17
337
2018
90
200
294
300
155
400
40
460
485
500
44
50
700 600
50
707
768
800
Median DOM by Price Range 60
783
900
$0$0
Median SaleMedian Price Active Price Median Active Price
22
00
16
Units Units
1,500 1,600
Price Price
5 Year History
$750,000 - $1,000,000 - $1,250,000 + $999,999 $1,249,999
0
$0 - $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $1,250,000 + $1,249,999
2018 2019
Nanaimo and Cowichan SINGLE-FAMILY RESIDENCES
Housing indicators continue to signal a cooling market for single-family homes in Nanaimo and Cowichan. Purchasing activity declined for the third consecutive year despite moderating price growth. Whereas the market recorded doubledigit price gains between 2015 and 2018, year-over-year growth
slowed to just under 5% in 2019. In addition to slower sales and price growth, the gap between the sold and list price widened, and homes took longer to sell across all price segments.
Sales
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
2,040
$549,900
$260
-1.7%
19
2019
530
$653,500
$287
3.1
YoY
-19.1%
4.7%
2.0%
-
26.7%
YoY
20.2%
0.6%
1.3%
48.5%
2018
2,521
$525,000
$255
-0.9%
15
2018
441
$649,900
$283
2.1
2017
3,235
$474,900
$234
-0.5%
12
2017
352
$636,950
$275
1.3
2016
3,471
$415,000
$200
-1.3%
17
2016
389
$509,000
$230
1.3
2015
4,402
$373,000
$178
-2.2%
28
2015
649
$424,900
$197
1.8
5 Year History $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
$0 Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q2-19
Q3-19
Q4-19
Median DOM by Price Range 83
982
90 80 776
70
18
9
$550,000 $699,999
$700,000 $849,999
$850,000 - $1,000,000 - $1,500,000 + $999,999 $1,499,999
33
41
38
39 27
27 20
16
16
12
75
70
249
100
88
20
0 $0 - $399,999 $400,000 $549,999
40 30
213
200
50
20
433
2019
12
664
637
60
2018 247
400
Q1-19
Median Active Price
Sales by Price Range
800
Q4-18
Median DOM by Price
1200 1000
Q3-18
18
Q4-14
600
Price
1,600
PRICE
UNITS Units
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
2019 Market Overview
10 0
$0 - $399,999 $400,000 $549,999
$550,000 $699,999
$700,000 $849,999
$850,000 $999,999
$1,000,000 - $1,500,000 + $1,499,999
2018 2019
CONDOMINIUM RESIDENCES
2019 Market Overview Affordability continues to challenge condominium buyers in Nanaimo and Cowichan. Despite expanding inventory and slowing home price growth, purchase activity fell across all segments of the market, with units taking longer to sell and at a larger discount during 2019. Supply increases typically put a downward pressure on prices, helping balance an
overheated market. However, price movements observed with current supply signal much of the downward adjustment in prices is mostly a result of more compact (and thus cheaper on an absolute level) units on the market, rather than a true correction.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
724
$320,450
$286
-1.6%
20
2019
200
$365,000
$362
3.3
YoY
-23.7%
5.1%
3.3%
-
66.7%
YoY
49.3%
-3.9%
19.8%
95.6%
2018
949
$305,000
$276
-0.7%
12
2018
134
$379,900
$302
1.7
2017
1,001
$260,000
$237
0.3%
8
2017
92
$399,900
$294
1.1
2016
1,049
$237,257
$208
-1.4%
21
2016
111
$330,800
$341
1.3
2015
785
$224,900
$186
-2.5%
46
2015
262
$233,900
$214
4.0
NO. 27
YEAR
$420,000
360
$360,000
300
$300,000
240
$240,000
180
$180,000
120
$120,000
60
$60,000
0
Price
420
PRICE
UNITS Units
5 Year History
$0 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Sales
Active Units
Sales by Price Range
Median Sale Price
Median Active Price
Median DOM by Price
Sales by Price Range
Median DOM by Price Range
322
297
70
300 221
50
200 144
40
0
$300,000 $399,999
$400,000 $499,999
$500,000 $749,999
23 17
21
19
22
0
0 $0 - $199,999 $200,000 $299,999
14
1
0
7
5
10
2019
8
50
9
11
20
17
77
67
2018
30 19
2019
100
112
2018 93
100
52
227
60
250
150
59
350
$750,000 - $1,000,000 + $999,999
$0 - $199,999
$200,000 $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 +
THE AGENCY REPORT 2019
MARKET REVIEW
NO. 29
Our Notable Sales $14,000,000 1 & 7 BELLAGIO ROAD, MARIN $11,495,000 41 UPPER ROAD, MARIN $7,000,000 3114 BLACKHAWK MEADOW LANE, ALAMO
San Francisco SINGLE-FAMILY RESIDENCES
2019 Market Overview Although year-over-year home price growth has slowed—up less than 1% in 2019 compared to last year’s double-digit gains—San Francisco remains the most expensive market in the country with 2019 home prices at a five-year high. Price growth in 2019 was largely driven by a second-quarter frenzy in response to the IPO hype rather than sustainable demand drivers as buyers—hoping to pre-empt the influx of new tech wealth—fueled demand while sellers delayed
listing their homes, hoping to catch the height of the wealth boom in the fall. Despite the buzz generated in anticipation of the wave of IPOs by San Francisco’s tech giants at the start of the year, 2019 sales activity closed at its lowest in five years. Demand for homes in the city remains high— those that do sell continue to do so in just two weeks and at a substantial premium over ask—yet housing affordability continues to challenge buyers.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
2,126
$1,600,000
$942
12.9%
14
2019
74
$1,872,500
$976
0.4
YoY
-4.2%
0.8%
4.0%
-
0.0%
YoY
-64.8%
34.9%
27.1%
-58.4%
2018
2,220
$1,587,000
$906
15.9%
14
2018
210
$1,388,500
$768
1.1
2017
2,261
$1,415,000
$855
15.1%
14
2017
129
$1,250,000
$767
0.7
2016
2,221
$1,325,000
$782
11.6%
21
2016
197
$1,249,000
$741
1.1
17
2015
193
$998,000
$623
1.0
2015
2,305
$1,250,000
$722
15.4%
800
$2,000,000
700
$1,750,000
600
$1,500,000
500
$1,250,000
400
$1,000,000
300
$750,000
200
$500,000
100
$250,000
0
$0 Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
1,400
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price 50
1,225
1,289
Sales by Price Range
Q2-17
46
Q4-14
45
1,200
40
1,000
35
19
20
11
14
13
17 13
14
14
14
14
20
18
25
2019
15 10 11
11
57
51
73
65
141
141
410 253
217
200
402
600
2018
22
30
800
400
Price
5 Year History Units
+ THE AGENCY REPORT 2019
Sales
5 0
0 $0 $999,999
$1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999 +
$0 - $999,999 $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999
2018 2019
CONDOMINIUM RESIDENCES
2019 Market Overview The same forces driving the single-family market caused buyers to pull back in the condominium market. Despite momentum from the IPO buzz, purchasing activity for the year fell by 8.7% with closings down across most price segments. The median sale price hit a five-year high; however, year-overyear gains in 2019 were slower than previous years. While the
market remains competitive, low inventory—much of which is skewed toward the ultra-high-end (evidenced in the uptick in median active price)—will likely exacerbate affordability and weigh down sales activity.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
2,745
$1,240,000
$1,082
YoY
-8.7%
3.3%
2.2%
2018
3,006
$1,200,000
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
5.6%
19
-
-5.0%
$1,059
6.4%
20
MONTHS OF INVENTORY
2019
211
$1,595,000
$1,260
0.9
YoY
-40.4%
45.1%
28.1%
-23.5%
2018
354
$1,099,000
$984
1.4
2,886
$1,142,750
$989
5.0%
24
2017
284
$1,099,000
$1,016
1.2
2,791
$1,085,000
$950
4.6%
29
2016
307
$1,150,000
$966
1.3
2015
2,886
$1,095,000
$939
8.6%
22
2015
290
$950,000
$829
1.2
NO. 31
2017 2016
1,000
$1,800,000
800
$1,440,000
600
$1,080,000
400
$720,000
200
$360,000
Price
Units
5 Year History
0
$0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Median Sale Price
1,566
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
83
80 70
1,400
47
2019 22
19 15
13
270
16
16
23
22
29
30
12
14
65
65
10
0 $0 - $499,999 $500,000 $749,999
2019
2018
20 251
328 92
61
400
292
600
40 28
690 543
800
2018
48
50
1,000
52
60
1,200
200
Q3-18
Median DOM by Price
1,502
1,600
Q2-18
Median Active Price
90 1,800
Q1-18
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 - $5,000,000 + $999,999 $1,999,999 $2,999,999 $4,999,999
0 $0 - $499,999 $500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,000,000 - $3,000,000 - $5,000,000 + $1,999,999 $2,999,999 $4,999,999
Noe Valley & The Castro SINGLE-FAMILY RESIDENCES
2019 Market Overview Noe Valley and The Castro’s single-family market experienced a strong year of sales and price growth with both metrics hitting a five-year high in 2019. After flattening the previous year, growth in the median sale price resumed an upward trend, although buyers continued to pay about the same price per square foot. The strong upward movement in median sale price and flat price per square foot suggest that home price growth is in part a reflection
of a shift in the composition of home sales toward the higher end of the market: larger and thus more expensive homes. Noe Valley and The Castro face a severe shortage of inventory, particularly at entry-level price points, with the number of active units down 56.5% and median active price up 49% from just a year ago.
+ THE AGENCY REPORT 2019
Sales
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
327
$2,500,000
$1,199
10.2%
14
2019
10
$3,575,000
$1,157
0.4
YoY
1.9%
8.7%
-0.3%
-
7.7%
YoY
-56.5%
49.0%
12.4%
-57.3%
2018
321
$2,300,000
$1,202
11.2%
13
2018
23
$2,400,000
$1,029
0.9
2017
314
$2,305,500
$1,148
10.3%
14
2017
15
$2,250,000
$1,048
0.6
2016
316
$2,063,750
$1,065
8.9%
19
2016
18
$3,172,500
$1,026
0.7
14
2015
8
$1,884,500
$974
0.3
2015
300
$2,100,000
$1,102
14.7%
$4,200,000
100
$3,500,000
80
$2,800,000
60
$2,100,000
40
$1,400,000
20
$700,000
Units
120
$0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
44 37
21
19
21
26
28
33
40
12
14 13
14
14 13
14 13
13
13
15
12 45
50
18
14
52
60
14
69
16
70
14
84
87 82
18
80
2018
10
2018
2019
8
2019
6 4 2
10 0
Q4-17
20
90
20
Q3-17
Median DOM by Price
100
30
Q2-17
0 $0 $1,500,000 - $2,000,000 - $2,500,000 - $3,000,000 - $3,500,000 - $4,000,000 + $1,499,999 $1,999,999 $2,499,999 $2,999,999 $3,499,999 $3,999,999
$0 $1,499,999
$1,500,000 - $2,000,000 - $2,500,000 - $3,000,000 - $3,500,000 - $4,000,000 + $1,999,999 $2,499,999 $2,999,999 $3,499,999 $3,999,999
Price
5 Year History
CONDOMINIUM RESIDENCES
2019 Market Overview Noe Valley and The Castro’s condominium market recorded another year of strong price appreciation with the median sale price up about 7% from the previous year. Whereas housing indicators, such as the substantial premium paid over list price and rapid pace of sales—just two weeks—signal strong demand, the market saw a pullback in annual sales activity in 2019. While 2019 kicked off with supply at about the same level as the previous year, inventory over the next two quarters remained flat. Many sellers withheld bringing their unit to market hoping that by
delaying, they could catch the height of the wealth boom expected to occur as hotly anticipated IPO lockup periods expire. The lack of supply throughout most of the year resulted in fewer closings and strong price appreciation as buyers competed for what little was available while others were priced out. Sellers eventually dumped much of the withheld inventory at the end of the third quarter helping drive the strongest fourth quarter of condominium sales in 2019. In this context, it’s evident that lower sales activity is in large part a reflection of supply rather than demand conditions.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
419
$1,500,000
$1,138
YoY
-5.2%
7.1%
-0.6%
2018
442
$1,400,000
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
12.7%
14
-
0.0%
$1,145
13.6%
14
MONTHS OF INVENTORY
2019
9
$1,791,000
$1,140
0.3
YoY
-47.1%
55.7%
11.6%
-44.2%
2018
17
$1,150,000
$1,022
0.5
425
$1,335,000
$1,081
10.8%
16
2017
15
$895,000
$1,092
0.4
394
$1,253,500
$1,020
8.6%
24
2016
22
$1,232,500
$821
0.7
2015
474
$1,225,000
$1,033
14.0%
18
2015
27
$950,000
$887
0.7
NO. 33
2017 2016
200
$2,000,000
160
$1,600,000
120
$1,200,000
Price
Units
5 Year History
80
$800,000
40
$400,000
$0
0 Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q4-17
Q1-18
Median Sale Price
Q3-18
Q3-19
Q4-19
29
13
16 12
12
12
15
7
9
14
5 2
0
0 $0 - $749,999 $750,000 - $1,000,000 - $1,500,000 - $2,000,000 - $2,500,000 - $3,000,000 + $999,999 $1,499,999 $1,999,999 $2,499,999 $2,999,999
2018 2019
10
34
46 18
21
Q2-19
8
57
2019
13
15
2018
80
40
Q1-19
13
20
20
100
14
25
157
25
120
60
Q4-18
Median Active Price
140
20
Q2-18
30 143
160
153
180
Q3-17
Median DOM by Price
171
Sales by Price Range
Q2-17
19
Q1-15
24
Q4-14
$0 - $749,999
$750,000 $999,999
$1,000,000 - $1,500,000 - $2,000,000 - $2,500,000 - $3,000,000 + $1,499,999 $1,999,999 $2,499,999 $2,999,999
Danville Alamo SINGLE-FAMILY RESIDENCES
2019 Market Overview With less than a month’s worth of inventory, Danville continues to be a competitive market for home buyers; however, 2019 housing indicators signal a cooling market. Both sales activity and prices were broadly flat year-overyear while homes, previously selling at a premium over the list price, sold at a discount and spent about 5 days longer on the market before selling. Looking at the market by price segment, there was strong demand at both the lowest and
highest end of the market with both segments recording an increase in the number of home closings and reduced time spent on the market. Whereas the market was broadly flat in 2019, exceptionally tight inventory conditions—cut by almost half from a year ago—will likely fuel some price growth as buyers compete for a smaller pool of inventory, but also suppress sales activity as buyers wrangle with supply constraints.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
700
$1,375,000
$519
-1.0%
16
2019
50
$1,724,050
$509
0.9
YoY
-0.3%
-0.4%
1.0%
-
45.5%
YoY
-47.9%
-1.4%
-3.8%
-47.8%
2018
702
$1,380,000
$514
0.3%
11
2018
96
$1,749,400
$529
1.6
2017
763
$1,330,000
$490
0.3%
11
2017
72
$1,898,450
$514
1.1
2016
731
$1,250,000
$464
-0.5%
13
2016
108
$1,459,900
$457
1.8
12
2015
96
$1,554,162
$452
1.5
2015
756
$1,190,000
$454
0.5%
5 Year History 300
$2,500,000
240
$2,000,000
180
$1,500,000
120
$1,000,000
Price
Units
60
$500,000
0
$0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price 70 61
300
227
60 223
250
177
174
50
200
0
14
14
15
14 11
14
13
2019
8
10
9
30
35
57
65
20 45
50
43
59
20
100
2018
30 19
2019
21
124
115
2018
32
40
150
28
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
Sales
0
$0 - $999,999 $1,000,000 - $1,250,000 - $1,500,000 - $1,750,000 - $2,000,000 - $2,500,000 + $1,249,999 $1,499,999 $1,749,999 $1,999,999 $2,499,999
$0 - $999,999 $1,000,000 - $1,250,000 - $1,500,000 - $1,750,000 - $2,000,000 - $2,500,000 + $1,249,999 $1,499,999 $1,749,999 $1,999,999 $2,499,999
NO. 35
+ THE AGENCY REPORT 2019
MARKET REVIEW
NO. 37
Our Notable Sales $120,000,000 594 S. MAPLETON, BEVERLY HILLS $37,500,000 800 STRADELLA ROAD, BEVERLY HILLS $35,500,000 8408 HILLSIDE AVENUE, HOLLYWOOD HILLS
Los Angeles Prime Markets SINGLE-FAMILY RESIDENCES
2019 Market Overview After a weak start to the year, Los Angeles’ single-family market gained some momentum in the latter half of 2019. However, total annual closings finished at the lowest level in five years. Sales activity declined across all segments of the market. The median sale price fell for the first time since 2015 and the sold versus list inverted as homes sat on the market longer—a sign buyers are less willing to pay sky-high prices at the same pace seen in previous years. While scarcity in inventory continues to exacerbate housing affordability and challenge buyers at the lower end of the market, the luxury $10MM+ segment faces an
oversupply issue driven primarily by the construction boom of spec homes in recent years. The exception is the ultra-exclusive $100MM+ segment, which recorded its strongest year with three closings including a record-breaking sale at $150MM. While inventory was up at the end of 2019 over a year ago, most available inventory was skewed toward the higher end of the market. The share of active listings priced $5MM+ at the end of 2019 increased by 40% from a year ago—almost half of which are listed for $10MM+ and heavily concentrated in the spec home heavy Sunset Strip-Hollywood Hills West neighborhood.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
4,193
$1,800,000
$866
-1.6%
41
2019
1,284
$3,395,000
$966
3.7
YoY
-6.7%
-1.4%
0.7%
-
13.9%
YoY
5.8%
27.2%
4.6%
-2.4%
2018
4,496
$1,825,000
$860
-0.5%
36
2018
1,214
$2,669,500
$924
3.2
2017
4,925
$1,725,000
$824
-0.4%
39
2017
1,174
$2,990,000
$876
2.9
2016
4,771
$1,600,000
$761
-0.6%
46
2016
1,562
$2,497,000
$820
3.9
42
2015
1,509
$2,249,000
$766
3.8
2015
4,811
$1,499,000
$719
0.1%
5 Year History 2,500
$3,500,000
2,000
$2,800,000
1,500
$2,100,000
1,000
$1,400,000
Price
Units
$700,000
500
$0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
105
93 84 49
47
43
40
36 31
20 108
327
270
199
182
35
40
29
50
2019
30
407
410
925 521
836
60 2018
56
58
70
60
80
41
2,006
1,903
90
1,500 1,000
Q4-19
Median DOM by Price Range 100
2,000
0
Q3-19
Median Active Price
Sales by Price Range
500
Q2-19
Median DOM by Price
2,500
490
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
Sales
10 0
$0 $999,999
$1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999 +
$0 - $999,999 $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999
2018 2019
CONDOMINIUM RESIDENCES
2019 Market Overview Condominium sales in Los Angeles’ prime markets continued to decline for the second consecutive year while prices flattened, and units sat on the market longer. Sales activity slowed across most segments of the market with the exception of the $5MM+, which recorded nearly double the number of closings compared
to 2018. Despite the surge in supply at the end of last year and recent pullback in purchasing, Los Angeles’ condominium market saw a return to tight inventory conditions.
Sales
Inventory
SALES
MEDIAN PRICE
2019
3,592
YoY
-4.3%
2018
YEAR
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
$840,000
$656
0.0%
-0.2%
3,753
$840,000
$657
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
-0.9%
39
-
18.2%
0.5%
33
MONTHS OF INVENTORY
2019
695
$1,050,000
$756
2.3
YoY
-32.9%
10.6%
6.4%
-29.8%
2018
1,035
$949,000
$711
3.3
4,321
$780,000
$615
0.3%
35
2017
672
$979,950
$713
1.9
4,163
$740,000
$573
-0.4%
44
2016
897
$865,000
$629
2.6
2015
4,434
$687,500
$538
-0.5%
44
2015
923
$835,000
$590
2.5
NO. 39
2017 2016
1,500
$1,200,000
1,250
$1,000,000
1,000
$800,000
750
$600,000
500
$400,000
250
$200,000 $0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Sales
Q4-16
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price
Sales by Price Range
Median DOM by Price Range
1,400
77
70
23
13
40
39
114
200
35
36
33
29
30
36
41 33
35
40
0
10 0
$0 - $499,999 $500,000 $749,999
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 - $5,000,000 + $999,999 $1,999,999 $2,999,999 $4,999,999
$0 - $499,999
$500,000 $749,999
$750,000 $999,999
2018 2019
20 102
352
336
2019
43
50 2018
600
44
50
60
800
49
1,094
1,026
1,036
80 62
1,000
987
1,105
1,078
90
1,200
400
Price
Units
5 Year History
$1,000,000 - $2,000,000 - $3,000,000 - $5,000,000 + $1,999,999 $2,999,999 $4,999,999
Pasadena SINGLE-FAMILY RESIDENCES
2019 Market Overview Moderating price growth and higher inventory at the start of the year helped bolster sales activity for single-family homes in Pasadena. While demand in Pasadena remains strong—homes continue to sell at a premium over their list price and in just over a month—affordability constraints following years of strong price appreciation and a pullback in foreign investment weigh on home sales. The luxury segment accounts for a large share of remaining inventory—
evidenced in the surge in median price and more moderate appreciation in price per square foot. Whereas larger homes are generally more expensive, the premium buyers pay per square foot diminishes.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
984
$1,055,000
$610
1.0%
34
2019
117
$1,958,000
$639
1.4
YoY
4.1%
0.5%
1.8%
-
13.3%
YoY
-45.1%
64.8%
5.1%
-47.2%
2018
945
$1,050,000
$600
3.9%
30
2018
213
$1,188,000
$608
2.7
2017
1,021
$984,370
$575
2.2%
30
2017
168
$1,371,500
$588
2.0
2016
1,074
$875,000
$533
1.5%
38
2016
185
$1,088,000
$560
2.1
37
2015
206
$899,000
$507
2.2
2015
1,111
$830,000
$509
1.4%
400
$2,000,000
350
$1,750,000
300
$1,500,000
250
$1,250,000
200
$1,000,000
150
$750,000
100
$500,000
50
$250,000 $0
0 Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range 288
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
11
12
9
5
27
23
134 68
2018 2019
51
49
20
22
19
16
32
31
60 27
80
2019
40
74
82
2018
31
264 171
174
Q3-18
100
150
50
Median Sale Price
Q2-18
120
250
100
Q1-18
140
350 300
Q4-17
160
377
400
Q3-17
Median DOM by Price
412
450
Q2-17
29
Q2-15
41
Q1-15
35
Q4-14
200
Price
5 Year History
Units
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
Sales
0
0 $0 - $749,999 $750,000 - $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $999,999 $1,999,999 $2,999,999 $3,999,999 $4,999,999
$0 - $749,999 $750,000 $999,999
$1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Housing indicators signal a cooling market for condominiums in Pasadena. Moderating price growth did little to bolster purchase activity in 2019 and in addition to fewer sales and flattening prices, the gap between the sold and list price essentially zeroed out, while the median days spent on the market increased by 10 days. Looking at sales by price tier, the $2.5MM+ segment recorded an exceptionally strong year in 2019. The number of
closings nearly tripled while the typical amount of time spent on the market fell to three days. Although the segment accounts for a small portion of the overall market, its strength is notable. While inventory typically dips heading into a new year, the supply of condominiums in Pasadena at the end of 2019 is notably tight.
Sales
Inventory
SALES
MEDIAN PRICE
2019
547
YoY
-10.6%
2018
YEAR
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
$650,000
$525
0.7%
-0.1%
612
$645,250
$526
ACTIVE UNITS
MEDIAN PRICE
0.2%
35
-
42.9%
1.3%
25
MEDIAN PPSF
MONTHS OF INVENTORY
2019
61
$825,500
$532
1.3
YoY
-55.8%
9.5%
-1.5%
-50.5%
2018
138
$753,945
$541
2.7
657
$608,000
$492
1.7%
30
2017
99
$702,000
$553
1.8
685
$560,000
$453
0.3%
37
2016
137
$700,000
$518
2.4
2015
704
$519,000
$431
-0.3%
37
2015
149
$619,000
$457
2.5
NO. 41
2017 2016
250
$900,000
200
$720,000
150
$540,000
100
$360,000
50
$180,000
Price
Units
5 Year History
Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q4-17
Median Sale Price
180
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
$0
Q4-19
Median Active Price
299
160 257
300
Q1-18
Median DOM by Price
350
140
250
120
200
100
$0 - $299,999 $300,000 $399,999
2019 36
11
20
29
24
34
36 25
25
37
38
45
60
3
11
76
67
101
2018
80
40
4
13
6
2
50
2019
35
131
2018
17
100
88
87
150
0
Q2-17
170
0
0
$400,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,500,000 + $999,999 $2,499,999
$0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,500,000 + $2,499,999
The Valley
INCLUDES PRIME VALLEY NEIGHBORHOODS: WOODLAND HILLS, SHERMAN OAKS, ENCINO, STUDIO CITY, TARZANA, CALABASAS, VALLEY VILLAGE, TOLUCA LAKE, AND HIDDEN HILLS
SINGLE-FAMILY RESIDENCES
2019 Market Overview The Valley’s single-family market is heating up once again. Annual purchasing activity increased from the previous year, bolstered by moderate price growth and exceptionally strong fourth-quarter home buying, which helped offset the year’s slow start. Although annual home prices showed only modest appreciation compared to previous years, 2019 was a strong year for the ultra-luxury segment of the market. Nearly half of all homes sold for $10MM+ since 2015 closed this past year, including a record-breaking sale just over $22MM in the
second quarter of 2019. Looking at inventory conditions, supply is undoubtedly tighter than it was a year ago. However, the severity of the shortage is likely overstated given seasonal trends—historically, inventory has always dropped at the end of the year—and the strength of sales activity during the latter half of the year.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
2,869
$1,198,000
$514
-1.6%
48
2019
445
$1,749,000
$557
1.9
YoY
2.6%
2.8%
0.6%
-
11.6%
YoY
-45.8%
21.5%
6.8%
-41.6%
2018
2,797
$1,165,000
$511
-0.7%
43
2018
821
$1,439,000
$522
3.5
2017
3,091
$1,076,000
$477
-1.1%
47
2017
602
$1,495,000
$497
2.3
2016
2,998
$1,035,000
$458
-1.3%
52
2016
757
$1,319,000
$474
3.0
51
2015
799
$1,288,000
$455
3.2
2015
3,006
$925,000
$425
-0.7%
5 Year History 1,200
$2,100,000
1,000
$1,800,000
$1,200,000 600
Price
$1,500,000
800
Units
$900,000 400
$600,000
200
$300,000
0
$0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q4-17
Q1-18
Median Sale Price
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
71
2018
40
2019
30
36
32
43
40
58
57
59
48
52
51
10 0
$0 $999,999
$1,000,000 - $1,500,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $1,499,999 $1,999,999 $2,999,999 $3,999,999 $4,999,999
2018 2019
20 113
160
101
320
355
299
429
405
480
38
41
50
640
43
48
56
60
800
56
66
70 820
960
0
Q2-18
80
903
1,084
1,280 1,120
Q2-17
Median DOM by Price
1,006
+ THE AGENCY REPORT 2019
Sales
$0 - $999,999 $1,000,000 - $1,500,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $1,499,999 $1,999,999 $2,999,999 $3,999,999 $4,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Housing indicators suggest The Valley’s condominium market is moving toward balanced growth. Last year’s sharp pullback in sales and subsequent build-up in inventory put downward pressure on prices, helping drive the market’s recovery during 2019. Although purchasing activity picked up from the previous year, growth and volume are still below their 5-year peak. Looking more closely at The Valley’s prime sub-markets, Calabasas, Encino, and Studio City saw the largest increase in purchasing activity as well as steady to moderate price movement. The
latter, along with Valley Village, are also The Valley’s fastest appreciating sub-markets. Price growth in Studio City picked up from about a 2% year-over-year gain in 2018 to 6.4% in 2019. Meanwhile Valley Village saw a 10.3% year-over-year gain after last year’s negative price movement.
Sales
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
1,320
YoY
5.4%
2018
1,252
MEDIAN DOM
YEAR
$515,000
$410
-1.0%
-0.4%
$520,000
$412
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
-0.7%
46
-
27.8%
0.7%
36
MONTHS OF INVENTORY
2019
132
$523,000
$430
1.2
YoY
-52.0%
4.8%
9.1%
-43.3%
2018
275
$499,000
$394
2.6
1,573
$485,000
$382
0.1%
39
2017
148
$530,625
$389
1.1
1,441
$440,000
$355
-0.5%
46
2016
253
$498,000
$359
2.1
2015
1,474
$415,000
$325
-1.0%
46
2015
260
$446,645
$349
2.1
NO. 43
2017 2016
500
$600,000
400
$480,000
300
$360,000
200
$240,000
100
$120,000
Price
Units
5 Year History
$0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price
400 341
323
65
60
2019
114
150
47
41 37
37
36
31
31
36
40 2018
145
200
179
195
250
37
41
46
46
50
47
287
291
273
333
70
350 300
Q2-17
30
2019
20
100
10 16
14
35
26
50 0
0 $0 - $399,999 $400,000 $499,999
$500,000 $599,999
$600,000 $699,999
$700,000 $849,999
$850,000 - $1,000,000 + $999,999
2018
$0 - $399,999
$400,000 $499,999
$500,000 $599,999
$600,000 $699,999
$700,000 $849,999
$850,000 $999,999
$1,000,000 +
Orange County
INCLUDES ORANGE COUNTY PRIME MARKETS: NEWPORT BEACH, LAGUNA BEACH, DANA POINT, AND NEWPORT COAST
SINGLE-FAMILY RESIDENCES
2019 Market Overview Home sales in Orange County’s prime coastal markets—Dana Point, Laguna Beach, Newport Beach, and Newport Coast— strengthened in 2019 following a pullback in closings the previous year. A strong second half of home buying—boosted by a downward correction in home prices—helped the market rebound after a slow start to the year. Laguna Beach and Newport Beach recorded the strongest year-over-year increase in home sales with the latter also seeing an upward movement
in home prices. While tighter inventory conditions compared to a year ago have placed moderate upward pressure on list prices, they were below peak levels.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
1,389
$2,000,000
$842
-4.1%
46
2019
745
$2,995,000
$997
6.4
YoY
3.9%
-2.6%
-0.3%
-
9.5%
YoY
-5.5%
5.1%
2.8%
25.2%
2018
1,337
$2,053,702
$845
-4.1%
42
2018
788
$2,850,000
$971
7.1
2017
1,479
$1,990,000
$800
-3.9%
49
2017
686
$2,965,000
$999
5.6
2016
1,446
$1,822,500
$767
-3.8%
70
2016
738
$2,717,500
$922
6.1
70
2015
612
$2,499,500
$882
5.1
2015
1,429
$1,775,000
$729
-3.8%
1,400
$3,500,000
1,200
$3,000,000
1,000
$2,500,000
800
$2,000,000
600
$1,500,000
400
$1,000,000
200
$500,000
0
$0 Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17 Active Units
Sales by Price Range
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
519 478
100
41
60 48
62
65 52
34 26
24
20 32
44
96
76
75
115
40
40
60
2019
176
142
165
164
2018
55
63
320
311
80
300
0
Q4-17
120
400
100
Q3-17
Median DOM by Price
600 500
Q2-17
114
Q2-15
94
Q1-15
200
Price
5 Year History
Units
+ THE AGENCY REPORT 2019
Sales
0
$0 - $999,999 $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999 +
$0 - $999,999 $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 - $10,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999 $9,999,999
2018 2019
CONDOMINIUM RESIDENCES
2019 Market Overview Orange County’s prime coastal markets recorded a strong year of condominium sales following a return to more moderate price appreciation in 2019. Although aggregate units took longer to sell in 2019 than the previous year, the under $500k and $1MM-$1.75MM segments saw a reduction in time spent on the market. Newport Beach recorded the strongest year-overyear gain in home sales, followed by Newport Coast, which
also recorded a marked 11% increase in the median sale price. While the market ended the year on a high, exceptionally tight inventory conditions heading into 2020—down 24.3% from a year ago, the lowest in 5 years—have placed a strong upward pressure on prices which have the potential to weigh down home sales if buyers find themselves priced out.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
431
$835,000
$609
YoY
4.6%
2.6%
3.1%
2018
412
$813,750
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
-2.8%
40
-
17.6%
$591
-2.5%
34
MONTHS OF INVENTORY
2019
153
$1,075,000
$686
4.3
YoY
-24.3%
8.0%
3.5%
-7.6%
2018
202
$994,995
$663
5.9
489
$760,000
$567
-2.5%
36
2017
169
$979,000
$620
4.1
481
$740,000
$543
-2.7%
60
2016
190
$995,000
$648
4.7
2015
458
$679,000
$510
-2.7%
65
2015
176
$887,750
$601
4.6
NO. 45
2017 2016
300
$1,200,000
250
$1,000,000
200
$800,000
150
$600,000
100
$400,000
50
$200,000
0
$0 Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17 Active Units
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
74 65 51
95
60
42
40
31
30
39
41 29
30
36
40
25
20 15
24
20
2019
28
58
55
39
46
44
50
56
40
2018
41
50
80 60
Q1-18
70
90
100
Q4-17
80
115
140
Q3-17
Median DOM by Price
131
Sales by Price Range
Q2-17
53
Q1-15
120
Price
Units
5 Year History
0
10 0
$0 - $499,999 $500,000 $749,999
$750,000 $999,999
$1,000,000 - $1,250,000 - $1,500,000 - $1,750,000 + $1,249,999 $1,499,999 $1,749,999
$0 - $499,999 $500,000 $749,999
$750,000 $999,999
$1,000,000 - $1,250,000 - $1,500,000 - $1,750,000 + $1,249,999 $1,499,999 $1,749,999
2018 2019
The Desert
INCLUDES DESERT PRIME MARKETS: RANCHO MIRAGE, PALM SPRINGS, AND NORTH PALM SPRINGS
SINGLE-FAMILY RESIDENCES
2019 Market Overview The market for single-family homes in The Desert continued to remain hot in 2019. Although sales activity dipped slightly from the previous year, the pullback in home buying can largely be attributed to fewer sales at the lower end of the market. While the Desert has long been a destination for luxury vacation and investment home buyers, the last few years have marked an accelerated shift toward this buyer segment. Whereas at the start of the decade, the region attracted both luxury buyers and those looking for a bargain after prices plummeted in the housing
crash; today bargains are hard to come by. Prices continued to appreciate in 2019, reaching a five-year peak in the second quarter, with the median sale price up 5.5% from the previous year. Although price growth is slightly slower than the last two years, the continued upward movement and shorter selling time signal the market’s strength. While the luxury segment has thus far propped up the market, tight inventory and scarcity at lower price points will likely weigh on sales activity in the coming year, with many would-be buyers priced out of the area.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
1,541
$675,000
$299
-3.2%
58
2019
520
$799,000
$316
4.0
YoY
-1.3%
5.5%
4.6%
-
-3.3%
YoY
-28.8%
6.7%
3.1%
-27.8%
2018
1,562
$640,000
$286
-3.0%
60
2018
730
$749,000
$306
5.6
2017
1,598
$605,000
$274
-3.3%
66
2017
590
$679,000
$268
4.4
2016
1,426
$569,000
$265
-4.0%
74
2016
753
$625,000
$254
6.3
79
2015
757
$599,900
$253
7.0
2015
1,291
$556,000
$252
-4.0%
1,000
$900,000
900
$810,000
800
$720,000
700
$630,000
600
$540,000
500
$450,000
400
$360,000
300
$270,000
200
$180,000
100
$90,000
0
Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Median Active Price
75 69 62
69
70 55
61
66
64 54
61 272
237
53
51
82
61
100
2018
40
2018
2019
30
2019
20
109
120
198
164
256
212
200
57
50
54
60
58
673 615
70
400
$0
Q4-19
80
500
0
Q1-18
Median Sale Price
600
300
Q4-17
Median DOM by Price
800 700
Q2-17
10 0
$0 - $599,999 $600,000 $699,999
$700,000 $799,999
$800,000 $899,999
$900,000 - $1,000,000 - $2,000,000 + $999,999 $1,999,999
Price
5 Year History
Units
+ THE AGENCY REPORT 2019
Sales
$0 - $599,999
$600,000 $699,999
$700,000 $799,999
$800,000 $899,999
$900,000 $999,999
$1,000,000 - $2,000,000 + $1,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Sales activity in 2019 for The Desert’s condominium market contracted more sharply than in the single-family market; however, housing indicators broadly suggest the pullback was supply rather than demand driven. Low inventory heading into 2019 in conjunction with strong price growth and reduced selling time during the year signal demand was strong, but inventory—particularly at more affordable price points—was scarce. In other words, buyers were challenged with both what they could find and what they could afford, a trend likely
to continue in the upcoming year given where inventory conditions were heading at the end of 2019. Looking at the year’s closings by segment, the low end recorded the sharpest fall in transactions, while the very top of the market recorded an uptick in closings and reduced time spent on the market.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
1,424
$275,000
$209
YoY
-5.9%
5.8%
8.2%
2018
1,513
$260,000
$193
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
-2.8%
49
-
-3.9%
-3.0%
51
MEDIAN PPSF
MONTHS OF INVENTORY
2019
311
$349,000
$229
2.6
YoY
-31.9%
18.3%
11.3%
-27.7%
2018
457
$295,000
$206
3.6
1,553
$235,000
$176
-3.9%
61
2017
550
$299,000
$191
4.2
1,328
$225,000
$169
-4.8%
77
2016
685
$269,000
$182
6.2
2015
1,306
$221,375
$169
-4.4%
70
2015
735
$269,900
$180
6.8
NO. 47
2017 2016
1,000
$400,000
800
$320,000
600
$240,000
400
$160,000
200
$80,000
0
$0 Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
60
63 53
53
59
58 41
45
50
316
303
350
54
60
49
446
70
400
300
150
30
2018 22
2019
29
181
177
200
2018
34
40
250
17
10 11
32
50
27
65
81
20
100
0
Q3-17
Median DOM by Price
405
401
450
475
Sales by Price Range
Q2-17
49
Q4-14
500
Price
Units
5 Year History
0 $0 - $199,999 $200,000 $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $599,999
$600,000 $699,999
$700,000 +
$0 - $199,999
$200,000 $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $599,999
$600,000 $699,999
$700,000 +
2019
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
MARKET REVIEW
NO. 49
Our Notable Sales $4,400,000 7588 N. 66TH STREET, SCOTTSDALE $4,000,000 5430 E. SAPPHIRE LANE, SCOTTSDALE $3,450,000 6166 N. SCOTTSDALE ROAD, SCOTTSDALE
Scottsdale & Paradise Valley SINGLE-FAMILY RESIDENCES
2019 Market Overview Scottsdale and Paradise Valley continue to experience a vibrant housing market. Although the pace of growth has moderated, 2019 was the strongest of the last five years. Both home sales and median prices hit their five-year peak, bolstered by strong sales activity in the last two quarters of the year. Despite continued price growth, homes continued to sell in about two months signaling strong demand for homes. Looking at the market by price tier, most segments recorded either steady or increased sales activity. The $5MM+ segment saw the strongest growth with transaction volume more than doubling and homes selling
significantly faster than the previous year. Although inventory has steadily declined since 2017, current supply conditions are exceptionally tight with the number of active units down 31% from the previous year. While there is a fair amount of new construction inventory, a large share of what is currently available is skewed toward the luxury segment—evidenced in the surge in median active prices.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
5,866
$625,000
$247
-3.1%
60
2019
1,741
$1,300,000
$315
3.6
YoY
1.8%
4.2%
5.3%
-
-1.6%
YoY
-31.0%
37.6%
15.9%
-32.2%
2018
5,763
$600,000
$235
-3.0%
61
2018
2,524
$945,000
$272
5.3
2017
5,622
$555,000
$222
-3.1%
67
2017
2,588
$950,000
$263
5.5
2016
5,262
$517,500
$212
-3.5%
69
2016
2,846
$895,000
$254
6.5
69
2015
2,812
$875,000
$247
6.6
2015
5,144
$500,000
$204
-3.6%
4,000
$1,400,000
3,500
$1,225,000
3,000
$1,050,000
2,500
$875,000
2,000
$700,000
1,500
$525,000
1,000
$350,000
500
$175,000 $0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price
3,677
300 257
3,722
Sales by Price Range 4,000
Price
5 Year History
Units 3,500
250
50
142
124
119
108
77
91
46
20
40
28
73
0 $0 $749,999
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $999,999 $1,999,999 $2,999,999 $3,999,999 $4,999,999
$0 - $749,999 $750,000 $999,999
2018 2019
49
78
100
75
101
150
50 78
214
500
244
1,000
896
2019 877
2018
1,500 890
2,000
138
200
2,500
0
182
3,000
824
+ THE AGENCY REPORT 2019
Sales
$1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Scottsdale and Paradise Valley recorded a pullback in annual condominium sales, moderate (though slowing) price growth and a slight increase in the number of days spent on the market during 2019. While fourth quarter sales hit a five-year peak for the three-month period, it was not enough to offset a weak first six months of the year. The decline in sales during 2019 can, in part, be attributed to tighter supply conditions at the end of 2018, a trend that has only been intensified since then with the number of active units dwindling down to
just 318—a 35% decrease from the previous year. As supply tightens, the market typically sees price growth as buyers are forced to compete for what little is available, but supply constraints also suppress sales with buyers having fewer options to purchase.
Sales
Inventory
SALES
MEDIAN PRICE
2019
1,616
YoY
-1.5%
2018
1,641
YEAR
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
$231,000
$215
5.5%
6.5%
$219,000
$202
ACTIVE UNITS
MEDIAN PRICE
-2.3%
47
-
11.9%
-2.4%
42
MEDIAN PPSF
MONTHS OF INVENTORY
2019
318
$395,000
$300
2.4
YoY
-35.0%
47.4%
29.0%
-34.0%
2018
489
$268,000
$232
3.6
1,629
$199,000
$183
-2.6%
43
2017
519
$284,900
$228
3.8
1,441
$180,000
$167
-3.0%
59
2016
585
$250,000
$203
4.9
2015
1,360
$174,000
$159
-3.5%
58
2015
655
$225,000
$187
5.8
NO. 51
2017 2016
1,000
$500,000
800
$400,000
600
$300,000
400
$200,000
200
$100,000
Price
Units
5 Year History
$0
0 Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price 140
1,212
1,400
1,275
Sales by Price Range
Q2-17
120
1,000
100
0
73
76
61
46
59
58
5
4
53
2019
52
32
20 21
77
63
71
67
200
178
147
40
2018
19
400
60 42
2019
39
600
69
80 2018
71
800
90
102
1,200
117
Q4-14
0 $0 $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,500,000 + $999,999 $2,499,999
$0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,500,000 + $2,499,999
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
MARKET REVIEW
NO. 53
Our Notable Sales $4,000,000 292 LAS CLAVELLINAS, PUNTA DE MITA $2,200,000 CASA VISTA BONITA, LOS CABOS $2,050,000 TERRAZAS 368, LOS CABOS
Punta de Mita & Puerto Vallarta SINGLE-FAMILY RESIDENCES
2019 Market Overview An exceptionally strong third and fourth quarter helped cap off a strong year for home sales in Punta de Mita and Puerto Vallarta. Annual closings reached a five year peak—up 16.3% from the previous year—however, it is important to note that because the MLS does not capture all real estate activity in the area, the data does not paint a comprehensive picture of the local housing market. Instead, it provides insight in understanding trends and allows for inferences to be made when gauging the market’s movement. Looking at price trends, the strongly opposing movement in the median sale price and price per square foot
reflect the strength of the under $400,000 segment of the market. Buyers in this price range are not only paying a premium for new construction—primarily at the new Ebano community—but also for more compact units with a cheaper absolute price. While the luxury $1MM+ segment strengthened in 2019, much of the inventory heading into the new year is skewed toward the lower end of the market. Although inventory is steady with levels recorded a year ago, prices are significantly lower.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
150
$196,500
$97
-4.9%
163
2019
219
$259,000
$114
17.5
YoY
16.3%
-8.6%
5.9%
-
-44.2%
YoY
1.4%
-34.4%
-8.5%
-12.8%
2018
129
$215,000
$91
-6.5%
292
2018
216
$395,000
$124
20.1
2017
97
$200,000
$87
-8.2%
225
2017
271
$395,000
$124
33.5
2016
90
$150,000
$75
-8.4%
251
2016
291
$299,900
$105
38.8
281
2015
337
$234,000
$91
94.0
2015
43
$234,000
$104
-13.0%
400
$600,000
350
$525,000
300
$450,000
250
$375,000
200
$300,000
150
$225,000
100
$150,000
50
$75,000 $0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q4-17
Median Sale Price
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
647
736 557
78
600
200 10
5
390
332
331
348
325
2019
100
3
5
8
13
10
8 5
9
14
18
20
2018
106
30
305
300
262
400
2019
217
2018
40
126
50
266
500
60
0
Q2-18
700
70
10
Q1-18
800
90 80
Q2-17
Median DOM by Price
93
100
Price
5 Year History
Units
+ THE AGENCY REPORT 2019
Sales
0 $0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $3,000,000 + $999,999 $2,999,999
$0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $3,000,000 + $2,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview Unlike the single-family market, condominium sales in Punta de Mita and Puerto Vallarta fell in 2019 across most segments of the market. Low inventory throughout much of the year combined with a seasonal slowdown in the fourth quarter were two contributing factors to the year’s slow sales. Although price growth moderated in 2019, following last year’s double-
digit gains, the continued upward movement likely put a strain on many prospective buyers as condos that did sell took about 10 days longer than the previous year.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
508
$260,284
$220
YoY
-20.5%
4.7%
2.3%
2018
639
$248,660
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
-5.0%
222
-
5.0%
$215
-5.6%
211
MONTHS OF INVENTORY
2019
717
$335,000
$258
16.9
YoY
1.8%
12.8%
6.1%
28.1%
2018
704
$297,000
$243
13.2
554
$218,250
$181
-6.2%
241
2017
890
$305,512
$260
19.3
375
$213,281
$179
-7.7%
285
2016
846
$288,906
$226
27.1
2015
262
$231,500
$166
-8.8%
266
2015
712
$269,500
$189
32.6
NO. 55
2017 2016
1,000
$400,000
800
$320,000
600
$240,000
400
$160,000
200
$80,000
Price
Units
5 Year History
0
$0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
450
402
250
Q3-17
Median DOM by Price
235
Sales by Price Range
Q2-17
$0 - $199,999 $200,000 $299,999
$300,000 $399,999
60
$400,000 $499,999
$500,000 $749,999
239
258
281 224
138
161
247
260
215
2018
8
4
7
100 12
0
200 150
49
50
48
57
2019
146
102
100
2018
178
250
117
100
233
300 150
252
350
171
177
400 200
$750,000 - $1,000,000 + $999,999
50 0 $0 - $199,999 $200,000 $299,999
$300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 +
2019
Los Cabos SINGLE-FAMILY RESIDENCES
2019 Market Overview Los Cabos continues to experience a strong housing market despite the decline in annual sales volume in 2019. Although closings recorded in the MLS do not capture all real estate activity, they are a useful indicator of market performance. The year started on a high note with home sales during the first quarter hitting a five-year peak for the three-month period. While a large share of first-quarter closings were concentrated at the lower end of the market, demand was strong across the board. As the year continued, inventory declined rapidly while prices appreciated in response to not only increased competition among buyers but also the growing relative share of high-priced homes,
which typically take longer to sell. With supply constrained and limited, home sales waned through the rest of the year despite strong demand from buyers. Although inventory once again picked up at the close of 2019, it is still 22.5% lower than a year ago. The strength of the single-family market is instead highlighted by the surge in median prices and sharply reduced time spent on the market. Despite the strong upward movement in prices, buyers saw some relief with homes selling about 4.6% below their list price, compared to selling at a premium during the previous year.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
300
$300,000
$144
-4.6%
232
2019
685
$699,000
$268
27.4
YoY
-11.8%
20.0%
34.7%
-
-12.6%
YoY
-22.5%
33.1%
66.4%
-12.2%
2018
340
$250,000
$107
1.5%
266
2018
884
$525,000
$161
31.2
2017
348
$241,875
$108
-7.9%
285
2017
824
$450,000
$144
28.4
2016
289
$240,000
$110
-9.9%
297
2016
903
$405,000
$141
37.5
239
2015
982
$399,000
$138
47.3
2015
249
$305,000
$115
-8.8%
5 Year History 1,200
$1,000,000 $900,000
1,000
$800,000 $700,000
800
$600,000 $500,000
600
Price
Units
$400,000 400
$300,000 $200,000
200
$100,000
0
$0 Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Sales
Q4-16
Q1-17
Active Units
Q3-18
Q4-18
Q1-19
Q2-19
2019 33
17 7
13
21
17
8
9
20
200
404 343
348 243
297
326
315
256
2018 2019
150 100
16
28
40
Q4-19
216
250 2018
241
99
300
60
Q3-19
Median Active Price
350
71
80
Median Sale Price
Q2-18
400
120 100
Q1-18
450
160 140
Q4-17
185
180
Q3-17
Median DOM by Price
168
Sales by Price Range
Q2-17
314
Q2-15
299
Q1-15
303
Q4-14
133
+ THE AGENCY REPORT 2019
Sales
50 0
0 $0 - $249,999 $250,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 + $999,999 $1,999,999 $2,999,999
$0 - $249,999 $250,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 + $999,999 $1,999,999 $2,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview In contrast to mixed housing indicators in the single-family space, Los Cabos’ condominium market showed clear signs of strength in 2019. The booming market recorded a 32.7% increase in condominium closings, primarily driven by strong growth in the under $500,000 segment. The median sale price made moderate gains, while price per square foot sky-rocketed, reflecting the premium buyers pay for new construction as well as for more compact units. Moreover, units sold faster across all segments of the market, with the median number of days down by just over three months.
Whereas Los Cabos faces a shortage of single-family homes heading into 2020, the condominium market saw an uptick in the number of units for sale at the year’s end driven by an influx of new developments.
Sales
Inventory
SALES
MEDIAN PRICE
2019
377
YoY
32.7%
2018
YEAR
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
$264,111
$206
2.6%
22.2%
284
$257,500
ACTIVE UNITS
MEDIAN PRICE
-6.1%
165
-
-37.4%
$168
-7.0%
264
MEDIAN PPSF
MONTHS OF INVENTORY
2019
745
$328,700
$264
23.7
YoY
4.2%
-13.5%
17.6%
-21.5%
2018
715
$380,000
$225
30.2
315
$200,000
$144
-6.0%
239
2017
702
$372,500
$203
26.7
268
$196,250
$156
-6.9%
309
2016
713
$325,000
$208
31.9
2015
195
$227,000
$167
431.7%
309
2015
781
$288,000
$192
48.1
NO. 57
2017 2016
900
$450,000
800
$400,000
700
$350,000
600
$300,000
500
$250,000
400
$200,000
300
$150,000
200
$100,000
100
$50,000
Price
Units
5 Year History
$0
0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q2-17
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price
250
460
204
515
600 500
$0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
291
329 236
231 122
178
143
132
214
7
10
5
0
$750,000 - $1,000,000 - $2,500,000 + $999,999 $2,499,999
0 $0 - $299,999 $300,000 $399,999
2018 2019
100 10
19
10
37
32
26
33
67
200
37
50
300
2019
197
2018 100
327
400
150
339
164
200
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,500,000 + $2,499,999
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
MARKET REVIEW
NO. 59
Our Notable Sales $6,850,000 10738 N. SUMMIT VIEW DRIVE, PARK CITY $5,995,000 1495 RED FOX, PARK CITY $5,700,000 103 WHITE PINE CANYON ROAD, PARK CITY
Park City SINGLE-FAMILY RESIDENCES
2019 Market Overview After a sluggish start to 2019, the market for single-family homes in Park City ended the year on an upswing with fourth-quarter closings in 2019 at a five-year high for the three-month period. Moderating home price growth helped bolster sales activity across Park City with the median sale price in 2019 up about 4% year-over-year compared to the previous two years, which saw double-digit price gains as high as 17%. Although annual home price growth lost momentum, buyers still faced sky-high prices in 2019, with the median sale price hitting a five-year peak in the first quarter of the year. While 2019 was a strong year for Park
City—evidenced in increased closings, moderate price growth, and reduced selling time—the market for single-family homes faces some challenges in the year ahead. While likely to contribute to continued price growth, tight inventory at the end of 2019—down about 26% from the previous year—will also impede future home sales as buyers are faced with fewer available options. Moreover, much of the remaining inventory heading into 2020 is skewed toward the luxury segment of the market—evidenced in the strong upward movement in the median active price.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
543
$1,500,000
$383
-4.6%
52
2019
297
$3,295,000
$599
6.6
YoY
5.2%
3.9%
0.5%
-
-8.0%
YoY
-25.9%
27.0%
13.2%
-29.6%
2018
516
$1,443,500
$382
-4.2%
57
2018
401
$2,595,000
$529
9.3
2017
560
$1,232,290
$339
-3.8%
50
2017
366
$2,500,000
$537
7.8
2016
499
$1,100,000
$324
-3.9%
49
2016
389
$2,300,000
$482
9.4
52
2015
401
$2,350,000
$458
9.9
2015
486
$1,047,750
$306
-3.4%
5 Year History 500
$3,500,000
400
$2,800,000
300
$2,100,000
200
$1,400,000
100
$700,000
Price
Units
0
$0 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Sales
Q4-16
Q1-17
Active Units
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
300 251
180
Q2-17
Median DOM by Price
168
Sales by Price Range 160
46
143
68
44
31
21
17
21
50
7
13 8
9
20
17
16
33
28
40
0
0 $0 - $249,999 $250,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,000,000 - $3,000,000 + $999,999 $1,999,999 $2,999,999
$0 - $749,999 $750,000 $999,999
2018 2019
100 67
60
150 111
2019
149
99
2018
23
80
200
71
100
180
120
216
250
17
140
133
+ THE AGENCY REPORT 2019
Sales
$1,000,000 - $2,000,000 - $3,000,000 - $4,000,000 - $5,000,000 + $1,999,999 $2,999,999 $3,999,999 $4,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview An exceptionally strong fourth quarter of closings helped cap off Park City’s strongest year of condominium sales in five years. The booming market recorded a 21.6% increase in closings while prices continued their upward trend. The median sale price appreciated a considerable 9.4% from 2018, but price growth was slower than last year’s double-digit gains. While the strength of the market, particularly the luxury segment is notable, it is also important to understand within
the context that it is somewhat skewed by bulk closing at many of the city’s new developments. Looking ahead, Park City is faced with tighter and generally more expensive inventory. And while the median list price is still below peak levels, price per square foot is at a five-year high, reflecting the large share of new construction inventory that garners a premium on a persquare-foot basis.
Sales
Inventory
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
2019
714
$700,000
$498
YoY
21.6%
9.4%
6.4%
2018
587
$640,000
YEAR
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
-2.9%
43
-
16.2%
$468
-3.0%
37
MONTHS OF INVENTORY
2019
361
$986,965
$719
6.1
YoY
-30.6%
14.8%
9.6%
-42.9%
2018
520
$860,000
$656
10.6
656
$577,000
$413
-3.0%
44
2017
441
$1,300,000
$681
8.1
626
$538,500
$383
-3.0%
35
2016
517
$1,250,000
$644
9.9
2015
694
$450,000
$336
-2.5%
40
2015
508
$1,150,000
$665
8.8
NO. 61
2017 2016
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 Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Q3-17
Q4-17
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
Median DOM by Price 90
100
61 41
2019 28 17
20
26
34
40
16
40
2018
49
60
26
62
2019 57
66
76
2018
64
61
55
80
33
89
89
98
120
65
80
113
140
84
138
160
98
175 158
180
60
Q2-17
120
200
100
20 0
Price
Units
5 Year History
0 $0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,500,000 + $999,999 $2,499,999
$0 - $299,999 $300,000 $399,999
$400,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,500,000 + $2,499,999
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
NO. 63
MARKET REVIEW
Our Notable Sales $6,150,000 19575 COLLINS AVENUE #23, BOCA RATON $5,100,000 82 LIGHTHOUSE DRIVE, JUPITER $4,650,000 1510 BAY DRIVE, BOCA RATON
South Florida
INCLUDES SOUTH FLORIDA PRIME MARKETS: MIAMI, MIAMI BEACH, BOCA RATON, PALM BEACH, AND FT. LAUDERDALE
SINGLE-FAMILY RESIDENCES
2019 Market Overview Home sales activity in South Florida waned in 2019 with the market recording a considerable pullback in closings under $500,000. Given the fairly rapid pace of sales at this price range—around four to five weeks—the decline can in part be attributed to a shortage of supply at this end of the market. Looking more broadly, prices in 2019 continued an upward trend with a typical home selling in about the same number of days as the previous year. The most significant shift in the market is the considerable decrease in inventory remaining at the end of 2019. Much of the inventory available to buyers heading into the near year is skewed toward the higher end of the market,
and although new construction has eased somewhat, a larger relative share (currently about 9%) of inventory is accounted for by new homes that garner price premiums. Moreover, compared to a year ago, a larger number and relative share of inventory is skewed toward the top of the market.
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
ACTIVE UNITS
MEDIAN PRICE
MEDIAN PPSF
MONTHS OF INVENTORY
2019
11,185
$392,000
$218
-4.3%
44
2019
4,987
$629,000
$290
5.4
YoY
-7.3%
4.5%
4.5%
-
4.8%
YoY
-31.9%
25.8%
16.8%
-26.5%
2018
12,064
$375,000
$208
-4.4%
42
2018
7,318
$499,900
$248
7.3
2017
11,780
$358,000
$194
-3.9%
43
2017
7,472
$489,000
$234
7.6
2016
12,715
$327,500
$175
-3.9%
72
2016
7,834
$452,250
$216
7.4
63
2015
8,236
$389,000
$187
7.4
2015
13,446
$298,000
$157
-3.3%
5 Year History 10,000
$750,000
8,000
$600,000
6,000
$450,000
4,000
$300,000
2,000
$150,000
Price
Units
0
$0 Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Sales by Price Range
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q3-19
Q4-19
Median Active Price
195
6,362
6,762
Q1-18
200 151
5,000
136
110
103
83 70 49 37
35
32
0
$0 $249,999
$250,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,500,000 - $5,000,000 + $999,999 $2,499,999 $4,999,999
$0 - $249,999 $250,000 $499,999
$500,000 $749,999
2018 2019
139
202
214
27
50
832
798
584
556
1,000
100 60
1,643
1,604
2019
1,994
2018
3,000
132
150
4,000
0
Q4-17
250
6,000
2,000
Q3-17
Median DOM by Price
8,000 7,000
Q2-17
179
Q4-14
1,423
+ THE AGENCY REPORT 2019
Sales
$750,000 $999,999
$1,000,000 - $2,500,000 - $5,000,000 + $2,499,999 $4,999,999
CONDOMINIUM RESIDENCES
2019 Market Overview South Florida’s condominium market showed signs of cooling in 2019. In addition to slowing sales, home price growth lost momentum—up just 1.2% year-over-year compared to steady 6%-7% gains between 2015 to 2018. Like the single-family market, the condominium space recorded a significant drop in inventory at the end of 2019—down 38.5% from the previous year. While the supply of condominiums is down across various price points, buyers in the under $500K segment are
particularly hard hit with the inventory in this range, down almost 50% from a year ago. One segment that continues to show strength is the $2.5MM+ segment of the market, which recorded a slight uptick in sales and substantial decrease in selling time, although units still take a few months to sell.
Sales
Inventory
YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
SOLD VS. LIST
MEDIAN DOM
YEAR
2019
13,112
$253,000
$221
YoY
-7.9%
1.2%
1.2%
2018
14,229
$250,000
$218
ACTIVE UNITS
MEDIAN PRICE
-5.4%
59
-
-1.7%
-5.1%
60
MEDIAN PPSF
MONTHS OF INVENTORY
2019
11,042
$435,000
$410
10.1
YoY
-38.5%
20.9%
20.8%
-33.3%
2018
17,958
$359,900
$339
15.1
13,173
$235,000
$200
-5.4%
65
2017
17,405
$349,000
$337
15.9
13,689
$220,000
$186
-5.0%
84
2016
16,287
$335,000
$332
14.3
2015
15,967
$205,000
$175
-4.4%
70
2015
14,587
$320,000
$323
11.0
NO. 65
2017 2016
$500,000
16,000
$400,000
12,000
$300,000
8,000
$200,000
4,000
$100,000
Price
20,000
$0
0 Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Sales
Q1-17
Active Units
Q1-18
Median Sale Price
Q2-18
Q3-18
Q4-18
Q1-19
Q2-19
Q4-19
Median Active Price
160
106
106
107
120 3,000
105
4,000
2018
2018 66 45
45
50
44 178
174
673
2019
61
80
40
577
496
1,000
463
1,182
1,009
1,397
2019 1,148
2,000
Q3-19
173 4,612
5,000
Q4-17
200 4,549
6,000
Q3-17
Median DOM by Price
5,188
5,695
Sales by Price Range
Q2-17
124
Q1-15
113
Q4-14
136
Units
5 Year History
0
0 $0 - $124,999 $125,000 $249,999
$250,000 $499,999
$500,000 $749,999
$750,000 - $1,000,000 - $2,500,000 + $999,999 $2,499,999
$0 - $124,999 $125,000 $249,999
$250,000 $499,999
$500,000 $749,999
$750,000 $999,999
$1,000,000 - $2,500,000 + $2,499,999
+THE THEAGENCY AGENCYREPORT REPORT2019 2019
MARKET REVIEW
NO. 67
Our Notable Sales $11,500,000 TRITON VILLA, 203 LONG BAY BEACH DRIVE $5,000,000 STARGAZER, 29 INTERNATIONAL DRIVE $4,900,000 5107 WYMARA VILLAS
Turks & Caicos YEAR END DATA
Q3 2019
Q3 2018
Total Number of Sales
73
Total Number of Sales
96
Total Volume
$85,459,000.00
Total Volume
$64,705,600.00
Average
$1,170,671.23
Average
$674,016.67
Median
$260,000.00
Median
$232,500.00
SINGLE FAMILY HOME
SINGLE FAMILY HOME
Total Number of Sales
20
Total Number of Sales
20
Total Volume
$65,711,000.00
Total Volume
$28,574,000.00
Average
$3,285,550.00
Average
$1,428,700.00
Median
$1,172,500.00
Median
$571,000.00
+ THE AGENCY REPORT 2019
CONDOMINIUM
CONDOMINIUM
Total Number of Sales
15
Total Number of Sales
23
Total Volume
$12,008,500.00
Total Volume
$22,538,100.00
Average
$800,566.67
Average
$979,917.39
Median
$530,000.00
Median
$455,000.00
VACANT L AND
VACANT L AND
Total Number of Sales
35
Total Number of Sales
45
Total Volume
$6,714,500.00
Total Volume
$11,619,500.00
Average
$191,842.86
Average
$258,211.11
Median
$110,000.00
Median
$110,000.00
Luxury Market $1M+
Luxury Market $1M+
Total Number of Sales
17
Total Number of Sales
19
Total Volume
$71,179,000.00
Total Volume
$46,061,000.00
Average
$4,187,000.00
Average
$2,558,944.44
Median
$1,875,000.00
Median
$1,975,000.00
SINGLE FAMILY HOME
SINGLE FAMILY HOME
Total Number of Sales
11
Total Number of Sales
8
Total Volume
$61,955,000.00
Total Volume
$24,256,000.00
Average
$5,632,272.73
Average
$3,032,000.00
Median
$3,100,000.00
Median
$2,800,000.00
CONDOMINIUM
Total Number of Sales
CONDOMINIUM
5
Total Number of Sales
7
Total Volume
$7,974,000.00
Total Volume
$17,130,000.00
Average
$1,594,800.00
Average
$2,447,142.86
Median
$1,650,000.00
Median
$2,200,000.00
VACANT L AND
VACANT L AND
Total Number of Sales
1
Total Number of Sales
3
Total Volume
$1,250,000.00
Total Volume
$4,675,000.00
Average
$1,250,000.00
Average
$1,558,333.33
Median
$1,250,000.00
Median
$1,300,000.00
Total 2019
Total 2018
Total Number of Sales
330
Total Number of Sales
346
Total Volume
$330,362,500.00
Total Volume
$250,809,545.00
Average
$977,403.85
Average
$724,883.08
Median
$309,500.00
Median
$272,500.00
SINGLE FAMILY HOME
SINGLE FAMILY HOME
Total Number of Sales
97
Total Number of Sales
74
Total Volume
$213,998,000.00
Total Volume
$119,951,496.00
Average
$2,206,164.95
Average
$1,620,966.16
Median
$725,000.00
Median
$735,000.00
CONDOMINIUM
CONDOMINIUM
Total Number of Sales
63
Total Number of Sales
78
Total Volume
$48,953,000.00
Total Volume
$71,889,100.00
Average
$777,031.75
Average
$921,655.13
Median
$445,000.00
Median
$436,250.00
VACANT L AND
VACANT L AND
144
Total Number of Sales
171
Total Volume
$39,120,000.00
Total Volume
$47,929,950.00
Average
$271,666.67
Average
$280,292.11
Median
$110,000.00
Median
$87,000.00
Luxury Market $1M+
Luxury Market $1M+
Total Number of Sales
69
Total Number of Sales
65
Total Volume
$254,534,500.00
Total Volume
$179,226,262.00
Average
$3,688,905.80
Average
$2,757,327.11
Median
$2,325,000.00
Median
$2,325,000.00
SINGLE FAMILY HOME
SINGLE FAMILY HOME
Total Number of Sales
40
Total Number of Sales
31
Total Volume
$190,454,500.00
Total Volume
$101,095,996.00
Average
$4,761,362.50
Average
$3,261,161.16
Median
$3,050,000.00
Median
$2,600,000.00
CONDOMINIUM
CONDOMINIUM
Total Number of Sales
18
Total Number of Sales
22
Total Volume
$29,805,000.00
Total Volume
$51,048,600.00
Average
$1,655,833.33
Average
$2,320,390.91
Median
$1,487,500.00
Median
$2,150,000.00
VACANT L AND
VACANT L AND
Total Number of Sales
7
Total Number of Sales
10
Total Volume
$16,635,000.00
Total Volume
$23,815,000.00
Average
$2,376,428.57
Average
$2,381,500.00
Median
$1,750,000.00
Median
$2,450,000.00
NO. 69
Total Number of Sales
THE AGENCY REPORT 2019
NO. 71
THE AGENCY REPORT 2019
TheAgencyRE.com