LUXURY MARKET REPORT
DURHAM AUGUST 2019
www.BestInLuxury.ca
CHRIS BUTRYN, BA, LLB Real Estate Sales Representative, REALTOR® Member, Institute for Luxury Home Marketing
905.427.6522
Chris@ChrisButryn.com www.BestInLuxury.ca Welcome to this month’s Luxury Market Report published by the Institute for Luxury Home Marketing. As a member, I am pleased to be able to share with you this edition I have had exclusively prepared for Durham Region! Get the Luxury Market Report for Durham Region sent directly to your inbox monthly. Subscribe at: www.BestinLuxury.ca Are you ready to list your high-end home in Pickering, Ajax, Whitby, Oshawa, Uxbridge, Port Perry, Bowmanville or Newcastle? My powerful Best in Luxury Sales System can help you connect with the right buyers in order to sell optimally, as quickly as possible and with minimal disruption. To learn more, book a no-obligation consultation appointment with me today!
Not intended to solicit anyone already under contract. Information provided herein is believed to be true but not guaranteed. It is limited, and provided for information purposes only, on an “as is� basis and without warranties of any kind, either express or implied, including but not limited to warranties of title or implied warranties of merchantability or fitness for a particular purpose, compatibility, accuracy or non-infringement. It is not, and should not be taken as consulting or other professional advice. You should not rely on, or take or fail to take any action based on this information. You assume full responsibility and risk of loss from your use of any information herein. Never disregard professional advice or delay in seeking it because of something you have read herein. To the fullest extent permitted by law, we make no warranties and shall not be liable for any use of the information under any circumstances, including, but not limited to, for our or our third party providers’ negligence or errors. Subject to applicable laws, in no event shall we, nor any of our related entities, agents or licensors be responsible or liable for damages of any kind. Source for the statistics and information provided herein: The Institute for Luxury Home Marketing.
Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 905.427.6522.
- Chris Butryn
CHRIS BUTRYN
905.427.6522 | Chris@ChrisButryn.com | www.BestInLuxury.ca
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-14 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19
LOCAL LUXURY MARKET REVIEW
PAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22-23 ATTACHED HOMES - Monthly Statistics PAGE 24
THANK YOU
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2019 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN LUXURY REVIEW Buying a home is an Escalator to Wealth David Bach, author of “The Automatic Millionaire” that spent 31 weeks on the New York Times bestseller list, states on his website “The fact is, you aren’t really in the game of building wealth until you own some real estate.” This advice from a well-respected millionaire has been a commonly held belief for decades though the reason for sharing this advice now is because there seems to be a growing slowdown in the demand for luxury homes, which is having people question the value of homeownership. As demand decreases, this is putting pressure on the value of homes. For the 4th consecutive month, there has been a decline in the average sales price of detached homes throughout North America. Certainly these shifts are not dramatic, but with speculation of a slowing global economy, there will be even more stresses on the upper-tier market. Bach further states in his book that “buying a home is an escalator to wealth.” How is this possible in a slowing market? The answer lies in understanding the niches of opportunity that exist within the market at any time. In this month’s report, we investigate some of the niches that are currently in favor with real estate investors. According to the National Association of Realtors (NAR), the traditional market is seeing an increase in demand. Their recent report indicates that there are more interested buyers than active sellers, meaning that inventory may be increasing but there is still a shortage of supply. In most cases, the increase in demand ultimately drives home prices higher. The decrease in demand for luxury homes coupled with the increase for traditional homes creates opportunity in the niche market between these two price points. Homeowners from the traditional
market now have the ability to move into the home of their dreams with prices no longer ouside their reach. Increasing taxes in major cities are also an added burden for those looking to purchase a luxury home. However, following the trend of owning in a state-of-the-art, amenity driven building or complex or a home with smart, space-saving architecture, translates into a savvy buyer purchashing a smaller contemporary living space at a lower price. Choosing to live in this niche helps avoid the heavy taxes of the very high-end price point. But more importantly, it affords a lifestyle that offers luxury amenities, easy access to travel, and time to relax or partake in a favorite adventure or activity. As well as the opportunity of owning multiple homes – in other parts of the country or abroad. Another niche experiencing growth are the luxury markets in locations outside the major metropolitan areas such as Sacramento, Boise, Colorado Springs, and Spokane, but close enough to travel to a metropolis, if and when necessary. This growth is being driven by those who can telecommute and seeking more affordable markets to maximize the value of their money. Also increasing in popularity are towns that are in the midst of revitalization – often home to cottage industries and entrepreneurial online businesses that actually benefit from being positioned as a drivable distance from an expensive city. A major draw for these towns is the sense of community, safety, and enjoyment of a slower-paced lifestyle. On the opposite spectrum, is the niche market of high-end developments within larger and emerging cities that are attracting luxury investors. Immediately recognizable in this niche are the redevelopment of industrial, dockyards, and warehouse locations that developers are redesigning or gentrifying. San Francisco is truly representative of this movement with 7 sections of their city seeing a blend of luxury apartments to low rental units, commercial space, parks, and restaurants. These developments are attracting many young, wealthy homeowners who want buy turnkey residences.
Developers who build with an eye towards environmental responsibility have been rewarded with high demand. Buyers are paying top dollar for properties that properly utilize green building technology and carbon neutral energy programs, incorporating outdoor elements within the design, and implementing cleaner air systems and paint. Many developers and architects are not seeing LEED (Leadership in Energy and Environmental Design - the gold standard of environmentally conscious and energy efficient design) as a plateau to reach. Instead, it is their starting off point for a new way of thinking as well as making economic sense for future generations. Developers have also recognize the opportunity that lies in the decline of demand for mega mansions. 10-20,000 square foot homes are struggling to maintain their huge price tickets especially as many need a huge investment in renovations to bring them up to modern standards. But in locations such as Vancouver, BC developers are keeping these homes’ beautiful facades while sub-dividing and modernizing their interiors in to luxurious 2-3 bedroom apartments. The most lucrative real estate niches largely depend on market trends and shifting buying interests, but some are long time money makers. For homeowners looking to sell their luxury home in today’s market, we recommend working with a Realtor who can capitalize on the preferences of current investors. By carefully focusing on the lifestyle-specific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers.
– 13 - MONTH MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
60
56
54
54
48
47 40
40
38
38
33
45
63
59 56
47
46
41
45
42
42
38
37
34 35
31
43
32
0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
$493
20
$483
DAYS ON MARKET
80
MAR
APR
MAY
JUN
JUL
$501 $356
$498 $385
$369
$474
$541 $393
$470 $384
$381
$373
$488 $356
$386
$458
$486 $347
$465
$495 $323
$300
$317
$400
$472
$500
$329
PRICE PER SQUARE FOOT
$600
$200
$100
$0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
JUN
JUL
SALES PRICE VS. LIST PRICE
$2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
Discrepancies between statistics published between the July 2019 and August 2019 Luxury Market Reports are due to the addition of Knox County, TN.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2019 | July 2019
SINGLE-FAMILY HOMES June
July
June
July
49,078
46,949
Median List Price
$1,670,000 $1,667,750
Total Inventory
Median Sale Price
$1,361,000
$1,355,313
New Listings
12,873
11,486
97.49%
97.32%
Total Sold
8,458
8,141
17.23%
17.34%
Median Days on Market
37
42
$385
$356
3,606
3,614
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
1,387
317
New Listings
Total Sold
5
0.11%
Med. Sale Price
Days on Market
Sales Ratio
5,688
$
SINGLE-FAMILY HOMES MARKET SUMMARY | JULY 2019 •
Official Market Type: Balanced Market with a 17.23% Sales Ratio.1
•
Homes are selling for an average of 97.48% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,372,000.
•
Markets with the Highest Median Sales Price: Vail ($3,999,000), LA Beach Cities ($3,850,000), Vancouver ($3,350,000), and San Francisco ($3,330,000).
•
Markets with the Highest Sales Ratio: San Francisco (71%), Silicon Valley (46%), Sacramento (40%), and Greater Boston (40%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2019 | July 2019
ATTACHED HOMES June
July
Median List Price
$1,018,500
$1,019,394
Median Sale Price
$898,750
$950,670
98.54%
Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.
June
July
Total Inventory
17,120
16,777
New Listings
4,270
4,192
98.35%
Total Sold
2,666
2,502
15.57%
14.91%
Median Days on Market
32
43
$498
$501
1,960
2,014
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
78
164
New Listings
Total Sold
Med. Sale Price
Days on Market
51,920
$
11
0.66% Sales Ratio
ATTACHED HOMES MARKET SUMMARY | JULY 2019 •
Official Market Type: Balanced Market with a 14.91% Sales Ratio.1
•
Attached homes are selling for an average of 98.35% of list price.
•
The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $950,670.
•
Markets with the Highest Median Sales Price: Vail ($2,850,000), San Francisco ($2,200,000), Greater Boston ($1,995,000), and Orlando ($1,872,500).
•
Markets with the Highest Sales Ratio: Silicon Valley (88%), Arlington & Alexandria (75%), LA The Valley (50%), and Montgomery County (47%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,166,450
$990,000
774
248
84
44
Buyer's
AZ
Paradise Valley
$2,750,000
$2,800,000
181
18
16
142
Buyer's
AZ
Phoenix
$733,625
$634,750
732
161
216
60
Seller's
AZ
Scottsdale
$1,698,500
$1,365,320
694
85
95
85
Buyer's
AZ
Tucson
$749,000
$659,500
648
132
124
48
Balanced
BC
Okanagan Valley
$1,650,000
$1,350,000
311
51
19
61
Buyer's
BC
Vancouver
$3,998,400
$3,350,000
1,166
260
45
28
Buyer's
BC
Victoria
$1,799,000
$1,410,000
491
132
53
37
Buyer's
CA
Los Angeles Beach Cities
$4,925,000
$3,850,000
508
132
64
36
Buyer's
CA
Los Angeles City
$3,895,000
$3,000,000
1,070
322
128
36
Buyer's
CA
Los Angeles The Valley
$1,999,999
$1,812,500
736
264
170
31
Seller's
CA
Marin County
$3,547,500
$2,762,500
162
22
30
46
Balanced
CA
Napa County
$2,995,000
$2,262,500
168
18
12
45
Buyer's
CA
Orange County
$2,349,000
$1,925,000
2,024
474
304
40
Balanced
CA
Palm Springs & Palm Desert
$1,695,000
$1,400,000
396
41
47
75
Buyer's
CA
Placer County
$1,049,495
$860,000
294
91
78
26
Seller's
CA
Sacramento
$799,000
$705,000
937
364
378
19
Seller's
CA
San Diego
$1,999,000
$1,635,500
1,540
488
264
29
Balanced
CA
San Francisco
$3,990,000
$3,330,000
52
9
37
18
Seller's
CA
Santa Barbara
$3,800,000
$3,312,500
340
61
29
63
Buyer's
CA
Silicon Valley
$3,982,500
$3,150,000
258
83
121
15
Seller's
CA
Ventura County
$1,790,000
$1,490,000
443
123
77
62
Balanced
CO
Boulder
$1,775,000
$1,360,625
275
66
62
57
Seller's
CO
Denver
$965,000
$840,000
1,353
423
528
14
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Douglas County
$1,266,000
$1,040,000
353
86
93
26
Seller's
CO
Vail
$3,997,000
$3,999,000
144
16
3
93
Buyer's
DC
Washington D.C.
$2,995,900
$2,958,285
52
11
11
28
Seller's
$2,250,000
$1,700,000
549
70
35
151
Buyer's
$1,650,000
$1,340,000
81
10
16
102
Balanced
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$1,275,000
$927,500
1,587
285
186
61
Buyer's
FL
Jacksonville Beaches
$1,250,000
$1,025,000
355
57
35
70
Buyer's
FL
Miami
$1,299,950
$931,650
1,484
208
107
154
Buyer's
FL
Naples
$2,195,000
$1,800,000
667
76
61
143
Buyer's
FL
Orlando
$1,595,000
$1,300,000
520
58
46
64
Buyer's
FL
Palm Beach Towns
$3,200,000
$2,743,975
369
38
32
131
Buyer's
FL
Sarasota & Beaches
$1,685,500
$1,363,000
549
63
41
105
Buyer's
FL
Tampa
$775,000
$681,000
857
184
195
44
Seller's
GA
Atlanta
$1,150,000
$955,000
1,383
368
228
31
Balanced
HI
Kauai
$2,447,500
$1,442,500
120
14
10
33
Buyer's
HI
Maui
$3,347,500
$2,110,000
202
24
7
125
Buyer's
HI
Oahu
$3,349,500
$2,240,000
262
58
20
21
Buyer's
IL
Chicago
$1,199,700
$1,072,500
2,352
669
368
50
Balanced
MA
Greater Boston
$3,300,000
$2,500,000
153
30
61
32
Seller's
MD
Montgomery County
$1,749,000
$1,430,500
363
84
90
27
Seller's
MD
Talbot County
$1,870,000
$1,250,000
119
10
7
74
Buyer's
MD
Worcester County
$949,950
$992,500
74
13
8
43
Buyer's
MI
Oakland County
$724,900
$618,380
1,396
493
249
22
Balanced
MO
St. Louis
$775,000
$642,500
255
74
69
33
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NC
Charlotte
$894,300
$785,000
1,076
225
278
29
Seller's
NC
Raleigh-Durham
$706,000
$690,000
1,079
217
279
4
Seller's
NJ
Ocean County
$875,000
$732,500
801
173
62
61
Buyer's
NV
Las Vegas
$738,444
$625,000
1,756
459
284
32
Balanced
NV
Reno
$1,375,000
$1,201,767
159
35
26
73
Balanced
NY
Brooklyn
$1,580,000
$1,200,000
311
51
15
58
Buyer's
NY
Staten Island
$1,195,000
$1,095,000
212
43
14
80
Buyer's
ON
GTA - Durham
$1,499,900
$1,266,250
304
131
30
32
Buyer's
ON
GTA - York
$2,290,000
$1,748,000
917
375
81
30
Buyer's
ON
Toronto
$3,588,800
$3,150,000
483
184
49
30
Buyer's
TN
Knox County
$759,000
$671,500
275
58
52
36
Balanced
TN
Nashville
$1,099,000
$905,000
339
111
91
11
Seller's
TX
Austin
$1,075,000
$806,750
780
226
264
14
Seller's
TX
Collin County
$700,000
$655,000
1,054
226
188
49
Balanced
TX
Dallas
$989,000
$790,000
1,009
235
137
43
Buyer's
TX
Fort Worth
$885,000
$743,725
932
210
204
35
Seller's
TX
Houston
$825,000
$747,450
2,270
570
346
34
Balanced
TX
The Woodlands & Spring
$799,250
$650,000
562
159
107
27
Balanced
UT
Park City
$3,200,000
$2,487,500
306
50
24
44
Buyer's
VA
Arlington & Alexandria
$1,999,900
$1,580,000
92
22
26
22
Seller's
VA
Fairfax County
$1,649,000
$1,452,500
577
122
106
45
Balanced
VA
McLean & Vienna
$1,825,000
$1,575,000
255
58
42
54
Balanced
WA
Greater Seattle
$1,800,000
$1,577,500
1,265
364
354
12
Seller's
WA
Seattle
$1,750,000
$1,505,950
336
115
123
8
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$814,800
$775,000
307
101
33
51
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$725,000
$640,000
187
35
35
58
Balanced
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,863,000
$1,666,667
864
254
63
42
Buyer's
BC
Victoria
$798,500
$770,000
295
100
61
30
Balanced
CA
Los Angeles Beach Cities
$1,749,000
$1,500,000
215
74
69
17
Seller's
CA
Los Angeles City
$1,499,500
$1,189,000
403
134
90
25
Seller's
CA
Los Angeles The Valley
$699,000
$699,444
153
75
78
27
Seller's
CA
Marin County
$1,395,000
$1,128,750
27
9
8
43
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,038,888
$966,500
625
206
124
32
Balanced
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,049,450
$870,000
688
267
120
29
Balanced
CA
San Francisco
$2,900,000
$2,200,000
97
26
34
14
Seller's
CA
Santa Barbara
$1,850,000
$1,425,000
49
13
5
37
Buyer's
CA
Silicon Valley
$1,399,400
$1,405,000
94
51
83
18
Seller's
CA
Ventura County
$775,000
$690,000
93
39
31
49
Seller's
CO
Boulder
$925,000
$825,000
77
30
23
57
Seller's
CO
Denver
$699,000
$599,000
575
185
225
18
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Douglas County
$687,000
$575,000
34
14
8
22
Seller's
CO
Vail
$3,950,000
$2,850,000
111
12
3
47
Buyer's
DC
Washington D.C.
$1,892,500
$1,550,000
160
46
49
10
Seller's
$977,000
$702,500
324
44
28
61
Buyer's
$944,995
$744,950
98
10
12
52
Buyer's
FL FL
Boca Raton & Delray Beach Coastal Pinellas County Towns
FL
Greater Fort Lauderdale
$869,000
$792,500
1,226
145
66
98
Buyer's
FL
Jacksonville Beaches
$1,148,834
$1,800,000
62
6
5
57
Buyer's
FL
Miami
$999,900
$937,500
2,859
303
64
236
Buyer's
FL
Naples
$2,195,000
$1,812,000
219
23
17
87
Buyer's
FL
Orlando
$659,900
$1,872,500
86
15
4
59
Buyer's
FL
Palm Beach Towns
$1,472,500
$1,850,000
300
40
31
82
Buyer's
FL
Sarasota & Beaches
$1,469,500
$1,300,000
216
26
15
80
Buyer's
FL
Tampa
$699,000
$571,000
135
21
26
66
Balanced
GA
Atlanta
$669,000
$584,938
583
157
91
37
Balanced
HI
Kauai
$1,375,000
$963,839
87
9
13
72
Buyer's
HI
Maui
$1,891,500
$1,389,000
142
21
13
97
Buyer's
HI
Oahu
$1,300,000
$1,023,000
431
86
47
44
Buyer's
IL
Chicago
$1,124,888
$1,050,000
1,111
350
137
46
Buyer's
MA
Greater Boston
$2,315,256
$1,995,000
282
49
73
27
Seller's
MD
Montgomery County
$775,000
$687,500
153
42
73
36
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$599,450
$600,000
104
13
5
104
Buyer's
MI
Oakland County
$865,000
$619,891
63
13
13
73
Balanced
MO
St. Louis
-
-
-
-
-
-
-
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NC
Charlotte
$752,450
$686,904
130
25
26
45
Balanced
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$619,950
$665,000
148
19
17
80
Buyer's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,326,500
$1,090,000
754
204
45
61
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - Durham
$575,000
$560,000
30
24
9
16
Seller's
ON
GTA - York
$749,950
$722,250
242
114
36
28
Buyer's
ON
Toronto
$1,228,000
$1,125,000
459
322
151
16
Seller's
TN
Knox County
-
-
-
-
-
-
-
TN
Nashville
$831,950
$714,000
72
33
25
20
Seller's
TX
Austin
$776,000
$676,560
203
67
44
38
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$700,000
$624,500
205
37
20
60
Buyer's
TX
Ft. Worth
-
-
-
-
-
-
-
TX
Houston
$649,900
$661,250
209
58
24
54
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,950,000
$1,775,000
175
26
11
32
Buyer's
VA
Arlington & Alexandria
$1,250,000
$995,000
55
31
41
7
Seller's
VA
Fairfax County
$748,000
$689,950
175
74
80
14
Seller's
VA
McLean & Vienna
$1,275,000
$996,540
39
7
6
12
Balanced
WA
Greater Seattle
$1,177,900
$1,042,500
212
71
70
22
Seller's
WA
Seattle
$1,205,000
$1,221,475
134
36
22
31
Balanced
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
GTA - DURHAM
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | JULY 2019 Inventory
Sales
Luxury Benchmark Price 1: $1,100,000 $3,350,000+ $3,050,000 - $3,349,999 $2,850,000 - $3,049,999
$2,250,000 - $2,449,999 $2,050,000 - $2,249,999 $1,850,000 - $2,049,999
$1,650,000 - $1,849,999
8
0
10
Buyer's Market Total Sales Ratio2: 10%
6
0
9
0
11
1
26
1
40
1 35
4
$1,350,000 - $1,449,999
22
3
$1,250,000 - $1,349,999
36
7
$1,200,000 - $1,249,999
17
4
37
1
$1,100,000 - $1,149,999
1
Total Sales: 30
9
1
$1,450,000 - $1,649,999
$1,150,000 - $1,199,999
Total Inventory: 304
0
$2,650,000 - $2,849,999
$2,450,000 - $2,649,999
16
1
22
6
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
NA
NA
NA
0
6
0%
2 Bedrooms
$1,362,500
36
4
2
18
11%
3 Bedrooms
$1,189,400
46
4
8
90
9%
4 Bedrooms
$1,330,500
23
4
12
131
9%
5 Bedrooms
$1,250,000
35
5
7
34
21%
6+ Bedrooms
$2,800,000
67
9
1
10
10%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
GTA - DURHAM
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,290,000
$1,250,000
$1,385,000 $1,195,000
$1,286,500
Inventory
$1,450,000 $1,210,000
$1,297,200
Solds
$1,281,000
$1,265,000
$1,242,000
17 Jul-18
177
172
165 31
15
Aug-18
Sep-18
176 21
Oct-18
22
10
Nov-18
Dec-18
11 Jan-19
220
200
181
170
156
$1,266,250
304
298
288 180
$1,285,000
14
26
Feb-19
Mar-19
34
23 Apr-19
May-19
30
25 Jun-19
Jul-19
MEDIAN DATA INVENTORY June
July
298
304 VARIANCE: 2 %
SALE PRICE PER SQFT. June
July
N/A
N/A VARIANCE: N/A
SOLDS June
SALES PRICE July
25
30 VARIANCE: 20 % SALE TO LIST PRICE RATIO June
July
96.30% 95.91% VARIANCE: 0 %
June
1.29m
$
July
1.27m VARIANCE: -1 % $
DAYS ON MARKET June
July
35
32 VARIANCE: -9 %
GTA - DURHAM MARKET SUMMARY | JULY 2019 • The GTA - Durham single-family luxury market is a Buyer's Market with a 10% Sales Ratio. • Homes sold for a median of 95.91% of list price in July 2019. • The most active price band is $1,100,000-$1,149,999, where the sales ratio is 27%. • The median luxury sales price for single-family homes has decreased to $1,266,250. • The median days on market for July 2019 was 32 days, down from 35 in June 2019.
Square foot table does not account for listings and solds where square foot data is not disclosed. Data reported includes Active and Sold properties and does not include Pending properties. Prices are in CAD. 3
4
GTA - DURHAM
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | JULY 2019 Inventory
Sales
Luxury Benchmark Price 1: $539,000 $679,000+ $669,000 - $678,999 $659,000 - $668,999 $649,000 - $658,999
$639,000 - $648,999 $629,000 - $638,999 $619,000 - $628,999 $609,000 - $618,999
$599,000 - $608,999
4
1 1
0 0
0 0
Total Inventory: 30
1
Total Sales: 9
1
Seller's Market
1
Total Sales Ratio2: 30%
0 0
1
0 0 0
3
0
$589,000 - $598,999
1 1
$579,000 - $588,999
1 1
$569,000 - $578,999
3
1
$559,000 - $568,999
3
1
$549,000 - $558,999
5
1
$539,000 - $548,999
1
5
3
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 Bedrooms
NA
NA
NA
0
0
NA
1 Bedrooms
NA
NA
NA
0
0
NA
2 Bedrooms
$561,500
12
3
4
21
19%
3 Bedrooms
$560,000
16
3
5
8
63%
4 Bedrooms
NA
NA
NA
0
1
0%
5+ Bedrooms
NA
NA
NA
0
0
NA
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
GTA - DURHAM
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$630,750
$572,500
19
19
18 8
$572,500
Jul-18
16 10
8
Aug-18
$550,000
Sep-18
$582,000
16
Inventory
$560,000
$542,000
5
6
4
Oct-18
Nov-18
Dec-18
$572,500
20
19
14
Solds
$600,000
$600,000
$587,000
22
24
26
26
9
6
1 Jan-19
$597,000
Feb-19
Mar-19
15
11
Apr-19
May-19
$560,000
30
10
9
Jun-19
Jul-19
MEDIAN DATA INVENTORY June
SOLDS
SALES PRICE
July
June
30 VARIANCE: 15 %
10
9 VARIANCE: -10 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
26
June
July
N/A
N/A VARIANCE: N/A
June
July
July
98.64% 99.16% VARIANCE: 1 %
June
587k
$
July
560k VARIANCE: -5 % $
DAYS ON MARKET June
July
15
16 VARIANCE: 7 %
GTA - DURHAM MARKET SUMMARY | JULY 2019 • The GTA - Durham attached luxury market is a Seller's Market with a 30% Sales Ratio. • Homes sold for a median of 99.16% of list price in July 2019. • The most active price bands are $579,000-$588,999 and $589,000-$598,999, where the sales ratio is 100%. • The median luxury sales price for attached homes has decreased to $560,000. • The median days on market for July 2019 was 16 days, up from 15 in June 2019. Square foot table does not account for listings and solds where square foot data is not disclosed. Data reported includes Active and Sold properties and does not include Pending properties. Prices are in CAD. 3
4
Luxury is in each detail. Hubert de Givenchy