OAHU
|
HAWAII ISLAND
|
MAUI
|
KAUAI
Luxury Market Report Hawaii, November 2023
About Corcoran Pacific Properties Corcoran Pacific Properties, the exclusive Hawaii franchisee of The Corcoran Group, is a locally owned and operated company, founded in 2005 with a simple philosophy: treating every client as a friend, and every transaction as if it was our own. Over the past 17+ years, honoring this philosophy, we established a culture of service and efficiency fueled by high-tech, smart investments in agents, and the tools they need to deliver world-class service while helping clients achieve their real estate goals. By choosing only the most successful, experienced real estate professionals and dedicating every resource to support their success, we’ve grown to be the brokerage of choice serving Kauai, Oahu, Maui and Hawaii Island. With our clients at the heart of our business, Corcoran Pacific Properties is dedicated to excellence, innovation and to continuously raising the bar when it comes to impeccable service, expert insight and a relationship-first approach.
©2020 Corcoran Pacific Properties. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Corcoran Pacific Properties fully supports the principles ofthe Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
At Corcoran Pacific Properties, we dream big. We know that luxury is not a price point, but an experience. Through our commitment to providing first-class support for our 200+ award-winning real estate professionals, we deliver a distinctive and authentic experience to our agents, employees and clients, helping people find the lifestyle they seek.
Gregg Antonsen
SVP, Luxury Sales gregg.antonsen@corcoranpacific.com
OAHU OFFICES Kahala Office
4211 Waialae Ave. Suite 106 Honolulu, HI 96816 (800) 315-3898
Kailua Office
419-B Kuulei Rd. Kailua, HI 96816 (800) 315-3898
MAUI OFFICES Wailea Office
34 Wailea Gateway Pl. Suite A-204 Kihei, HI 96753 (800) 315-3898
Mililani Office 95-1249 Meheula Parkway, Suite No. A-5 Mililani, HI 96789 (808) 589-2040
North Shore Office 66-590 Kamehameha Hwy, Unit 1 Haleiwa, HI 96712 (808) 589-2040
KAUAI OFFICES Lahaina Office
75 Kupuohi St. Suite 203 Lahaina, HI 96761 (800) 315-3898
Koloa Office
Princeville Office
Mauna Lani Portfolio
Waimea Office
3417 Poipu Rd. Suite 110B Koloa, HI 96756 (800) 315-3898
5-4280 Kuhio Hwy. Suite B-103 Princeville, HI 96722 (800) 315-3898
HAWAII ISLAND OFFICES Hilo Office
64 Keawe St. Suite 203 Hilo, HI 96720 (800) 315-3898
Kona Office
Walua Professional Bldg. 75-5905 Walua Rd. Suite 9 Kailua-Kona, HI 96740 (800) 315-3898
Mauna Lani Auberge Resort 68-1400 Mauna Lani Dr, Suite 108 Waimea, HI 96743 (800) 315-3898
65-1291 Kawaihae Rd. Suite 101 C Kamuela, HI 96743 (800) 315-3898
Table of Contents Page 5
Luxury Report Explained
Page 6
Welcome Message
Page 7
Support for Maui Wildfire Relief
Page 8-13
Oahu Market Review
Page 14-19
Island of Hawaii Market Review
Page 20-25
Maui Market Review
Page 26-31
Kauai Market Review
Page 33-36
North American Luxury Market Review
Page 37
13-Month Market Trends
Page 38
Single-Family Homes Monthly Overview
Page 39
Attached Homes Monthly Overview
Page 48
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-squarefoot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More indepth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/ or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
Report Glossary REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
This is your
Luxury Market Report
Map of Luxury Residential Markets
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report provides an in-depth
look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2020 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
Hawaii
Luxury Market Review Corcoran Pacific Properties is pleased to present a closer look at the luxury real estate market in Hawaii, which includes a detailed statistical analysis for your in-depth review on Oahu, the Island of Hawaii, Maui and Kauai for October 2023. October’s statistical data for the luxury real estate market saw a much steadier month across the Hawaiian Islands, with less fluctuations compared to the mixed bag of results reported in September. In the luxury single-family market, while sales slowed, not totally unexpected at this time of year, the level of new inventory entering the market over the last two months has, for the first time in many years, resulted in the pendulum swinging statistically in favor of a buyer’s market. However, in comparison to October 2022 the number of luxury homes sold was higher by 14% overall (81 compared to 71) and the median sold price rose by 8%, from $2,059,275 to $2,234,025. In the attached property market, the story is a little different insomuch that the statistical data reports that the market remains more favorable to sellers. Inventory levels increased by 18% (553 to 650) in October, but this is after a steady inventory decline over the last six months, whereas the level of sales remained consistent month-over-month. In comparison to October 2022 the number of sales fell by 9% (150 to 136) but the median sold price rose on each of the islands, resulting in an overall increase of 15%, from $1,313,125 to $1,510,581 in October 2023. “The key takeaway this month is that sold prices in the high-end are holding & in some cases rising quite nicely,” stated Gregg Antonsen, SVP Luxury Sales for Corcoran Pacific Properties. “A moderate increase in inventories offers more choice, but more importantly the properties that are selling are doing so primarily because they are meeting the number one requirement of today’s buyers – they are move-in-ready!” As Oahu enters the months of November and December, events on the North Shore at Haleiwa, Pipeline and Sunset typically attract professional surfers and crowds from around the world. Along with the surfers and crowds comes the desire for the acquisition of high-end real estate on the North Shore and beyond. Gregg doesn’t anticipate that the single-family market will see much change in terms of demand and price over the next few months as the year-end approaches. However, his Realtors have noticed an uptick in the number of inquiries since the announcement of the slight drop of the 30-year-fixed mortgage rate and speculation by the Future’s Market that interest rates may begin to fall in April 2024, if not before.
November
2023
Oahu Hawaii
OAHU
Single-Family Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $1,750,000 $9,500,000+ $8,500,000 - $9,499,999 $7,500,000 - $8,499,999
Total Sales Ratio2: 13%
8
0
16
1
$4,100,000 - $4,699,999
11
3
$3,500,000 - $4,099,999
11
3
$3,100,000 - $3,499,999
15
1
$2,700,000 - $3,099,999
16
2
$2,300,000 - $2,699,999
26
4
$2,100,000 - $2,299,999
14
6
$1,900,000 - $2,099,999
19
4
$1,800,000 - $1,899,999
1
Buyer’s Market
8
1
211
Total Sales: 28
9
0
$4,700,000 - $5,499,999
$1,750,000 - $1,799,999
Total Inventory:
4
0
$6,500,000 - $7,499,999 $5,500,000 - $6,499,999
19
0
18
3 17
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$2,160,000
3
2
12
73
16%
3,000 - 3,999
$2,490,000
4
3
6
50
12%
4,000 - 4,999
$3,400,000
5
4
7
27
26%
5,000 - 5,999
NA
NA
NA
0
21
0%
6,000 - 6,999
$3,900,000
6
6
2
13
15%
7,000+
$7,200,000
5
6
1
24
4%
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.
OAHU
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
$2,362,500
$2,343,750
223
207
$2,285,000
203
24
36
33
Oct-22
Nov-22
Dec-22
$2,300,000
$2,394,000
181
173
11 Jan-23
$2,357,500
Inventory
$2,150,000
$2,080,000
188
$2,750,000
$2,675,000
$2,500,000
193
175
Solds
$2,327,500
$2,325,000
211
206
199
193
187
36
38
29
35
43
31
43
34
28
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
207
211
24
28
2%
VARIANCE:
VARIANCE:
Sale Price Per SqFt. Oct. 2022
$
Oct. 2022
Oct. 2023
2.36m
$
$
17%
VARIANCE: - %
1
Sale to List Price Ratio
Days on Market
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
765
100.00%
97.62%
21
29
968
$
VARIANCE: -
21%
2
VARIANCE: - %
VARIANCE:
Oahu Market Summary | October 2023 • The Oahu single-family luxury market is a Buyer's Market with a 13% Sales Ratio. • Homes sold for a median of 97.62% of list price in October 2023.
• The most active price band is $2,100,000-$2,299,999, where the sales ratio is 43%. • The median luxury sales price for single-family homes is $2,327,500.
• The median days on market for October 2023 was 29 days, up from 21 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
2.33m
38%
OAHU
Attached Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $750,000 $7,000,000+ $6,000,000 - $6,999,999
$3,800,000 - $4,399,999 $3,200,000 - $3,799,999 $2,600,000 - $3,199,999 $2,200,000 - $2,599,999
$1,800,000 - $2,199,999 $1,500,000 - $1,799,999 $1,200,000 - $1,499,999 $1,000,000 - $1,199,999
3
0
$5,200,000 - $5,999,999
$4,400,000 - $5,199,999
11
1
Total Inventory:
0
Total Sales: 94
10
1
Balanced Market
3
Total Sales Ratio2: 20%
8
0
16
0
17
0
23
4
31
4
45
4
58
14
43
14
$900,000 - $999,999
1
55
18
$800,000 - $899,999 $750,000 - $799,999
472
94
19 55
15
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$939,400
1
1
28
159
18%
1,000 - 1,499
$930,000
2
2
47
180
26%
1,500 - 1,999
$1,385,000
3
2
11
72
15%
2,000 - 2,499
$1,425,000
3
2
7
34
21%
2,500 - 2,999
NA
NA
NA
0
12
0%
3,000+
$27,500,000
4
4
1
15
7%
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.
OAHU
Attached Homes
13-Month Luxury Market Trend4 Median Sales Price
$990,000
421
$915,000
459
451
119
Oct-22
$987,500
$937,500
460
$972,500
460
$1,000,000
62
50
58
Nov-22
Dec-22
Jan-23
Feb-23
$950,000
$900,000
465
457
60
Inventory
440
Solds
$938,000
431
$989,477
$965,000
$982,100
$989,400
454
432
449
472
103
91
79
91
88
84
94
94
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
421
472
119
94
VARIANCE:
12%
VARIANCE: -
Sale Price Per SqFt. Oct. 2022
$
953
Oct. 2022
Oct. 2023
990k
$
$
21%
VARIANCE:
Sale to List Price Ratio
0%
Days on Market
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
930
98.72%
98.87%
34
22
$
2
VARIANCE: - %
VARIANCE:
0%
VARIANCE: -
Oahu Market Summary | October 2023 • The Oahu attached luxury market is a Balanced Market with a 20% Sales Ratio. • Homes sold for a median of 98.87% of list price in October 2023.
• The most active price band is $900,000-$999,999, where the sales ratio is 33%. • The median luxury sales price for attached homes is $989,400.
• The median days on market for October 2023 was 22 days, down from 34 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
989k
35%
OAHU
Sales Activity
Single-Family Metric
Closed Sales
Median Sales Price
(in millions)
Months Supply of Inventory
Attached
Year
$1-2 Million
$2-3 Million
$3-5 Million
$5 Million+
$800K $1 Million
$1 Million+
2017
732
108
50
13
318
660
2018
794
86
46
27
282
352
2019
775
94
37
21
261
309
2020
931
115
57
27
183
188
2021
1,710
302
132
47
464
497
2022
1,765
232
110
54
530
510
2023 YTD
922
128
51
32
260
334
2017
$1,250,000
$2,377,500
$3,525,000
$6,388,000
$875,000
$1,777,500
2018
$1,255,000
$2,372,500
$3,662,500
$7,200,000
$888,000
$1,550,000
2019
$1,250,000
$2,300,000
$3,688,000
$5,800,000
$890,000
$1,495,000
2020
$1,265,000
$2,325,000
$3,500,000
$6,800,000
$878,000
$1,325,000
2021
$1,270,000
$2,450,000
$3,600,000
$6,700,000
$875,000
$1,350,000
2022
$1,300,000
$2,368,750
$3,600,000
$6,575,000
$870,000
$1,355,000
2023 YTD
$1,275,000
$2,350,000
$3,580,000
$7,225,000
$888,944
$1,375,000
2017
4.7
9.8
13.3
40.2
5.1
5.9
2018
5.6
12.1
14.8
21.6
6.8
11.7
2019
5.6
12.9
18.6
36.0
8.3
11.6
2020
3.6
8.2
11.8
26.7
7.2
20.4
2021
1.9
3.2
4.9
13.2
2.8
6.0
2022
2.5
4..4
11.8
11.0
5.8
12.1
2023 YTD
2.6
5.8
5.6
26.5
4.1
6.5
November
2023
Island of Hawaii
ISLAND OF HAWAII
Single-Family Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $1,100,000 $9,000,000+ $7,800,000 - $8,999,999 $6,800,000 - $7,799,999
$5,800,000 - $6,799,999 $5,000,000 - $5,799,999 $4,200,000 - $4,999,999 $3,400,000 - $4,199,999 $2,800,000 - $3,399,999
Total Inventory:
3
0
Balanced Market
4
0
Total Sales Ratio2: 17%
3
0
11
0
11
1
12
1
12
2
16
1
$1,700,000 - $1,999,999
1
19
8
$1,300,000 - $1,399,999
$1,100,000 - $1,199,999
24
7
$1,400,000 - $1,699,999
$1,200,000 - $1,299,999
191
Total Sales: 33
2
0
$2,400,000 - $2,799,999 $2,000,000 - $2,399,999
16
2
23
5 18
3 17
3
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,499
NA
NA
NA
0
14
0%
1,500 - 1,999
$1,399,000
3
2
5
39
13%
2,000 - 2,499
$1,600,000
3
3
9
34
26%
2,500 - 2,999
$1,562,500
4
3
8
31
26%
3,000 - 3,499
$1,905,000
4
3
2
16
13%
3,500+
$1,950,000
5
5
9
55
16%
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.
ISLAND OF HAWAII
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds
$2,325,000
$1,800,000 $1,525,000
120
120
$1,427,500
$1,439,000
135
132
$1,512,500
$1,666,600
134
127
119
$1,500,000
$1,550,000
$1,512,500
154
145
156
$1,587,500
$1,600,000
$1,445,000
191
175
161
21
20
24
18
14
24
22
33
37
26
38
28
33
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
120
191
21
33
VARIANCE:
59%
VARIANCE:
Sale Price Per SqFt. Oct. 2022
$
Oct. 2022
Oct. 2023
1.53m
$
$
57%
VARIANCE:
Sale to List Price Ratio
5%
Days on Market
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
637
96.03%
96.30%
50
47
714
$
VARIANCE: -
11%
VARIANCE:
0%
6
VARIANCE: - %
Island of Hawaii Market Summary | October 2023 • The Island of Hawaii single-family luxury market is a Balanced Market with a 17% Sales Ratio. • Homes sold for a median of 96.30% of list price in October 2023.
• The most active price band is $1,400,000-$1,699,999, where the sales ratio is 42%. • The median luxury sales price for single-family homes is $1,600,000.
• The median days on market for October 2023 was 47 days, down from 50 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
1.60m
ISLAND OF HAWAII
Attached Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $950,000 $4,500,000+
11
0
$4,000,000 - $4,499,999 $3,500,000 - $3,999,999
$3,100,000 - $3,499,999 $2,700,000 - $3,099,999 $2,400,000 - $2,699,999 $2,100,000 - $2,399,999
0 0
0
Total Sales Ratio2: 27%
1 2
1
1 1 0 0
$1,200,000 - $1,299,999
1
Seller’s Market
3
$1,400,000 - $1,599,999
$950,000 - $999,999
Total Sales: 9
0
1 1
$1,000,000 - $1,099,999
2
2
$1,600,000 - $1,799,999
$1,100,000 - $1,199,999
Total Inventory: 33
1
0
$1,800,000 - $2,099,999
$1,300,000 - $1,399,999
2 2
2
1
2
0 1
2 2
1
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$1,075,000
2
2
1
3
33%
1,000 - 1,499
$1,122,500
2
2
2
7
29%
1,500 - 1,999
$1,637,500
3
3
2
8
25%
2,000 - 2,499
$1,452,500
4
3
2
8
25%
2,500 - 2,999
$4,250,000
4
4
2
5
40%
3,000+
NA
NA
NA
0
2
0%
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.
ISLAND OF HAWAII
Attached Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds $2,397,500
$1,262,500
$1,217,000
51
72
63
51 13
11
Nov-22
Dec-22
7 Oct-22
$1,575,000
$1,570,000
$1,535,000
$1,251,250
$1,198,000
$1,300,000
$1,550,000
$1,475,000
$1,300,000
$1,212,500
67
60
50
43 28
10
12
17
15
13
Jan-23
Feb-23
Mar-23
Apr-23
May-23
19
Jun-23
21
25
14
Jul-23
29
17
Aug-23
33 18
9
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
51
33
7
9
VARIANCE: -
35%
Sale Price Per SqFt. Oct. 2022
$
542
29%
Oct. 2023
1.54m
$
$
VARIANCE:
Sale to List Price Ratio
1%
Days on Market
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
1,044
100.00%
98.01%
30
38
93%
2
VARIANCE: - %
VARIANCE:
Island of Hawaii Market Summary | October 2023 • The Island of Hawaii attached luxury market is a Seller's Market with a 27% Sales Ratio. • Homes sold for a median of 98.01% of list price in October 2023.
• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 200%. • The median luxury sales price for attached homes is $1,550,000.
• The median days on market for October 2023 was 38 days, up from 30 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
1.55m
Oct. 2023
$
VARIANCE:
VARIANCE:
Oct. 2022
27%
ISLAND OF HAWAII
Sales Activity
Single-Family Metric
Closed Sales
Median Sales Price
(in millions)
Months Supply of Inventory
Attached
Year
$1-2 Million
$2-3 Million
$3-5 Million
$5 Million+
$800K $1 Million
$1 Million+
2017
95
24
11
29
42
89
2018
104
17
17
15
41
88
2019
131
21
7
27
48
79
2020
182
31
26
33
53
126
2021
247
59
45
70
125
236
2022
247
62
30
30
75
175
2023 YTD
185
36
16
21
41
108
2017
$1,374,000
$2,424,000
$4,100,000
$7,950,000
$899,500
$1,600,000
2018
$1,349,000
$2,495,005
$3,950,000
$7,500,000
$880,000
$1,945,000
2019
$1,295,000
$2,500,000
$3,100,000
$7,725,000
$900,000
$1,450,000
2020
$1,295,000
$2,600,000
$3,999,500
$6,950,000
$905,000
$1,700,000
2021
$1,399,000
$2,450,000
$3,950,000
$8,450,000
$877,000
$1,592,500
2022
$1,293,000
$2,300,000
$3,525,000
$9,673,750
$892,500
$1,650,000
2023 YTD
$1,328,501
$2,450,000
$3,700,000
$7,995,000
$910,000
$1,549,500
2017
15.8
19.9
21.3
20.7
13.5
20.4
2018
14.8
17.5
20.2
19.9
9.6
12.9
2019
14.2
18.6
23.9
17.0
11.7
14.1
2020
9.8
13.5
14.0
15.2
5.1
7.1
2021
5.1
8.3
9.1
8.6
2.7
5.1
2022
3.3
6.4
25.0
25.0
4.6
5.3
2023 YTD
3.1
11.3
13.0
14.0
3.0
3.9
November
2023
Maui Hawaii
MAUI
Single-Family Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $1,500,000 Total Inventory: 134 $12,000,000+ $9,900,000 - $11,999,999 $7,900,000 - $9,899,999
12
0
8
1
12
2
$3,400,000 - $3,899,999
6
1
$2,900,000 - $3,399,999
11
2
$2,400,000 - $2,899,999
15
1
$2,200,000 - $2,399,999
8
2
$2,000,000 - $2,199,999
6
2
$1,800,000 - $1,999,999
14
2
$1,700,000 - $1,799,999
1
17
1
$3,900,000 - $4,899,999
$1,500,000 - $1,599,999
Total Sales Ratio2: 11%
7
0
$4,900,000 - $5,899,999
$1,600,000 - $1,699,999
Buyer’s Market
4
0
$5,900,000 - $7,899,999
Total Sales: 15
4
1
6
0 4
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
NA
NA
NA
0
36
0%
2,000 - 2,999
$2,250,000
4
3
11
39
28%
3,000 - 3,999
$3,725,000
4
5
3
28
11%
4,000 - 4,999
$4,000,000
4
3
1
21
5%
5,000 - 5,999
NA
NA
NA
0
6
0%
6,000+
NA
NA
NA
0
4
0%
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.
MAUI
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds
$3,244,136 $2,718,802
$2,550,000
$2,880,000
$2,495,000
$2,758,600
$2,600,000
$2,431,500
$2,275,000
$2,162,500
$2,159,500
$2,350,000
$1,810,000
139
152
145
136
154
148
150
144
161
150
21
15
14
20
11
18
11
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
134
127
113 29
22
21
17
25
15
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
139
134
21
15
VARIANCE: - %
4
VARIANCE: -
Sale Price Per SqFt.
Sale to List Price Ratio
Oct. 2022
$
Oct. 2022
Oct. 2023
2.55m
$
$
29%
VARIANCE:
8%
Days on Market
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
999
94.59%
93.95%
108
162
VARIANCE:
50%
959
$
VARIANCE:
4%
1
VARIANCE: - %
Maui Market Summary | October 2023 • The Maui single-family luxury market is a Buyer's Market with a 11% Sales Ratio. • Homes sold for a median of 93.95% of list price in October 2023.
• The most active price band is $2,000,000-$2,199,999, where the sales ratio is 33%. • The median luxury sales price for single-family homes is $2,758,600.
• The median days on market for October 2023 was 162 days, up from 108 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
2.76m
MAUI
Attached Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $1,200,000 $4,500,000+
16
0
$3,600,000 - $4,499,999
7
2
$3,100,000 - $3,599,999
Total Inventory: 5
1
$2,600,000 - $3,099,999
8
$1,700,000 - $1,799,999
4
0
6
1 1
2 5
2
$1,500,000 - $1,599,999
$1,300,000 - $1,399,999
10
2
11
1 10
1
$1,200,000 - $1,299,999
1
7
4
$1,600,000 - $1,699,999
$1,400,000 - $1,499,999
Total Sales Ratio2: 22%
3
1
$1,900,000 - $1,999,999
$1,800,000 - $1,899,999
Seller’s Market
5
3
$2,200,000 - $2,399,999 $2,000,000 - $2,199,999
Total Sales: 24
2
$2,400,000 - $2,599,999
110
11
3
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$1,420,000
0
1
3
27
11%
1,000 - 1,499
$1,875,000
2
2
9
42
21%
1,500 - 1,999
$2,449,550
3
3
9
27
33%
2,000 - 2,499
NA
NA
NA
0
8
0%
2,500 - 2,999
$3,726,950
4
4
3
5
60%
3,000+
NA
NA
NA
0
1
0%
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.
MAUI
Attached Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds
$2,400,000 $1,982,500
$2,150,000
$1,487,500
$1,595,000
61 20
25
Oct-22
Nov-22
97
91
87
78
15
9
Dec-22
Jan-23
$1,902,925
$1,850,000
$1,795,000 $1,515,000
$1,562,500
$1,550,000
82
82
84
91
18
22
25
24
Feb-23
Mar-23
Apr-23
May-23
$1,512,500
$1,475,000
96
37
Jun-23
27
18 Jul-23
110
92
86
24
16
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
61
110
20
24
VARIANCE:
80%
VARIANCE:
Sale Price Per SqFt.
Oct. 2022
Oct. 2023
1.49m
$
$
20%
VARIANCE:
Sale to List Price Ratio
1.90m 28%
Days on Market
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
1,480
$
1,422
98.22%
97.68%
70
191
$
4
VARIANCE: - %
1
VARIANCE: - %
VARIANCE:
Maui Market Summary | October 2023 • The Maui attached luxury market is a Seller's Market with a 22% Sales Ratio. • Homes sold for a median of 97.68% of list price in October 2023.
• The most active price band is $2,400,000-$2,599,999, where the sales ratio is 60%. • The median luxury sales price for attached homes is $1,902,925.
• The median days on market for October 2023 was 191 days, up from 70 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
173%
MAUI
Sales Activity
Single-Family Metric
Closed Sales
Median Sales Price
(in millions)
Months Supply of Inventory
Attached
Year
$1-2 Million
$2-3 Million
$3-5 Million
$5 Million+
$800K $1 Million
$1 Million+
2017
168
39
32
15
99
192
2018
190
31
30
13
120
285
2019
215
47
25
13
118
247
2020
218
51
34
11
140
273
2021
404
126
79
68
292
583
2022
409
98
55
41
238
489
2023 YTD
233
43
37
29
138
258
2017
$1,265,000
$2,400,000
$3,600,000
$8,025,444
$900,000
$1,700,000
2018
$1,328,000
$2,285,000
$3,625,000
$9,250,000
$887,450
$1,440,000
2019
$1,270,000
$2,400,000
$3,270,000
$6,500,000
$864,875
$1,495,000
2020
$1,312,500
$2,390,000
$3,575,000
$6,400,000
$862,500
$1,685,000
2021
$1,300,000
$2,467,500
$3,800,000
$7,625,000
$880,000
$1,620,000
2022
$1,277,000
$2,212,500
$3,700,000
$7,700,000
$890,000
$1,495,000
2023 YTD
$1,273,050
$2,300,000
$3,725,000
$7,350,000
$887,000
$1,546,000
2017
12.9
15.8
19.5
19.9
14.2
21.4
2018
13.8
16.4
16.5
21.7
14.4
24.9
2019
12.3
16.5
19.3
24.9
13.6
25.8
2020
10.4
13.5
14.8
20.4
11.8
23.4
2021
5.4
7.5
8.8
14.2
7.3
14.2
2022
3.3
9.8
16.0
24.0
2.9
5.1
2023 YTD
4.1
6.8
5.4
23.5
6.3
5.2
November
2023
Kauai Hawaii
KAUAI
Single-Family Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $1,200,000 $6,000,000+ $5,400,000 - $5,999,999 $4,900,000 - $5,399,999
$3,400,000 - $3,899,999 $3,000,000 - $3,399,999 $2,600,000 - $2,999,999
3
0
3
0
6
0
$1,200,000 - $1,299,999
1
7
2 4
0
10
1
$1,500,000 - $1,599,999
$1,300,000 - $1,399,999
Total Sales Ratio2 7%
0 0
$1,600,000 - $1,799,999
$1,400,000 - $1,499,999
Buyer’s Market
3
0
76
Total Sales: 5
4
1
$2,200,000 - $2,599,999 $1,800,000 - $2,199,999
Total Inventory:
4
0
$4,400,000 - $4,899,999 $3,900,000 - $4,399,999
16
0
5
1
0
2 4
0
5
0
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
1
0%
2 Bedrooms
$1,740,000
0
2
1
3
33%
3 Bedrooms
$1,875,000
69
3
2
32
6%
4 Bedrooms
$2,250,000
101
4
1
26
4%
5 Bedrooms
NA
NA
NA
0
7
0%
6+ Bedrooms
NA
NA
NA
0
7
0%
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.
KAUAI
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds $2,595,000
$2,200,000
$2,132,223 $1,800,000
$1,812,500
$1,629,504
$2,175,000
$1,995,000
$1,775,000
$1,624,500
$1,560,000
73 55
54
$2,250,000
$2,200,000
54
52
51
43
25 5
8
6
3
6
3
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
76
75
74
67
49 10
11
14
Apr-23
May-23
Jun-23
7
5
4
5
Jul-23
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
25
76
5
5
VARIANCE:
204%
VARIANCE:
Sale Price Per SqFt.
Oct. 2022
Oct. 2023
1.80m
$
$
0%
VARIANCE:
Sale to List Price Ratio
2.25m 25%
Days on Market
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
N/A
N/A
100.00%
96.41%
76
28
VARIANCE:
N/A
4
VARIANCE: - %
VARIANCE: -
Kauai Market Summary | October 2023 • The Kauai single-family luxury market is a Buyer's Market with a 7% Sales Ratio. • Homes sold for a median of 96.41% of list price in October 2023.
• The most active price band is $2,200,000-$2,599,999, where the sales ratio is 29%. • The median luxury sales price for single-family homes is $2,250,000.
• The median days on market for October 2023 was 28 days, down from 76 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
63%
KAUAI
Attached Homes
Luxury Inventory vs. Sales | October 2023 Inventory
Sales
Luxury Benchmark Price 1: $950,000 $3,500,000+ $3,000,000 - $3,499,999 $2,500,000 - $2,999,999
$2,000,000 - $2,499,999 $1,900,000 - $1,999,999 $1,800,000 - $1,899,999 $1,700,000 - $1,799,999
6
2 0
0
1
Total Inventory: 35
1
0 0
$1,400,000 - $1,499,999
Total Sales Ratio2: 26% 3
0
2
0
3 3
0
$950,000 - $999,999
1
1 1 1
$1,200,000 - $1,299,999
$1,000,000 - $1,099,999
2
0
$1,300,000 - $1,399,999
$1,100,000 - $1,199,999
Seller’s Market
1
$1,600,000 - $1,699,999
$1,500,000 - $1,599,999
Total Sales: 9
4
6
1 3
0 0 0 1
2
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
3
0%
2 Bedrooms
$1,275,000
3
2
5
15
33%
3 Bedrooms
$1,495,000
71
3
2
15
13%
4 Bedrooms
$7,175,000
198
4
2
2
100%
5 Bedrooms
NA
NA
NA
0
0
NA
6+ 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.
KAUAI
Attached Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds
$1,725,000 $1,500,000 $1,240,000
$1,225,000
$1,345,000
52
49
20 9
7
Oct-22
Nov-22
Dec-22
44
41
39
11
11
Jan-23
Feb-23
$1,237,500
$1,150,000
$1,100,000
51
4
$1,329,100
$1,600,000
$1,482,500
$1,425,000
32
17
Mar-23
7
7
Apr-23
May-23
35
33
30
27
$1,367,500
11
12
Jun-23
Jul-23
18 6
8
9
Aug-23
Sep-23
Oct-23
Median Data Review | October Total Inventory
Total Solds
Sales Price
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
20
35
4
9
75%
VARIANCE:
VARIANCE:
Sale Price Per SqFt.
Oct. 2022
Oct. 2023
1.24m
$
$
125%
VARIANCE:
Sale to List Price Ratio
1.60m 29%
Days on Market
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
Oct. 2022
Oct. 2023
N/A
N/A
100.00%
98.75%
8
8
VARIANCE:
N/A
1
VARIANCE: - %
VARIANCE:
Kauai Market Summary | October 2023 • The Kauai attached luxury market is a Seller's Market with a 26% Sales Ratio. • Homes sold for a median of 98.75% of list price in October 2023.
• The most active price band is $950,000-$999,999, where the sales ratio is 200%. • The median luxury sales price for attached homes is $1,600,000.
• The median days on market for October 2023 was 8 days, remaining the same from October 2022. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
0%
KAUAI
Sales Activity
Single-Family Metric
Closed Sales
Median Sales Price
(in millions)
Months Supply of Inventory
Attached
Year
$1-2 Million
$2-3 Million
$3-5 Million
$5 Million+
$800K $1 Million
$1 Million+
2017
61
13
6
3
34
40
2018
66
17
7
17
51
55
2019
57
15
10
4
68
51
2020
85
17
11
12
59
41
2021
140
59
30
31
103
175
2022
247
62
30
30
75
175
2023 YTD
53
24
12
6
29
72
2017
$1,285,000
$2,450,000
$3,800,000
$11,000,000
$868,758
$1,250,000
2018
$1,262,500
$2,500,000
$3,700,000
$8,702,400
$864,988
$1,500,000
2019
$1,395,000
$2,550,000
$3,650,000
$5,900,000
$897,129
$1,380,000
2020
$1,300,000
$2,300,000
$3,820,000
$7,700,000
$857,000
$1,350,000
2021
$1,471,500
$2,450,000
$3,500,000
$8,500,000
$895,000
$1,395,000
2022
$1,293,000
$2,300,000
$3,525,000
$9,673,750
$892,500
$1,650,000
2023 YTD
$1,250,000
$2,385,000
$3,275,000
$7,050,000
$920,000
$1,420,000
2017
12.6
19.9
24.8
23.9
10.5
16.0
2018
11.6
18.0
23.9
21.9
9.9
16.5
2019
10.7
16.1
16.5
21.6
9.0
17.2
2020
7.0
13.4
12.7
19.5
7.4
13.2
2021
4.8
9.3
6.7
12.4
4.9
6.6
2022
3.3
6.4
25.0
25.0
4.6
5.3
2023 YTD
6.3
5.0
20.0
N/A
1.0
5.8
Luxury IS IN
EACH DETAIL. HUBERT DE GIVENCHY
North American Luxury Review The Keys to Market Growth There is little doubt the luxury real estate market is still facing some interesting challenges, resulting in both sellers and buyers remaining decidedly on the fence. However, while there are no expectations of a sudden or dramatic change, a few market variables did shift slightly during October. To date, all indications are that those who need to buy and/or sell will continue to do so, but for those whose criteria is more based on ‘wanting to buy,’ there will continue to be a hesitancy while they hope for inventory choice to improve and/or prices to become more favorable. Equally, sellers will remain resistant, not just because they do not want to give up their current low mortgage rates, but because they see little inventory to purchase and therefore less reason to lower their prices. These expectations and reactions by buyers and sellers are not new; in fact, they are part of a trend that started last fall and one that became firmly entrenched month after month during 2023. The reality remains that unless something shifts, such as a decrease in interest rates, it is more than likely that the current stalemate could well remain the status quo well into 2024. However, last month did see a flicker of change, small but potentially enlightening as to future possibilities.
A Glimmer of Change October’s statistics show that for the first time during 2023, the luxury market registered an increase in the number of sold properties compared to its counterpart month in 2022. Single-family home sales rose 2.73% and 7.72% for attached properties. It’s too early to say that this could signify a trend, especially given last month’s unexpected decrease in the number of sales compared to September 2022. However, this does show there is a resilience in the luxury arena, further underlined by the continued stability of the median sold price in both markets.
This upswing in sales could be the result of increasing inventory levels providing buyers more opportunity. The level of new inventory entering the market, especially, has been one of the most significant challenges to the growth of sales during 2023. The number of sales from March to July often outstripped or closely matched the quantity of new listings, thereby creating an imbalance. However, for the last two months, a higher percentage of new inventory has helped redress some of this previous imbalance and facilitated the opportunity for increased sales. In addition, mortgage rate increases have seemingly stabilized, and there has been little talk of further increases in either the US or Canada. In fact, according to a recent article from Inman1 the Mortgage Bankers Association (MBA) announced on that 30-year-fixed-rate mortgages have fallen by 67 basis points to 7.36% from a 2023 high of 8.03%, as registered on October 19th, 2023.
This saw mortgage applications increase last week, with MBA’s weekly mortgage application survey reporting that requests were up by a seasonally adjusted 3% compared to the previous three weeks. There is further speculation in the futures markets that the Fed will bring down rates by May 2024. Fannie Mae Chief Economist Doug Duncan stated to Inman2 that wage growth continues to decelerate from 2022 peaks, lessening the inflationary pressures present in the economy. “Overall, today’s report shows a healthy but slowing labor market, and especially given the decelerating job growth figures, this is not a report that we would consider consistent with continued robust inflationary pressures,” Duncan said in a statement. There is also downward pressure in Canada as fixed-rate mortgages fell between 0.05 to 0.35% points in the last week. However, expectations are that any significant rate changes will not happen until later in 2024, as Canada takes a more cautionary approach and seeks to bring inflation back down to their 2% goal.
Importantly, this shows us that when mortgage rates fall, this not only certainly boosts optimism in the real estate market but should see sellers moving forward with the plans they put on hold for the last year.
Will Prices Fall? This is a big question, and yet the jury remains cautious as to what extent prices will fall or if they even will. Indeed, some experts predict they will continue to rise slightly. Since July 2022, there has been little change in the median sold price for single-family homes, which has continued to hover around $1.3 million for single-family homes and $860,000 for attached properties (based on the data from 150 luxury markets the Institute evaluates each month). Ultimately it still comes down to supply and demand. While a small decrease in interest rates may boost consumer confidence, it’s unlikely to create a sudden rush of inventory that will result in a dramatic price drop. More likely, any increase in inventory levels will result in an uptick in sales, as we saw this October, because there is still a high level of pent-up demand. On the other hand, it is equally unlikely that the luxury market will return to the same levels of demand, sales, and price increases that occurred during the pandemic, as those were extraordinary years.
That being said, the impacts of the pandemic years have forever changed the importance of owning a luxury property and it is now widely acknowledged by an ever-growing demographic of affluent buyers as an important low-risk asset that offers a long-term yield. This was proven over the last year, as between rising economic uncertainty, political unrest, stock and crypto market volatility, and to some extent climate change effects, overall, the luxury property market has continued to maintain its financial stability.
Historically, real estate generally offered reliability and stability, favoring those investors who were able to play the long game, i.e., hold onto their asset when the market trends down and wait until prices start to rise again. There is little to suggest it will do otherwise in the future.
Opportunity Knocks The biggest impacts are more likely to be felt at the local market level and will depend on the current demand profile of their buyers against ongoing supply. So, expect to hear some conflicting analysis because all markets are not equal and results from a North American perspective could look very different at the grassroots level. While there will be much debate about how things will play out over the next year, like all markets, there is always an opportunity for those who are ready. There are niches in every market: whether moving to a location that affords a better cost of living, recognizing luxury pockets or property types that are next in the demand cycle, or simply biding one’s time in anticipation of finding a property that is below market value. Regardless of an affluent buyer’s financial profile, there is still significant confidence in the luxury real estate market and a belief in the stability of owning property. Even if some buyers previously dropped out of the real estate game due to fatigue, frustration, or even hesitation during 2023, in 2024 they may be primed to return as inventory levels improve. We highly recommend working with a luxury property specialist during this unconventional market to ascertain what is truly happening in your local marketplace. The art of selling and buying in this market needs a critical and analytical approach; understanding the realities and setting expectations accordingly will ensure that goals are achieved. 1. https://www.inman.com/2023/11/08/homebuyers-respond-to-biggest-drop-in-mortgage-rates-this-year/ 2. https://www.inman.com/2023/11/03/big-drop-in-mortgage-rates-as-unemployment-hints-at-recession/
13-Month Market Trends For the Luxury North American Market
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
Sales Price vs. List Price
Price per Square Foot
Days on Market
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
Luxury Monthly Market Review A Review of Key Market Differences Year over Year October 2022 | October 2023
Single-Family Homes Median List Price
Median Sale Price
October 2023
$1,596,000
$1,597,500
98.26%
98.49%
$1,276,250
Median SP/LP Ratio Total Sales Ratio
October 2022
Median Price per Sq. Ft.
25.62% $410
$1,301,250
23.62% $406
October 2022
October 2023
Total Inventory
53,986
60,165
Total Sold
13,832
14,209
New Listings
16,234
Median Days on Market Average Home Size
22
18,846
3,264
3,261
Median prices represent properties priced above respective city benchmark prices.
2,612 New Listings
377
Total Sold
Med. Sale Price
Days on Market
25,000
$
2
2.00% Sales Ratio
Single-Family Homes Market Summary | October 2023 •
Official Market Type: Seller's with a 23.62% Sales Ratio.1
•
Homes are selling for an average of 98.49% of list price.
•
The median luxury threshold2 price is $912,500, and the median luxury home sales price is $1,301,250.
•
Markets with the Highest Median Sales Price: Ft. Lauderdale ($4,350,000), Los Angeles Beach Cities ($3,900,000), Los Angeles City ($3,500,000), and Vancouver ($3,488,000).
•
Markets with the Highest Sales Ratio: East Bay, CA (92%), Cleveland Suburbs (84%), Duluth, GA (71%), and Howard County, MD (71%). 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
1
previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
24
Luxury Monthly Market Review A Review of Key Market Differences Year over Year October 2022 | October 2023
Attached Homes October 2022
October 2023
Median List Price
$940,950
$964,000
Median SP/LP Ratio
98.82%
98.87%
Median Sale Price Total Sales Ratio
$870,000
Median Price per Sq. Ft.
24.06% $488
$867,500 20.80% $487
October 2022
October 2023
Total Inventory
16,523
20,586
Total Sold
3,975
4,282
New Listings
5,420
Median Days on Market Average Home Size
24
1,910
7,029
1,886
Median prices represent properties priced above respective city benchmark prices.
1,609 New Listings
307
Total Sold
Med. Sale Price
Days on Market
2,500
$
3
3.26% Sales Ratio
Attached Homes Market Summary | October 2023 •
Official Market Type: Seller's Market with a 20.80% Sales Ratio.1
•
Attached homes are selling for an average of 98.87% of list price.
•
The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $867,500.
•
Markets with the Highest Median Sales Price: Ft. Lauderdale ($3,950,000), Vail ($2,947,500), San Francisco ($2,215,000), and Greater Boston ($2,202,000).
•
Markets with the Highest Sales Ratio: Howard County, MD (164%), Anne Arundel County, MD (85%), Morris County, NJ (84%), and East Bay, CA (83%).
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
1
previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
21
Luxury Monthly Market Review Single-Family Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,149,900
$964,950
621
331
218
18
Seller's
AZ
Chandler and Gilbert
$1,059,407
$970,150
168
70
60
42
Seller's
AZ
Flagstaff
$1,625,000
$1,450,000
98
16
16
93
Balanced
AZ
Mesa
$850,000
$792,500
188
71
56
46
Seller's
AZ
Paradise Valley
$5,950,000
$3,087,200
152
41
22
33
Buyer's
AZ
Phoenix
$899,900
$815,000
804
298
259
34
Seller's
AZ
Scottsdale
$2,150,000
$1,750,000
812
261
154
39
Balanced
AZ
Tucson
$695,000
$680,000
901
304
237
17
Seller's
BC
Mid Vancouver Island
-
-
-
-
-
-
-
BC
Okanagan Valley
$1,789,000
$1,480,850
1024
244
48
72
Buyer's
BC
Vancouver
$4,288,000
$3,488,000
1244
331
73
21
Buyer's
BC
Victoria
$2,349,999
$2,050,000
197
79
18
35
Buyer's
BC
Whistler
$5,443,000
$3,173,500
66
22
6
33
Buyer's
CA
Central Coast
$2,800,000
$2,350,000
256
77
66
33
Seller's
CA
East Bay
$2,149,900
$1,905,000
340
176
314
12
Seller's
CA
Greater Palm Springs
$1,830,000
$1,600,000
445
195
57
23
Buyer's
CA
Lake Tahoe
$2,575,000
$1,812,500
205
43
56
43
Seller's
CA
Los Angeles Beach Cities
$5,719,500
$3,900,000
422
123
57
26
Buyer's
CA
Los Angeles City
$4,995,000
$3,500,000
727
256
87
19
Buyer's
CA
Los Angeles The Valley
$2,755,000
$2,302,500
676
253
140
38
Balanced
CA
Marin County
$3,795,000
$2,997,500
119
10
38
21
Seller's
CA
Napa County
$3,872,500
$1,995,000
152
14
23
52
Balanced
CA
Orange County
$3,000,000
$2,100,000
943
309
329
27
Seller's
CA
Placer County
$1,195,000
$1,030,000
281
96
85
29
Seller's
CA
Sacramento
$980,000
$900,000
645
244
254
15
Seller's
CA
San Diego
$2,495,000
$1,875,000
895
351
288
14
Seller's
CA
San Francisco
$4,575,000
$3,425,000
159
41
66
11
Seller's
CA
San Luis Obispo County
$1,774,500
$1,390,000
206
50
56
29
Seller's
CA
Silicon Valley
$4,512,500
$3,303,000
460
201
255
8
Seller's
CA
Sonoma County
$2,495,000
$1,872,000
277
33
51
39
Balanced
CA
Ventura County
$2,272,500
$1,750,000
256
79
73
51
Seller's
CO
Aspen
-
-
-
-
-
-
-
CO
Boulder
$2,097,500
$1,700,000
286
62
66
43
Seller's
CO
Colorado Springs
$944,000
$894,250
511
129
106
31
Balanced
CO
Denver
$1,675,000
$1,397,500
831
259
200
24
Seller's
CO
Douglas County
$1,325,000
$1,180,000
422
104
103
31
Seller's
CO
Durango
$1,450,000
$1,135,500
117
18
22
76
Balanced
CO
Summit County
$3,145,000
$2,265,846
70
13
10
83
Buyer's
CO
Telluride
$6,072,500
$1,625,000
90
9
5
87
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Single-Family Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Vail
$6,750,000
$3,450,000
81
9
9
64
Buyer's
CT
Central Connecticut
$699,000
$630,000
364
113
185
7
Seller's
CT
Coastal Connecticut
$2,324,000
$1,850,000
472
135
128
24
Seller's
DC
Washington D.C.
$3,899,500
$2,822,000
54
22
15
7
Seller's
DE
Sussex County Coastal
$1,570,000
$1,208,860
160
44
40
8
Seller's
FL
Boca Raton/Delray Beach
$2,697,000
$2,035,000
586
165
78
38
Buyer's
FL
Brevard County
$849,900
$750,000
463
133
101
16
Seller's
FL
Broward County
$1,699,000
$1,450,000
726
215
97
52
Buyer's
FL
Coastal Pinellas County
$2,250,000
$1,975,000
129
39
12
30
Buyer's
FL
Ft. Lauderdale
$4,950,000
$4,350,000
227
69
12
136
Buyer's
FL
Jacksonville Beaches
$1,320,000
$1,127,550
415
109
78
26
Balanced
FL
Lee County
$1,389,000
$1,250,000
910
268
82
34
Buyer's
FL
Marco Island
$2,750,000
$2,012,500
137
31
16
70
Buyer's
FL
Miami
$1,999,999
$1,425,000
1181
309
109
68
Buyer's
FL
Naples
$5,100,000
$3,150,000
451
80
26
45
Buyer's
FL
Orlando
$1,225,000
$1,157,000
887
261
178
20
Balanced
FL
Palm Beach Towns
$4,195,290
$1,577,500
316
79
18
23
Buyer's
FL
Sarasota & Beaches
$2,750,000
$2,000,000
455
116
40
78
Buyer's
FL
South Pinellas County
$1,459,000
$1,150,000
339
120
55
23
Balanced
FL
South Walton
$2,499,000
$2,054,975
623
120
64
41
Buyer's
FL
Tampa
$749,000
$694,900
1331
429
355
22
Seller's
GA
Atlanta
$1,637,000
$1,190,000
794
272
189
8
Seller's
GA
Duluth
$1,625,000
$1,425,000
14
8
10
7
Seller's
HI
Island of Hawaii
$1,975,000
$1,600,000
191
39
33
47
Balanced
HI
Kauai
$2,824,500
$2,250,000
76
15
5
28
Buyer's
HI
Maui
$3,375,000
$2,758,600
134
27
15
162
Buyer's
HI
Oahu
$2,895,000
$2,327,500
211
47
28
29
Buyer's
IA
Greater Des Moines
$650,000
$650,000
490
88
91
37
Balanced
ID
Ada County
$793,003
$770,000
660
231
211
16
Seller's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,499,950
$1,238,000
690
242
205
23
Seller's
IL
DuPage County
$1,200,000
$927,450
255
84
108
24
Seller's
IL
Lake County
$1,292,400
$932,750
287
87
78
17
Seller's
IL
Will County
$699,000
$621,700
270
130
118
25
Seller's
IN
Hamilton County
$869,950
$824,250
186
58
94
7
Seller's
KS
Johnson County
$848,596
$825,000
524
78
117
3
Seller's
MA
Cape Cod
$2,395,000
$1,942,500
170
57
42
35
Seller's
MA
Greater Boston
$3,950,000
$3,037,500
185
60
32
28
Balanced
MA
South Shore
$1,872,500
$1,337,500
70
17
32
22
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
MD
Anne Arundel County
$1,027,495
$900,000
194
60
87
10
Seller's
MD
Baltimore City
$879,000
$806,500
23
8
14
5
Seller's
MD
Baltimore County
$1,099,990
$917,500
141
36
32
7
Seller's
MD
Frederick County
$885,000
$900,000
75
36
27
5
Seller's
MD
Howard County
$1,217,985
$1,079,220
59
23
42
7
Seller's
MD
Montgomery County
$2,074,450
$1,583,000
208
70
60
7
Seller's
MD
Talbot County
$2,790,000
$1,426,000
47
11
13
45
Seller's
MD
Worcester County
$1,099,950
$802,500
48
14
20
6
Seller's
MI
Grand Traverse
$1,175,829
$980,000
81
22
20
59
Seller's
MI
Livingston County
$762,500
$670,000
108
28
28
23
Seller's
MI
Monroe County
$675,000
$600,000
21
5
7
41
Seller's
MI
Oakland County
$795,000
$650,000
794
295
237
13
Seller's
MI
Washtenaw County
$949,000
$790,000
147
36
39
15
Seller's
MI
Wayne County
$779,500
$620,000
182
69
79
10
Seller's
MN
Olmsted County
$822,200
$821,500
84
17
21
34
Seller's
MN
Twin Cities
$1,232,500
$1,000,000
834
233
189
25
Seller's
MO
Kansas City
$699,950
$672,988
1388
254
355
6
Seller's
MO
St. Louis
$829,900
$653,000
137
46
74
8
Seller's
NC
Asheville
$1,011,500
$875,000
314
82
86
19
Seller's
NC
Charlotte
$1,200,000
$900,000
578
208
283
9
Seller's
NC
Lake Norman
$1,299,000
$995,000
195
58
91
22
Seller's
NC
Raleigh-Durham
$1,195,000
$960,000
524
152
181
6
Seller's
NH
Rockingham County
$1,625,000
$1,700,000
85
34
21
10
Seller's
NJ
Bergen County
$2,299,900
$1,640,000
237
60
48
22
Balanced
NJ
Hudson County
$1,499,000
$1,401,500
28
14
6
14
Seller's
NJ
Morris County
$1,600,000
$1,415,000
127
40
39
18
Seller's
NJ
Ocean County
$979,900
$856,000
467
146
158
26
Seller's
NM
Taos
$1,277,000
$1,050,000
74
10
7
42
Buyer's
NV
Lake Tahoe
$3,695,000
$3,175,000
127
15
23
89
Balanced
NV
Las Vegas
$1,790,000
$1,300,000
628
176
91
27
Buyer's
NV
Reno
$1,962,500
$1,759,950
152
29
24
87
Balanced
NY
Finger Lakes
$1,595,000
$1,200,000
31
6
9
25
Seller's
NY
Nassau County
$1,848,500
$1,500,000
640
162
148
44
Seller's
NY
Staten Island
$1,190,944
$1,240,000
140
37
25
49
Balanced
NY
Suffolk County
$1,900,000
$1,325,000
958
212
157
36
Balanced
OH
Cincinnati
-
-
-
-
-
-
-
OH
Cleveland Suburbs
$849,000
$681,500
31
18
26
33
Seller's
OH
Columbus
$860,000
$749,900
551
181
217
8
Seller's
ON
GTA - Durham
$1,704,000
$1,570,000
306
182
47
13
Balanced
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Single-Family Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
ON
GTA - York
$2,399,900
$1,950,000
828
462
132
16
Balanced
ON
Hamilton
$1,900,000
$1,599,900
313
144
29
24
Buyer's
ON
Mississauga
$2,895,000
$2,900,000
209
114
24
29
Buyer's
ON
Oakville
$2,988,800
$2,200,000
205
108
25
18
Buyer's
ON
Toronto
$3,796,500
$3,100,000
686
357
85
12
Buyer's
ON
Waterloo Region
$1,399,000
$1,300,000
253
144
56
15
Seller's
OR
Portland
$1,277,995
$1,129,995
817
199
163
27
Balanced
SC
Charleston
$1,750,000
$1,521,220
532
173
146
12
Seller's
SC
Hilton Head
$1,985,000
$1,597,500
276
71
68
27
Seller's
SC
The Grand Strand
$875,500
$819,500
414
120
84
62
Balanced
TN
Greater Chattanooga
$924,000
$892,500
241
58
52
19
Seller's
TN
Knoxville
$993,800
$865,000
170
57
57
21
Seller's
TN
Nashville
$1,799,900
$1,302,500
940
298
216
20
Seller's
TX
Austin
$1,245,000
$1,003,750
1266
322
232
50
Balanced
TX
Collin County
$751,569
$709,990
1344
500
427
25
Seller's
TX
Dallas
$1,350,000
$1,181,460
596
227
165
13
Seller's
TX
Denton County
$795,900
$745,000
1157
394
279
27
Seller's
TX
El Paso
$635,000
$575,000
231
51
25
17
Buyer's
TX
Fort Worth
$899,999
$765,000
1088
353
299
18
Seller's
TX
Greater Tyler
$697,000
$812,260
264
76
27
11
Buyer's
TX
Houston
$974,975
$913,000
1208
433
218
18
Balanced
TX
Lubbock
$650,000
$667,500
175
68
28
79
Balanced
TX
San Angelo
$675,000
$645,000
70
14
6
62
Buyer's
TX
San Antonio
$799,000
$740,000
795
191
131
35
Balanced
TX
The Woodlands & Spring
$825,000
$675,000
255
85
68
11
Seller's
UT
Park City
$4,450,000
$2,897,500
185
48
44
40
Seller's
UT
Salt Lake City
$1,199,000
$1,014,990
564
155
135
41
Seller's
UT
Washington County
$1,382,500
$1,402,500
226
61
18
56
Buyer's
VA
Arlington & Alexandria
$2,087,475
$1,945,000
106
42
30
13
Seller's
VA
Charlottesville
$1,300,000
$1,217,500
149
48
32
15
Seller's
VA
Fairfax County
$2,149,500
$1,502,500
346
106
110
6
Seller's
VA
McLean & Vienna
$2,777,000
$1,900,000
157
48
40
6
Seller's
VA
Richmond
$839,950
$780,000
409
117
144
7
Seller's
VA
Smith Mountain Lake
$1,749,975
$1,500,000
46
11
10
14
Seller's
WA
King County
$1,995,000
$1,655,000
880
337
376
8
Seller's
WA
Seattle
$1,900,000
$1,598,500
249
96
94
6
Seller's
WA
Spokane
$1,125,000
$959,000
171
54
23
18
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$799,000
$670,000
182
92
60
20
Seller's
AZ
Chandler and Gilbert
-
-
-
-
-
-
-
AZ
Flagstaff
-
-
-
-
-
-
-
AZ
Mesa
-
-
-
-
-
-
-
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$850,000
$797,500
229
70
58
21
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Mid Vancouver Island
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,899,000
$1,620,000
1136
430
97
10
Buyer's
BC
Victoria
$979,000
$904,900
199
108
34
32
Balanced
BC
Whistler
$2,495,000
$2,170,000
57
13
3
113
Buyer's
CA
Central Coast
$1,199,500
$1,375,000
52
13
15
25
Seller's
CA
East Bay
$1,148,500
$1,126,500
126
65
104
10
Seller's
CA
Greater Palm Springs
-
-
-
-
-
-
-
CA
Lake Tahoe
$1,740,000
$1,230,000
43
12
8
18
Balanced
CA
Los Angeles Beach Cities
$1,950,000
$1,599,000
175
67
53
13
Seller's
CA
Los Angeles City
$1,750,000
$1,442,500
431
148
54
19
Buyer's
CA
Los Angeles The Valley
$799,950
$807,500
137
67
68
35
Seller's
CA
Marin County
$1,197,000
$1,079,000
36
12
17
21
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,290,000
$1,100,000
341
143
184
20
Seller's
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,277,000
$1,010,000
365
178
163
11
Seller's
CA
San Francisco
$2,795,000
$2,215,000
135
18
21
20
Balanced
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Silicon Valley
$1,724,000
$1,630,000
110
64
73
9
Seller's
CA
Sonoma County
$834,182
$715,000
20
3
10
33
Seller's
CA
Ventura County
$775,000
$735,000
110
40
33
43
Seller's
CO
Aspen
-
-
-
-
-
-
-
CO
Boulder
$993,500
$920,000
81
27
15
46
Balanced
CO
Colorado Springs
$550,000
$642,000
41
6
7
11
Balanced
CO
Denver
$882,000
$865,000
182
52
45
22
Seller's
CO
Douglas County
$589,000
$587,500
33
17
12
11
Seller's
CO
Durango
$793,905
$825,000
32
5
13
67
Seller's
CO
Summit County
$1,275,000
$1,350,000
25
8
7
9
Seller's
CO
Telluride
$2,525,000
$1,075,000
31
4
13
75
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Vail
$4,000,000
$2,947,500
67
8
16
25
Seller's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$949,000
$757,750
99
25
54
35
Seller's
DC
Washington D.C.
$1,912,450
$1,585,000
268
83
49
9
Balanced
DE
Sussex County Coastal
$1,150,000
$1,076,101
31
11
11
6
Seller's
FL
Boca Raton/Delray Beach
$1,075,000
$667,000
432
124
63
14
Buyer's
FL
Brevard County
$699,000
$693,000
211
46
33
33
Balanced
FL
Broward County
$699,000
$581,740
858
215
91
41
Buyer's
FL
Coastal Pinellas County
$1,250,000
$1,098,000
193
60
30
21
Balanced
FL
Ft. Lauderdale
$2,500,000
$3,950,000
170
42
9
88
Buyer's
FL
Jacksonville Beaches
$1,199,500
$985,000
60
23
19
26
Seller's
FL
Lee County
$862,500
$815,152
520
161
52
33
Buyer's
FL
Marco Island
$1,675,000
$1,505,000
57
16
7
43
Buyer's
FL
Miami
$1,499,000
$1,187,500
1590
340
98
95
Buyer's
FL
Naples
$2,350,000
$1,800,000
354
118
35
30
Buyer's
FL
Orlando
$559,900
$549,935
323
84
50
32
Balanced
FL
Palm Beach Towns
$1,892,500
$1,800,000
300
115
37
16
Buyer's
FL
Sarasota & Beaches
$1,599,950
$1,312,500
310
80
44
34
Buyer's
FL
South Pinellas County
$1,075,000
$1,386,561
323
167
101
0
Seller's
FL
South Walton
$1,292,500
$1,820,438
230
49
26
11
Buyer's
FL
Tampa
$939,450
$734,320
254
73
44
23
Balanced
GA
Atlanta
$724,950
$654,750
596
196
128
18
Seller's
GA
Duluth
-
-
-
-
-
-
-
HI
Island of Hawaii
$2,800,000
$1,550,000
33
6
9
38
Seller's
HI
Kauai
$1,750,000
$1,600,000
35
7
9
8
Seller's
HI
Maui
$1,899,950
$1,902,925
110
30
24
191
Seller's
HI
Oahu
$1,134,000
$989,400
472
132
94
22
Balanced
IA
Greater Des Moines
-
-
-
-
-
-
-
ID
Ada County
$635,000
$645,785
61
20
6
56
Buyer's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,199,450
$935,541
792
260
148
49
Balanced
IL
DuPage County
$687,450
$625,000
30
11
13
15
Seller's
IL
Lake County
-
-
-
-
-
-
-
IL
Will County
-
-
-
-
-
-
-
IN
Hamilton County
-
-
-
-
-
-
-
KS
Johnson County
$640,962
$631,443
152
17
37
22
Seller's
MA
Cape Cod
$1,072,500
$830,500
48
15
16
22
Seller's
MA
Greater Boston
$2,375,000
$2,202,000
417
131
62
28
Buyer's
MA
South Shore
$796,650
$914,500
16
11
11
23
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MD
Anne Arundel County
$574,495
$594,845
66
28
56
9
Seller's
MD
Baltimore City
$687,500
$620,000
102
23
25
11
Seller's
MD
Baltimore County
$639,900
$535,000
25
7
2
7
Buyer's
MD
Frederick County
-
-
-
-
-
-
-
MD
Howard County
$604,945
$625,000
28
20
46
5
Seller's
MD
Montgomery County
$785,098
$757,495
76
33
46
8
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$675,000
$582,500
103
37
28
9
Seller's
MI
Grand Traverse
-
-
-
-
-
-
-
MI
Livingston County
-
-
-
-
-
-
-
MI
Monroe County
-
-
-
-
-
-
-
MI
Oakland County
$689,500
$650,000
65
22
23
19
Seller's
MI
Washtenaw County
$689,900
$603,500
55
15
14
15
Seller's
MI
Wayne County
$679,617
$600,000
81
19
13
9
Balanced
MN
Olmsted County
-
-
-
-
-
-
-
MN
Twin Cities
-
-
-
-
-
-
-
MO
Kansas City
-
-
-
-
-
-
-
MO
St. Louis
-
-
-
-
-
-
-
NC
Asheville
$750,000
$687,500
49
12
16
7
Seller's
NC
Charlotte
$650,000
$657,770
244
96
86
10
Seller's
NC
Lake Norman
$599,900
$617,500
31
9
9
91
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NH
Rockingham County
$932,400
$850,000
52
19
15
5
Seller's
NJ
Bergen County
$1,250,000
$1,115,500
146
47
30
28
Balanced
NJ
Hudson County
$1,375,000
$1,262,500
150
61
30
11
Balanced
NJ
Morris County
$699,999
$689,950
55
31
46
14
Seller's
NJ
Ocean County
$989,500
$773,000
66
20
28
33
Seller's
NM
Taos
-
-
-
-
-
-
-
NV
Lake Tahoe
$1,490,000
$1,190,000
19
5
3
36
Balanced
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Finger Lakes
-
-
-
-
-
-
-
NY
Nassau County
$1,637,500
$1,320,000
82
10
22
68
Seller's
NY
Staten Island
$636,944
$582,500
92
24
20
28
Seller's
NY
Suffolk County
$865,000
$645,000
107
45
64
26
Seller's
OH
Cincinnati
-
-
-
-
-
-
-
OH
Cleveland Suburbs
-
-
-
-
-
-
-
OH
Columbus
$729,900
$675,000
109
24
31
4
Seller's
ON
GTA - Durham
$811,995
$870,000
42
32
11
13
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
ON
GTA - York
$818,400
$750,000
418
246
67
21
Balanced
ON
Hamilton
$919,900
$895,000
53
23
4
22
Buyer's
ON
Mississauga
$999,000
$920,000
185
103
23
21
Buyer's
ON
Oakville
$1,239,500
$1,065,000
32
15
7
16
Seller's
ON
Toronto
$1,219,000
$1,128,000
1305
675
149
16
Buyer's
ON
Waterloo Region
$761,750
$805,000
63
26
15
14
Seller's
OR
Portland
$699,000
$609,495
265
78
48
19
Balanced
SC
Charleston
$1,274,500
$1,155,000
122
45
36
4
Seller's
SC
Hilton Head
$1,049,500
$949,750
36
9
6
15
Balanced
SC
The Grand Strand
$549,900
$560,000
301
85
55
56
Balanced
TN
Greater Chattanooga
-
-
-
-
-
-
-
TN
Knoxville
-
-
-
-
-
-
-
TN
Nashville
$749,000
$650,000
273
73
66
9
Seller's
TX
Austin
$825,000
$717,500
407
110
25
42
Buyer's
TX
Collin County
TX
Dallas
TX
-
-
-
-
-
-
-
$699,950
$655,000
222
72
43
45
Balanced
Denton County
-
-
-
-
-
-
-
TX
El Paso
-
-
-
-
-
-
-
TX
Fort Worth
-
-
-
-
-
-
-
TX
Greater Tyler
-
-
-
-
-
-
-
TX
Houston
$599,000
$563,500
127
54
36
6
Seller's
TX
Lubbock
-
-
-
-
-
-
-
TX
San Angelo
-
-
-
-
-
-
-
TX
San Antonio
$717,450
$558,300
40
9
1
138
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,720,500
$1,875,000
92
29
27
23
Seller's
UT
Salt Lake City
$644,990
$589,000
175
50
46
39
Seller's
UT
Washington County
-
-
-
-
-
-
-
VA
Arlington & Alexandria
$1,049,900
$960,000
107
48
48
8
Seller's
VA
Charlottesville
$599,900
$561,368
51
18
19
3
Seller's
VA
Fairfax County
$799,500
$705,000
160
101
132
8
Seller's
VA
McLean & Vienna
$1,253,950
$950,000
22
10
15
12
Seller's
VA
Richmond
$588,530
$595,119
101
37
30
6
Seller's
VA
Smith Mountain Lake
-
-
-
-
-
-
-
WA
King County
$1,199,800
$1,030,000
313
97
93
17
Seller's
WA
Seattle
$1,357,500
$1,225,000
150
39
34
41
Seller's
WA
Spokane
-
-
-
-
-
-
-
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.
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