Luxury Market Report Hawaii, August 2022 OAHU | HAWAII ISLAND | MAUI | KAUAI
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Table of Contents Page 5 Luxury Report Explained Page 6 Welcome Message Page 7 Hawaii Luxury Market Review 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!
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.
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 LUXURYaccepted.BENCHMARK
Luxury Report Explained
PRICE: The price point that marks the transition from traditional homes to luxury NEWhomes.LISTINGS: The number of homes that entered the market during the current month.
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.
This is your Luxury Market Report 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. Map of Luxury Residential Markets Welcome 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.
“While inventories of both single family and attached homes have recently increased it is notable that both sectors of housing-for-sale remain below their 10 year average,” stated Gregg Antonsen, SVP Luxury Sales for Corcoran Pacific Properties. “In view of these moderate inventory adjustments, I do not expect to see significant price changes in the near term.”
Corcoran Pacific Properties is pleased to present a closer look at the luxury real estate market in Hawaii, which includes detailed statistical analysis of Oahu, the Island of Hawaii, Maui and Kauai for July 2022.
Hawaii Luxury Market Review
Despite increasing interest rates, it should be recognized that rates are still historically low and given the current propensity of purchasing a home for the long-term and its intrinsic value, rather than immediate financial return, these buyers no longer feel the pressure to purchase until their preferred home becomes available.
Another continuing trend that remains prevalent in Hawaii is demand for homes that are truly move-in ready. While this type of purchase has been very common for vacation rental properties, there has been a significant uptick in demand for residential properties where the new owner can simply “bring their Astoothbrush”!always,areal
However, the luxury median price remained consistent ranging from $2.1-$2.2 million for a singlefamily home and $1.3-$1.4 million for an attached property since the start of 2022.
This market status is affording current buyers both the opportunity and the time to find a home in Hawaii that suits their requirements, without the pressure of increasing prices and multiple offers. Much of this demand now comes from buyers who previously found it challenging or were not interested in getting into bidding wars that was so typical in last year’s market.
The changes in numbers seem even more significant, especially inventory levels, when compared with July 2021’s data. Sales declined 31% for single-family homes and 25% for attached properties and inventory levels rose 21% and 57% respectively.
This explains why the luxury real estate market remains strong but equally why we are seeing sales taking a longer time compared to last year.
estate expert familiar with local trends is the best resource to navigate the specific and varied markets found within the Hawaiian Islands.
Hawaii’s luxury real estate market continues to experience a cooling off period as the number of sales fell approximately 20% month-over-month and inventory levels increased 2.3% for single-family homes and 8.5% for attached properties.
August2022 OahuHawaii
20 4 6 4 9 15 11 14 15 24 19 12 12 12 10 1 1 0 1 1 0 1 2 3 5 8 5 12 5 3 $9,500,000+ $8,500,000 $9,499,999 $7,500,000 $8,499,999 $6,500,000 $7,499,999 $5,500,000 $6,499,999 $4,700,000 $5,499,999 $4,100,000 $4,699,999 $3,500,000 $4,099,999 $3,100,000 $3,499,999 $2,700,000 $3,099,999 $2,300,000 $2,699,999 $2,100,000 $2,299,999 $1,900,000 $2,099,999 $1,800,000 $1,899,999 $1,750,000 $1,799,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 2,999 $2,005,000 4 3 22 53 42% 3,000 - 3,999 $2,237,500 4 4 14 47 30% 4,000 - 4,999 $2,701,250 4 6 2 28 7% 5,000 - 5,999 $3,310,000 7 8 6 14 43% 6,000 - 6,999 $3,125,000 6 8 3 17 18% 7,000+ $8,500,000 5 9 1 28 4% 1 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. Inventory Sales OAHU Single Family Homes Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $1,750,000 Seller's Market 187Total Inventory: 48Total Sales: 26%Total Sales Ratio2:
Median Data Review | July 178 174 174 159 159 150 143 125 138 151 145 181 187 56 66 59 66 58 51 40 46 65 64 57 56 48 $2,552,500 $2,340,000 $2,425,000 $2,505,000 $2,557,500 $2,690,000 $2,374,000 $2,375,000 $2,600,000 $2,500,000 $2,375,000 $2,375,000 $2,287,000 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. • The Oahu single-family luxury market is a Seller's Market with a 26% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price band is $1,900,000-$2,099,999, where the sales ratio is 100%. • The median luxury sales price for single-family homes is $2,287,000 • The median days on market for July 2022 was 12 days, down from 17 in July 2021. Oahu Market Summary | July 2022 VARIANCE: 5 % 178 187 Jul. 2021 Jul. 2022 Total Inventory VARIANCE: 14 % 56 48 Total Solds VARIANCE: 10 % $2.55m $2.29m Sales Price VARIANCE: 29 % 17 12 Days on Market VARIANCE: 0 % 100.00% 100.00% Sale to List Price Ratio VARIANCE: 13 % $696 $788 Sale Price Per SqFt. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 13 Month Luxury Market Trend4 SoldsMedian Sales Price Inventory OAHU Single Family Homes
9 2 2 6 10 8 16 8 34 33 62 55 40 73 47 0 0 0 0 2 0 1 6 2 4 10 11 21 27 24 $7,000,000+ $6,000,000 $6,999,999 $5,200,000 $5,999,999 $4,400,000 $5,199,999 $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 $900,000 - $999,999 $800,000 - $899,999 $750,000 - $799,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 999 $890,000 1 1 26 136 19% 1,000 - 1,499 $875,000 2 2 51 160 32% 1,500 - 1,999 $980,000 3 3 28 58 48% 2,000 - 2,499 $1,345,000 2 2 1 28 4% 2,500 - 2,999 $1,945,000 3 3 2 7 29% 3,000+ NA NA NA 0 16 0% 1 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. Inventory Sales OAHU Attached Homes Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $750,000 Seller's Market 405Total Inventory: 108Total Sales: 27%Total Sales Ratio2:
278 283 329 355 351 327 315 326 332 331 326 363 405 125 146 101 116 105 120 122 106 152 153 153 148 108 $875,000 $955,000 $910,000 $947,000 $900,000 $935,000 $968,750 $950,000 $928,000 $900,000 $890,000 $925,000 $924,500 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. VARIANCE: 46 % 278 405 VARIANCE: 14 % 125 108 VARIANCE: 6 % $875k $925k Sales Price VARIANCE: 0 % 15 15 Days on Market VARIANCE: 0 % 100.00% 100.00% Sale to List Price Ratio VARIANCE: 9 % $742 $808 Sale Price Per SqFt. Oahu Market Summary | July 2022 • The Oahu attached luxury market is a Seller's Market with a 27% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price band is $2,200,000-$2,599,999, where the sales ratio is 75%. • The median luxury sales price for attached homes is $924,500 • The median days on market for July 2022 was 15 days, remaining the same from July 2021. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Median Data Review | July Total Inventory Total Solds 13 Month Luxury Market Trend4 SoldsMedian Sales Price Inventory OAHU Attached Homes
OAHU Sales Activity Single-Family Attached Metric Year Million$1-2 Million$2-3 Million$3-5 Million+$5 $800K$1 Million Million+$1 ClosedSales 2016 657 96 36 16 240 333 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 1,170 302 132 47 464 497 2022 YTD 1,151 153 77 39 371 396 (inSalesMedianPricemillions) 2016 $1,250,000 $2,300,000 $3,625,000 $6,744,844 $870,000 $1,712,800 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 YTD $1,300,000 $2,395,000 $3,500,000 $6,975,000 $866,000 $1,366,500 InventorySupplyMonthsof 2016 5.0 10.2 21.1 27.5 5.8 10.1 2017 4.7 9.8 13.3 40.2 5.1 5.9 2018 5.6 12.1 14.8 21.6 6.8 5.9 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 YTD 2.2 4.3 8.0 14.5 3.5 6.2
August2022 Island Hawaiiof
8 3 2 3 2 3 11 11 8 10 14 19 5 17 6 0 0 0 0 0 0 1 0 0 2 2 3 1 4 2 $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 $2,400,000 $2,799,999 $2,000,000 $2,399,999 $1,700,000 $1,999,999 $1,400,000 $1,699,999 $1,300,000 $1,399,999 $1,200,000 $1,299,999 $1,100,000 $1,199,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 2,999 $1,275,000 3 2 7 65 11% 3,000 - 3,999 $2,662,500 4 3 2 11 18% 4,000 - 4,999 NA NA NA 0 6 0% 5,000 - 5,999 NA NA NA 0 2 0% 6,000 - 6,999 NA NA NA 0 1 0% 7,000+ NA NA NA 0 2 0% 1 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 Inventory Sales Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $1,100,000 Buyer's Market 122Total Inventory: 15Total Sales: 12%Total Sales Ratio2:
Median Data Review | July 57 53 60 64 64 59 63 60 65 76 92 121 122 24 27 28 24 24 41 27 31 33 40 32 28 15 $1,775,000 $1,630,000 $1,990,000 $2,225,000 $1,502,500 $1,650,000 $1,750,000 $1,485,000 $1,497,000 $1,987,500 $2,100,000 $1,600,000 $1,405,500 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. • The Island of Hawaii single-family luxury market is a Buyer's Market with a 12% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price band is $1,100,000-$1,199,999, where the sales ratio is 33%. • The median luxury sales price for single-family homes is $1,405,500 • The median days on market for July 2022 was 15 days, down from 26 in July 2021. Island of Hawaii Market Summary | July 2022 VARIANCE: 114 % 57 122 Jul. 2021 Jul. 2022 Total Inventory VARIANCE: 38 % 24 15 Total Solds VARIANCE: 21 % $1.78m $1.41m Sales Price VARIANCE: 42 % 26 15 Days on Market VARIANCE: 0 % 100.00% 100.00% Sale to List Price Ratio VARIANCE: 7 % $616 $659 Sale Price Per SqFt. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 ISLAND OF HAWAII Single Family Homes 13 Month Luxury Market Trend4 SoldsMedian Sales Price Inventory
2 0 3 2 4 5 1 10 0 5 1 9 6 2 5 3 0 1 0 1 1 1 1 1 2 3 0 2 1 2 $4,500,000+ $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 $1,800,000 $2,099,999 $1,600,000 $1,799,999 $1,400,000 $1,599,999 $1,300,000 $1,399,999 $1,200,000 $1,299,999 $1,100,000 $1,199,999 $1,000,000 $1,099,999 $950,000 - $999,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 999 NA NA NA 0 5 0% 1,000 - 1,499 $1,450,000 2 2 4 11 36% 1,500 - 1,999 $1,421,750 3 2 6 9 67% 2,000 - 2,499 $3,763,150 3 3 2 14 14% 2,500 - 2,999 $2,380,000 4 3 2 6 33% 3,000+ $5,250,000 4 4 2 2 100% 1 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. ATTACHED HOMES Luxury Benchmark Price 1: $950,000 Inventory Sales ISLAND OF HAWAII Attached Homes Luxury Inventory vs. Sales | July 2022 Seller's Market 55Total Inventory: 19Total Sales: 35%Total Sales Ratio2:
28 35 34 32 32 29 25 26 24 26 38 50 55 23 16 18 29 17 20 24 24 34 35 36 30 19 $1,595,000 $1,340,000 $1,625,000 $1,300,000 $1,180,000 $1,461,560 $1,225,000 $1,407,500 $1,555,000 $1,400,000 $1,852,000 $1,640,000 $1,550,000 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. VARIANCE: 96 % 28 55 VARIANCE: 17 % 23 19 VARIANCE: 3 % $1.60m $1.55m Sales Price VARIANCE: 71 % 7 12 Days on Market VARIANCE: 2 % 100.00% 97.95% Sale to List Price Ratio VARIANCE: 5 % $911 $956 Sale Price Per SqFt.Island of Hawaii Market Summary | July 2022 • The Island of Hawaii attached luxury market is a Seller's Market with a 35% Sales Ratio • Homes sold for a median of 97.95% of list price in July 2022. • The most active price band is $1,300,000-$1,399,999, where the sales ratio is 300%. • The median luxury sales price for attached homes is $1,550,000 • The median days on market for July 2022 was 12 days, up from 7 in July 2021. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Median Data Review | July Total Inventory Total Solds ISLAND OF HAWAII Attached Homes SoldsSale Price Inventory 13 Month Luxury Market Trend4
ISLAND OF HAWAII Sales Activity Single-Family Attached Metric Year Million$1-2 Million$2-3 Million$3-5 Million+$5 $800K$1 Million Million+$1 ClosedSales 2016 75 18 8 30 32 53 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 YTD 146 38 23 24 69 194 (inSalesMedianPricemillions) 2016 $1,395,000 $2,485,000 $4,175,000 $7,187,500 $916,000 $1,800,000 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 YTD $1,299,000 $2,300,000 $3,595,000 $10,447,500 $900,000 $1,605,000 InventorySupplyMonthsof 2016 16.6 23.5 29.9 22.9 15.7 22.6 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 YTD 4.0 4.3 9.7 7.7 2.0 4.2
MauiHawaii August2022
12 4 9 8 7 7 11 9 18 5 4 17 5 6 10 0 0 2 0 4 1 0 1 2 1 4 3 2 2 5 $12,000,000+ $9,900,000 $11,999,999 $7,900,000 - $9,899,999 $5,900,000 - $7,899,999 $4,900,000 - $5,899,999 $3,900,000 - $4,899,999 $3,400,000 - $3,899,999 $2,900,000 - $3,399,999 $2,400,000 - $2,899,999 $2,200,000 - $2,399,999 $2,000,000 - $2,199,999 $1,800,000 - $1,999,999 $1,700,000 - $1,799,999 $1,600,000 - $1,699,999 $1,500,000 - $1,599,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 1,999 $1,600,000 3 2 7 40 18% 2,000 - 2,999 $1,725,000 4 3 8 38 21% 3,000 - 3,999 $2,977,000 4 6 6 24 25% 4,000 - 4,999 $5,200,000 5 9 3 13 23% 5,000 - 5,999 $5,350,000 4 9 1 10 10% 6,000+ $7,687,500 5 6 2 7 29% 1 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 Inventory Sales Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $1,500,000 Balanced Market 132Total Inventory: 27Total Sales: 20%Total Sales Ratio2:
Median Data Review | July 112 103 102 104 92 106 112 109 103 97 114 133 132 40 30 32 49 27 30 35 21 32 38 33 29 27 $2,874,500 $2,575,000 $2,775,000 $2,198,000 $2,420,000 $2,162,500 $2,225,000 $1,900,000 $2,262,500 $2,402,500 $2,950,000 $2,500,000 $2,000,000 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. • The Maui single-family luxury market is a Balanced Market with a 20% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price band is $2,000,000-$2,199,999, where the sales ratio is 100%. • The median luxury sales price for single-family homes is $2,000,000 • The median days on market for July 2022 was 69 days, down from 82 in July 2021. Maui Market Summary | July 2022 VARIANCE: 18 % 112 132 Jul. 2021 Jul. 2022 Total Inventory VARIANCE: 33 % 40 27 Total Solds VARIANCE: 30 % $2.87m $2.00m Sales Price VARIANCE: 16 % 82 69 Days on Market VARIANCE: 2 % 98.47% 100.00% Sale to List Price Ratio VARIANCE: 15 % $984 $833 Sale Price Per SqFt. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 MAUI Single Family Homes 13 Month Luxury Market Trend4 SoldsMedian Sales Price Inventory
15 7 2 8 2 4 3 8 7 5 5 2 3 7 5 3 1 1 0 0 2 0 1 0 0 3 2 2 3 3 $4,500,000+ $3,600,000 $4,499,999 $3,100,000 $3,599,999 $2,600,000 $3,099,999 $2,400,000 $2,599,999 $2,200,000 $2,399,999 $2,000,000 $2,199,999 $1,900,000 $1,999,999 $1,800,000 $1,899,999 $1,700,000 $1,799,999 $1,600,000 $1,699,999 $1,500,000 $1,599,999 $1,400,000 $1,499,999 $1,300,000 $1,399,999 $1,200,000 $1,299,999 Square-Range-Feet3 -MedianPriceSold- -MedianBedsSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0 - 999 $1,300,000 2 2 5 26 19% 1,000 - 1,499 $1,550,000 2 2 10 27 37% 1,500 - 1,999 $2,840,000 2 2 4 10 40% 2,000 - 2,499 $5,050,000 3 3 1 8 13% 2,500 - 2,999 NA NA NA 0 9 0% 3,000+ $6,350,000 3 8 1 3 33% 1 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. Inventory Sales MAUI Attached Homes Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $1,200,000 Seller's Market 83Total Inventory: 21Total Sales: 25%Total Sales Ratio2:
37 25 27 31 34 48 47 50 53 59 77 89 83 47 36 40 31 34 34 30 35 56 55 31 42 21 $1,648,000 $1,769,000 $1,927,000 $2,000,000 $2,249,000 $2,325,000 $1,925,000 $1,675,000 $1,700,000 $1,650,000 $1,925,000 $1,812,500 $1,600,000 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. VARIANCE: 124 % 37 83 VARIANCE: 55 % 47 21 VARIANCE: 3 % $1.65m $1.60m Sales Price VARIANCE: 34 % 112 74 Days on Market VARIANCE: 0 % 100.00% 100.00% Sale to List Price Ratio VARIANCE: 16 % $1,265 $1,469 Sale Price Per SqFt. A • The Maui attached luxury market is a Seller's Market with a 25% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price band is $1,500,000-$1,599,999, where the sales ratio is 100%. • The median luxury sales price for attached homes is $1,600,000 • The median days on market for July 2022 was 74 days, down from 112 in July 2021. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Median Data Review | July Total Inventory Total Solds SoldsSale Price Inventory 13 Month Luxury Market Trend4 MAUI Attached Homes
MAUI Sales Activity Single-Family Attached Metric Year Million$1-2 Million$2-3 Million$3-5 Million+$5 $800K$1 Million Million+$1 ClosedSales 2016 143 31 25 20 66 168 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 YTD 289 74 40 31 171 363 (inSalesMedianPricemillions) 2016 $1,265,850 $2,300,000 $3,700,000 $6,510,000 $899,500 $1,500,000 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 YTD $1,300,000 $2,300,000 $3,706,000 $8,033,600 $895,000 $1,527,500 InventorySupplyMonthsof 2016 11.8 19.1 18.3 17.2 14.6 16.2 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 YTD 4.5 7.9 8.9 14.1 6.5 7.5
August2022 KauaiHawaii
7 2 1 1 5 1 4 4 9 7 2 0 1 1 2 1 0 1 1 0 0 0 1 0 2 1 0 0 0 0 $6,000,000+ $5,400,000 $5,999,999 $4,900,000 $5,399,999 $4,400,000 $4,899,999 $3,900,000 $4,399,999 $3,400,000 $3,899,999 $3,000,000 $3,399,999 $2,600,000 $2,999,999 $2,200,000 $2,599,999 $1,800,000 $2,199,999 $1,600,000 $1,799,999 $1,500,000 $1,599,999 $1,400,000 $1,499,999 $1,300,000 $1,399,999 $1,200,000 $1,299,999 -Range-Beds3 -MedianPriceSold- -MedianDOMSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0-1 Bedrooms NA NA NA 0 1 0% 2 Bedrooms NA NA NA 0 7 0% 3 Bedrooms $1,800,000 0 2 1 11 9% 4 Bedrooms $3,853,500 5 4 6 16 38% 5 Bedrooms NA NA NA 0 8 0% 6+ Bedrooms NA NA NA 0 3 0% 1 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 Inventory Sales Luxury Inventory vs. Sales | July 2022 Luxury Benchmark Price 1: $1,200,000 Balanced Market 47Total Inventory: 7Total Sales: 15%Total Sales Ratio2:
Median Data Review | July 55 57 48 48 47 57 44 32 28 37 41 42 47 20 16 24 14 19 22 15 17 14 19 13 15 7 $2,212,500 $2,030,000 $1,683,250 $1,875,000 $1,789,000 $2,312,500 $1,735,000 $2,000,000 $2,374,000 $1,995,000 $2,272,000 $2,100,000 $2,812,000 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. • The Kauai single-family luxury market is a Balanced Market with a 15% Sales Ratio • Homes sold for a median of 100.00% of list price in July 2022. • The most active price bands are $4,400,000-$4,899,999 and $4,900,000-$5,399,999, where the sales ratio is 100% • The median luxury sales price for single-family homes is $2,812,000 • The median days on market for July 2022 was 5 days, down from 25 in July 2021. Kauai Market Summary | July 2022 VARIANCE: 15 % 55 47 Jul. 2021 Jul. 2022 Total Inventory VARIANCE: 65 % 20 7 Total Solds VARIANCE: 27 % $2.21m $2.81m Sales Price VARIANCE: 80 % 25 5 Days on Market VARIANCE: 2 % 97.70% 100.00% Sale to List Price Ratio VARIANCE: 33 % $1,170 $788 Sale Price Per SqFt. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 13 Month Luxury Market Trend4 SoldsMedian Sales Price Inventory KAUAI Single Family Homes
0 0 1 2 3 5 4 2 1 2 7 8 3 0 2 0 0 0 0 0 1 0 1 0 1 2 5 2 1 1 $5,000,000+ $4,500,000 $4,999,999 $4,000,000 $4,499,999 $3,600,000 $3,999,999 $3,200,000 $3,599,999 $2,800,000 $3,199,999 $2,400,000 $2,799,999 $2,100,000 $2,399,999 $1,800,000 $2,099,999 $1,600,000 $1,799,999 $1,400,000 $1,599,999 $1,200,000 $1,399,999 $1,100,000 $1,199,999 $1,000,000 $1,099,999 $950,000 - $999,999 -Range-Beds3 -MedianPriceSold- -MedianDOMSold- -MedianBathsSold- -Total-Sold Inventory-Total- Sales -Sold/Inventory-Ratio 0-1 Bedrooms $996,000 10 2 1 4 25% 2 Bedrooms $1,320,000 7 2 9 17 53% 3 Bedrooms $1,575,000 0 3 3 12 25% 4 Bedrooms $1,150,000 92 3 1 5 20% 5 Bedrooms NA NA NA 0 2 0% 6+ Bedrooms NA NA NA 0 0 NA 1 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. Luxury Benchmark Price 1: $950,000 KAUAI Attached Homes Inventory Sales KAUAI Attached Homes Luxury Inventory vs. Sales | July 2022 Seller's Market 40Total Inventory: 14Total Sales: 35%Total Sales Ratio2:
28 28 41 40 34 31 28 31 27 28 35 35 40 20 13 15 15 19 22 5 22 15 16 17 15 14 $1,375,000 $1,495,000 $1,255,000 $1,350,000 $1,375,000 $1,420,516 $1,200,000 $1,438,679 $1,225,000 $1,277,500 $1,354,500 $1,252,500 $1,322,500 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties. VARIANCE: 43 % 28 40 VARIANCE: 30 % 20 14 VARIANCE: 4 % $1.38m $1.32m Sales Price VARIANCE: 77 % 30 7 Days on Market VARIANCE: 1 % 100.00% 100.72% Sale to List Price Ratio VARIANCE: 24 % $873 $1,083 Sale Price Per SqFt. Kauai Market Summary | July 2022 • The Kauai attached luxury market is a Seller's Market with a 35% Sales Ratio • Homes sold for a median of 100.72% of list price in July 2022. • The most active price band is $1,100,000-$1,199,999, where the sales ratio is 67%. • The median luxury sales price for attached homes is $1,322,500 • The median days on market for July 2022 was 7 days, down from 30 in July 2021. Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Jul. 2021 Jul. 2022 Median Data Review | July Total Inventory Total Solds SoldsSale Price Inventory 13 Month Luxury Market Trend4 KAUAI Attached Homes
KAUAI Sales Activity Single-Family Attached Metric Year Million$1-2 Million$2-3 Million$3-5 Million+$5 $800K$1 Million Million+$1 ClosedSales 2016 52 14 5 7 17 39 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 YTD 56 24 21 12 41 98 (inSalesMedianPricemillions) 2016 $1,271,695 $2,387,500 $3,300,000 $11,400,000 $900,000 $1,350,000 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 YTD $ 1,437,000 $2,261,000 $3,465,000 $6,600,000 $920,000 $1,400,000 InventorySupplyMonthsof 2016 15.6 21.3 20.6 26.2 18.5 20.0 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 YTD 3.9 8.3 5.2 8.4 2.5 4.3
IS IN EACH DETAIL. HUBERT DE GIVENCHY Luxury
This demand is driven by the pent-up demand from buyers who previously struggled to buy in a market where prices escalated too fast and/or were not interested in getting into a bidding war. The market has swung in their favor, affording them the time and opportunity to find preferred homes to meet their future needs.
LONGER TERM PLANS
While statistics show the market has slowed, in terms of the number of sales, many real estate professionals believe given the uptick on real estate websites and requests for virtual tours over the last month that the affluent are taking the summer to formulate their plans.
North American Luxury Review
Although the market is showing definite signs of slowing down and returning to a more normalized level of inventory and sales, the appetite for luxury has certainly not diminished. The affluent are still buying and selling in the upper tier but they are enjoying the opportunity of time to decide what fulfills their requirements for the long-term.
Despite rates rising, they are still currently at historic lows, although above the rock bottom levels, we saw a year ago, and for those wanting to purchase their forever home or second home, locking into long-term financing is a great option.
This summer several trends are making waves in the luxury real estate market: from staycations and finding new luxury locales to collecting art, implementing high-tech innovations and the eco-friendly refurbishing of homes.
Summer Trends of 2022
One significant trend emerging is just that “the long-term”. The feeling that we will remain in an unsettled economy, real estate market prices have reached their peak, together with a change in attitude towards a property’s value being more intrinsic sees decisions and plans made for the long-term.
We have also seen a rise in the demand for second homes over the last year – according to the Coldwell Banker Global Luxury Report 2022. “Today, the number of affluent individuals with a net worth $5 million+ who own two or more properties is over 70% in the U.S. Second homes in mountain, lake or beach settings were sought-after as places for leisure, but some savvy investors also chose to ride the price upswing of condos in major cities.”
DEMAND RISES FOR LUXURY SECOND HOMES
This trend is growing stronger, for several reasons. Firstly, as many of the affluent are not committed to one specific location for work anymore, they are often searching for properties that allow them a diametrically opposite lifestyle to the one in their current abode. For those looking for a second property to use as a traditional vacation home, the opportunity to rent these homes has appreciated both in terms of a financial return but also because even the affluent are staying closer to home for their vacations. Travel chaos and taking time to be with family have become a great motivator not to fly abroad. Lastly, there has been an uptick in co-ownership, that affords second homeowners the opportunity to own and enjoy a luxury property without the full responsibility and associated costs.
Despite escalating prices, it seems that buying a fixer-upper is still not on the radar of the affluent, they might have the money and the time if they own another property, but they simply do not want the hassle.
Properties that come with all the amenities are still checking their boxes and this isn’t only for attributes such as high-end furnishings and fittings, great layouts, extra office space, work out rooms and fabulous outdoor space, the demand is escalating for literally move-in-ready.
LUXURY AMENITIES IN THIS SUMMER
HOME DESIGN
In today’s market move-in-ready represents homes that can be purchased fully furnished including all the furniture, curtains, kitchen equipment, the China, silverware and even the artwork on the wall. Homes being prepared for sale with this in mind are attracting a lot of attention. Of course, pools and outdoor play areas are on trend for the summer too, but also the requirement for space to house their collection of toys, from boats to bicycles.
In addition, lots of windows and ideally floor to ceiling windows that open out to large balconies or back yards, screening rooms, fire pits, fire pits or fire features, pools and water features, pizza ovens, outdoor kitchens –modern but flexible for all kinds of lifestyles – have become incredibly popular this summer.
While the affluent are not looking to engage in full renovations, they are forever setting new trends in what’s new and in vogue. Even as we learn to live with COVID-19, the days of opulent parties and dinners have still not returned in force. This has led to a demand for less glitter and sparkle and a desire for the home to feel like a place of refuge and Ascomfort.wemove further in 2022, the need for simplicity, clean lines and quality materials is driving design towards a more transitional contemporary palate with softer but luxurious furnishings. Colors focus on bringing in the light, with walls and cabinetry mostly in whites and greys. To offset this, and in acknowledgement of sustainability and eco-friendly trends, greenery, reclaimed and refurbished materials are adding texture and depth.
Secondary homes on properties have also shown a definite increase in demand. Whether it’s a guest house, suite over the garage or pool house, each of these provides extra space to either house additional family or be repurposed for personal use such as a private office, workout room or quiet refuge.
High-quality images, video footage, and an attention-grabbing presentation are all musts for sellers looking to attain the maximum exposure for their property. CUSTOM HOMES
While renovations are not on the affluent’s radar, they are still buying land to build their dream home. This part of the market has seen its challenges, especially during the height of the pandemic and is still experiencing slow supply chains and labor shortages, but for those who purchased land their goal is often a long-term decision. While prices are likely to fluctuate from initial estimates, the trend for custom homeowners is to pull out the stops and include all the upgrades, amenities and unique features from the start of the project.
Custom homes are no longer just a beautiful home, they are being designed to create an experience from the moment you walk through the door.
Access to technology that provides comparisons by location, amenities, lifestyle, home styles as well as price points has proven instrumental in helping affluent buyers make informed decisions. The affluent often do not need to buy, instead they want to buy, so properties for sale need to have an excellent online presence.
TECHNOLOGY IS KEY
Technology within the home is now a standard requirement for affluent homes, but the trend that has become key this summer is the use of technology to search for a home. As the affluent chose to find properties away from their current locale, using the internet to search for homes has become increasingly more important. Searches are not always focused on location first either, there might be several destinations that an affluent buyer may find of interest.
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. For homeowners looking to buy or sell in today’s market, we recommend working with a realtor who can capitalize on the preferences, trends, and demands in this dynamic and evolving environment.
11 13 14 15 15 17 18 13 9 7 7 9 12 16 16 15 12 15 16 18 11 8 8 9 9 13 0 2 4 6 8 10 12 14 16 18 20 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL $49 2 $48 6 $50 4 $50 1 $49 8 $53 5 $51 6 $52 6 $54 3 $52 6 $54 0 $55 0 $53 8 $37 6 $39 2 $39 7 $40 0 $39 6 $41 5 $41 0 $42 0 $42 1 $44 3 $43 8 $43 1 $43 0 $0 $100 $200 $300 $400 $500 $600 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL $500,000 $700,000 $900,000 $1,100,000 $1,300,000 $1,500,000 $1,700,000 $1,900,000 $2,100,000 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL Discrepancies in previous month statistics between the July 2022 and August 2022 reports are due to the addition of Taos, NM and Montreal, QC. All data is based off median values. Median prices represent properties priced above respective city benchmark prices. 13 Month Market Trends For the Luxury North American Market Single-Family Homes Attached Homes Single-Family List Price Attached List Price FootSquareperPricePriceListvs.PriceSalesMarketonDays
• Official Market Type: Seller's Market with a 33.63% Sales Ratio.1 • Homes are selling for an average of 81.94% of list price • The median luxury threshold2 price is $912,500, and the median luxury home sales price is $1,311,000. • Markets with the Highest Median Sales Price: Aspen ($7,495,000), Naples ($5,700,000), Paradise Valley ($4,347,500), and Marco Island ($4,300,000). • Markets with the Highest Sales Ratio: St. Louis (101%), Hamilton County (97%), Frederick County (86%) and Howard County (77%). 1Sales 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. Single-Family Homes Market Summary | July 2022 Median List Price $1,619,750 $1,599,950 Median Sale Price $1,307,500 $1,311,000 Median SP/LP Ratio 80.72% 81.94% Total Sales Ratio 55.94% 33.63% Median Price per Sq. Ft. $376 $430 Total Inventory 35,932 53,300 New Listings 13,591 19,944 Total Sold 20,102 17,927 Median Days on Market 11 12 Average Home Size 3,541 3,150 Median prices represent properties priced above respective city benchmark prices. July 2022July 2021 July 2022July 2021 New Listings Total Sold Days on Market Sales RatioMed. Sale Price 6,353 2,175 $3,500 1 22.31% Single-Family Homes July 2021 | July 2022 A Review of Key Market Differences Year over Year Luxury Monthly Market Review
New Listings Total Sold Sales RatioMed. Sale Price 1,229 845 12.88% Attached Homes Market Summary | July 2022 • Official Market Type: Seller's Market with a 28.86% Sales Ratio 1 • Attached homes are selling for an average of 87.67% of list price • The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $832,375 • Markets with the Highest Median Sales Price: Aspen ($5,500,000), Vail ($4,100,000), San Francisco ($2,325,000), and Naples ($2,005,500). • Markets with the Highest Sales Ratio: Howard County (139%), Anne Arundel County (106%), Marin County (100%) and Waterloo County (82%). 1Sales 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. Median List Price $995,975 $949,450 Median Sale Price $871,250 $832,375 Median SP/LP Ratio 87.48% 87.67% Total Sales Ratio 41.74% 28.86% Median Price per Sq. Ft. $492 $538 Total Inventory 12,606 15,303 New Listings 4,412 5,641 Total Sold 5,262 4,417 Median Days on Market 16 13 Average Home Size 1,911 1,786 Median prices represent properties priced above respective city benchmark prices. Days on Market 3 $38,875July2022July 2021 July 2022July 2021 Attached Homes July 2021 | July 2022 A Review of Key Market Differences Year over Year Luxury Monthly Market Review
State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus AB Calgary $1,098,000 $936,070 585 264 162 21 Seller's AZ Chandler and Gilbert $999,999 $979,000 277 118 83 30 Seller's AZ Flagstaff $1,493,500 $1,192,500 92 28 24 56 Seller's AZ Mesa $850,000 $837,000 226 104 56 29 Seller's AZ Paradise Valley $4,687,180 $4,347,500 102 24 10 65 Buyer's AZ Phoenix $850,000 $793,750 964 383 260 33 Seller's AZ Scottsdale $1,875,000 $1,615,600 639 191 143 37 Seller's AZ Tucson $724,995 $655,000 715 257 273 7 Seller's BC Mid Vancouver Island $1,599,900 $1,399,000 238 109 26 24 Buyer's BC Okanagan Valley $1,750,000 $1,632,500 971 279 56 43 Buyer's BC Vancouver $4,380,000 $3,400,000 1212 257 57 12 Buyer's BC Victoria $2,499,900 $2,100,000 145 68 19 24 Buyer's CA Central Coast $2,895,000 $2,175,000 243 69 60 14 Seller's CA East Bay $2,089,500 $1,900,000 652 420 436 12 Seller's CA Greater Palm Springs $1,815,000 $1,562,500 239 89 82 29 Seller's CA Lake Tahoe $2,200,000 $1,709,000 219 84 53 17 Seller's CA Los Angeles Beach Cities $5,995,000 $4,200,000 289 72 84 12 Seller's CA Los Angeles City $5,412,500 $3,508,000 660 227 130 19 Balanced CA Los Angeles The Valley $2,495,000 $2,040,000 479 225 183 14 Seller's CA Marin County $3,342,000 $2,850,000 104 24 55 10 Seller's CA Napa County $4,072,500 $2,100,000 108 11 19 29 Balanced CA Orange County $2,699,000 $2,107,500 1095 399 370 13 Seller's CA Placer County $1,199,000 $1,000,000 257 108 100 12 Seller's CA Sacramento $958,000 $898,327 671 296 339 11 Seller's CA San Diego $2,199,900 $1,920,000 1023 448 354 10 Seller's CA San Francisco $4,180,000 $3,287,500 107 38 63 14 Seller's CA San Luis Obispo County $1,792,000 $1,300,000 176 47 70 Seller's CA Santa Barbara $5,675,000 $2,787,500 140 50 32 17 Seller's CA Silicon Valley $3,799,500 $3,350,000 490 246 253 11 Seller's CA Sonoma County $2,250,000 $1,756,250 199 36 54 36 Seller's CA Ventura County $2,099,500 $1,695,000 272 92 101 20 Seller's CO Aspen $14,925,000 $7,495,000 100 22 7 121 Buyer's CO Colorado Springs $929,000 $900,000 486 188 174 11 Seller's CO Denver $1,499,000 $1,350,000 599 267 316 6 Seller's CO Douglas County $1,349,900 $1,226,500 302 133 136 10 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
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus CO Durango $1,699,000 $1,425,000 115 24 23 79 Balanced CO Summit County $3,250,000 $1,772,710 83 28 10 13 Buyer's CO Telluride $5,800,000 $4,100,000 89 20 3 77 Buyer's CO Vail $5,195,000 $4,212,500 95 27 6 20 Buyer's CT Central Connecticut $694,950 $612,500 412 109 246 6 Seller's CT Coastal Connecticut $2,200,000 $1,695,000 596 177 267 21 Seller's DC Washington D.C. $4,495,000 $2,743,750 56 15 18 7 Seller's DE Sussex County Coastal $1,399,900 $1,406,200 149 42 32 17 Seller's FL Boca Raton/Delray Beach $2,795,000 $1,900,000 443 138 85 11 Balanced FL Coastal Pinellas County $2,336,500 $1,850,000 82 24 20 15 Seller's FL Greater Fort Lauderdale $1,350,000 $1,093,138 1337 544 343 13 Seller's FL Jacksonville Beaches $1,375,000 $1,110,000 292 124 103 15 Seller's FL Lee County $1,399,000 $1,300,000 538 134 99 14 Balanced FL Marco Island $2,647,500 $4,300,000 102 17 5 70 Buyer's FL Miami $2,125,000 $1,550,000 866 231 119 23 Buyer's FL Naples $4,995,000 $5,700,000 246 43 33 39 Buyer's FL Orlando $1,225,000 $1,143,898 705 244 210 7 Seller's FL Palm Beach Towns $3,250,000 $2,200,000 220 56 29 23 Buyer's FL Sarasota & Beaches $2,950,000 $2,025,000 291 84 70 11 Seller's FL South Pinellas County $1,597,000 $1,437,500 234 94 58 9 Seller's FL South Walton $2,370,000 $2,050,000 398 91 57 15 Buyer's FL Space Coast $849,450 $737,500 324 135 130 7 Seller's FL Tampa $750,000 $675,000 1160 547 499 6 Seller's FL Weston $1,200,000 $1,052,000 113 58 58 9 Seller's GA Atlanta $1,485,000 $1,200,000 699 275 263 6 Seller's GA Duluth $1,650,000 $1,375,000 22 11 5 10 Seller's HI Island of Hawaii $1,997,500 $1,405,500 122 21 15 15 Buyer's HI Kauai $2,800,000 $2,812,000 47 9 7 5 Buyer's HI Maui $2,947,500 $2,000,000 132 22 27 69 Balanced HI Oahu $3,180,000 $2,287,000 187 53 48 12 Seller's ID Ada County $794,950 $778,000 1002 421 323 11 Seller's ID Northern Idaho $1,600,000 $1,308,000 503 181 53 57 Buyer's IL Chicago $1,499,000 $1,210,423 716 270 346 8 Seller's IL DuPage County $1,189,000 $917,000 335 127 160 8 Seller's IL Lake County $1,150,000 $873,000 292 97 150 8 Seller's Luxury Monthly Market Review Single-Family Homes
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus IL Will County $700,000 $624,950 225 96 166 10 Seller's IN Hamilton County $849,175 $750,000 144 55 140 4 Seller's KS Johnson County $804,307 $808,718 357 100 177 3 Seller's MA Cape Cod $2,395,000 $1,810,000 132 34 29 20 Seller's MA Greater Boston $3,269,500 $2,700,000 102 25 71 21 Seller's MA South Shore $1,699,950 $1,399,000 74 28 39 15 Seller's MD Anne Arundel County $977,500 $922,500 188 71 129 5 Seller's MD Frederick County $850,000 $830,130 56 27 48 7 Seller's MD Howard County $1,174,236 $1,018,750 94 41 72 6 Seller's MD Montgomery County $1,938,667 $1,545,000 189 64 132 7 Seller's MD Talbot County $2,447,500 $1,722,500 38 2 12 8 Seller's MD Worcester County $934,950 $750,000 56 19 17 9 Seller's MI Livingston County $782,500 $695,000 108 28 35 9 Seller's MI Monroe County $657,900 $592,500 16 5 6 14 Seller's MI Oakland County $729,000 $637,000 943 403 365 8 Seller's MI Washtenaw County $854,950 $740,000 168 54 69 6 Seller's MI Wayne County $695,000 $642,000 231 83 108 9 Seller's MN Olmsted County $849,900 $785,145 74 12 18 19 Seller's MN Twin Cities $1,237,500 $996,683 732 244 280 10 Seller's MO Kansas City $669,900 $675,000 1311 320 527 4 Seller's MO St. Louis $825,000 $718,500 107 51 108 6 Seller's NC Asheville $994,800 $838,193 229 80 64 8 Seller's NC Charlotte $1,124,950 $975,000 602 240 365 4 Seller's NC Lake Norman $1,140,000 $1,050,000 198 71 94 5 Seller's NC Raleigh-Durham $950,000 $905,000 367 164 241 4 Seller's NJ Ocean County $899,950 $808,500 471 159 140 13 Seller's NM Taos $1,195,000 $890,000 83 21 7 102 Buyer's NV Lake Tahoe $3,500,000 $2,628,500 168 36 14 72 Buyer's NV Las Vegas $1,615,000 $1,300,000 821 265 97 21 Buyer's NV Reno $1,950,000 $1,772,500 134 32 20 49 Buyer's NY Finger Lakes $2,099,500 $1,314,000 34 9 7 13 Balanced NY Nassau County $1,880,000 $1,450,000 775 190 181 23 Seller's NY Staten Island $1,250,000 $1,250,000 186 57 38 39 Balanced NY Suffolk County $1,799,000 $1,201,000 928 227 158 21 Balanced OH Cincinnati $849,950 $750,000 184 49 105 2 Seller's Luxury Monthly Market Review Single-Family Homes
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus ON GTA - Durham $1,749,000 $1,555,000 211 136 46 14 Seller's ON GTA - York $2,375,000 $1,880,000 563 327 137 13 Seller's ON Hamilton $1,839,500 $1,510,000 254 121 27 23 Buyer's ON Mississauga $2,950,000 $2,310,000 137 64 26 18 Balanced ON Oakville $2,514,900 $2,400,000 132 82 33 17 Seller's ON Toronto $3,799,444 $3,100,000 420 178 54 20 Buyer's ON Waterloo Region $1,474,000 $1,300,000 166 103 49 12 Seller's OR Portland $1,350,000 $1,075,000 615 248 283 6 Seller's QC Montreal $1,999,000 $1,600,000 363 87 16 39 Buyer's SC Hilton Head $2,095,000 $1,349,000 243 58 55 12 Seller's TN Greater Chattanooga $965,000 $824,000 180 49 43 4 Seller's TN Nashville $1,699,900 $1,355,500 653 246 220 4 Seller's TX Austin $1,098,222 $995,000 1242 586 354 9 Seller's TX Collin County $749,000 $717,786 1445 681 627 11 Seller's TX Dallas $1,300,000 $1,004,001 450 209 186 11 Seller's TX Denton County $775,786 $750,000 1101 508 425 9 Seller's TX El Paso $610,800 $583,000 154 53 29 15 Balanced TX Fort Worth $825,000 $800,000 970 393 465 8 Seller's TX Greater Tyler $737,500 $611,500 148 77 48 9 Seller's TX Houston $979,000 $880,000 1149 439 333 9 Seller's TX Lubbock $652,500 $599,950 88 34 28 50 Seller's TX San Angelo $650,000 $594,950 51 27 16 68 Seller's TX San Antonio $799,070 $717,515 636 262 191 16 Seller's TX The Woodlands & Spring $809,000 $741,000 213 119 162 7 Seller's UT Park City $4,250,000 $3,075,000 202 57 16 7 Buyer's UT Salt Lake City $1,132,096 $979,000 469 210 157 21 Seller's VA Arlington & Alexandria $2,250,000 $1,850,000 77 32 49 6 Seller's VA Charlottesville $1,300,000 $1,019,000 144 22 44 6 Seller's VA Fairfax County $1,999,900 $1,500,000 346 113 152 7 Seller's VA McLean & Vienna $2,750,000 $1,850,000 147 31 61 6 Seller's VA Richmond $799,900 $790,153 291 110 197 6 Seller's VA Smith Mountain Lake $1,750,000 $1,325,000 33 9 8 4 Seller's WA King County - Greater Seattle $1,970,000 $1,695,000 1014 543 538 6 Seller's WA Seattle $1,893,217 $1,715,000 254 140 167 6 Seller's WA Spokane $1,150,000 $987,500 135 62 46 9 Seller's Luxury Monthly Market Review Single-Family Homes
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. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus AB Calgary $775,000 $685,000 173 65 23 32 Buyer's AZ Chandler and Gilbert AZ Flagstaff AZ Mesa AZ Paradise Valley AZ Phoenix AZ Scottsdale $827,000 $799,500 202 66 44 28 Seller's AZ Tucson BC Mid Vancouver Island $842,000 $757,000 76 35 8 35 Buyer's BC Okanagan Valley BC Vancouver $1,989,800 $1,685,450 999 271 70 15 Buyer's BC Victoria $997,500 $950,000 132 77 33 16 Seller's CA Central Coast $1,275,000 $1,041,944 29 17 16 7 Seller's CA East Bay $1,070,000 $1,040,000 184 114 123 12 Seller's CA Greater Palm Springs CA Lake Tahoe $1,850,000 $1,712,500 25 9 6 24 Seller's CA Los Angeles Beach Cities $1,875,000 $1,600,000 167 71 74 11 Seller's CA Los Angeles City $1,650,000 $1,343,500 339 138 103 12 Seller's CA Los Angeles The Valley $792,450 $814,750 142 85 96 16 Seller's CA Marin County $1,300,000 $1,237,000 25 7 25 23 Seller's CA Napa County CA Orange County $1,180,000 $1,132,500 421 187 190 12 Seller's CA Placer County CA Sacramento CA San Diego $1,100,000 $1,044,750 366 203 190 10 Seller's CA San Francisco $2,837,500 $2,325,000 108 25 30 21 Seller's CA San Luis Obispo County CA Santa Barbara $1,590,000 $1,525,000 11 9 9 10 Seller's CA Silicon Valley $1,649,980 $1,600,000 131 68 83 10 Seller's CA Sonoma County $1,100,000 $687,500 15 4 6 31 Seller's CA Ventura County $750,000 $799,998 109 47 77 18 Seller's CO Aspen $4,495,000 $5,500,000 35 10 1 58 Buyer's CO Colorado Springs CO Denver $965,000 $828,750 151 56 54 13 Seller's CO Douglas County $560,000 $544,995 23 14 10 5 Seller's Luxury Monthly Market Review Attached Homes
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. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus CO Durango $793,905 $757,500 20 3 12 61 Seller's CO Summit County $1,159,500 $1,718,000 34 11 5 9 Buyer's CO Telluride CO Vail $3,997,000 $4,100,000 70 15 5 7 Buyer's CT Central Connecticut CT Coastal Connecticut $1,450,000 $769,694 186 50 59 23 Seller's DC Washington D.C. $1,995,000 $1,625,000 166 49 59 9 Seller's DE Sussex County Coastal $1,050,000 $896,000 15 10 7 20 Seller's FL Boca Raton/Delray Beach $935,000 $762,500 241 87 60 13 Seller's FL Coastal Pinellas County $1,443,950 $1,290,000 98 41 35 10 Seller's FL Greater Fort Lauderdale $849,950 $775,000 810 231 168 27 Balanced FL Jacksonville Beaches $949,900 $1,275,000 31 12 9 9 Seller's FL Lee County $825,000 $769,500 216 54 63 9 Seller's FL Marco Island $1,699,500 $1,350,000 36 7 5 8 Buyer's FL Miami $1,480,000 $1,275,000 1255 285 97 50 Buyer's FL Naples $2,300,000 $2,005,500 140 28 22 16 Balanced FL Orlando $565,000 $565,000 203 74 45 8 Seller's FL Palm Beach Towns $1,975,000 $1,775,000 181 44 21 38 Buyer's FL Sarasota & Beaches $1,821,100 $1,220,000 126 30 42 6 Seller's FL South Pinellas County $1,175,000 $1,104,500 173 58 40 11 Seller's FL South Walton $1,579,800 $1,150,000 202 44 33 17 Balanced FL Space Coast $759,900 $669,500 151 51 34 22 Seller's FL Tampa $750,000 $700,000 165 72 60 8 Seller's FL Weston GA Atlanta $743,545 $656,000 465 204 159 8 Seller's GA Duluth HI Island of Hawaii $1,530,000 $1,550,000 55 21 19 12 Seller's HI Kauai $1,592,500 $1,322,500 40 12 14 7 Seller's HI Maui $1,999,000 $1,600,000 83 17 21 74 Seller's HI Oahu $1,150,000 $924,500 405 101 108 15 Seller's ID Ada County $634,894 $625,000 60 23 21 23 Seller's ID Northern Idaho IL Chicago $1,226,000 $930,000 803 275 177 16 Seller's IL DuPage County $799,000 $689,000 25 8 18 11 Seller's IL Lake County Luxury Monthly Market Review Attached Homes
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. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus IL Will County IN Hamilton County KS Johnson County $596,475 $725,000 102 24 27 2 Seller's MA Cape Cod $790,000 $815,000 28 8 9 19 Seller's MA Greater Boston $2,399,500 $1,875,000 296 63 77 20 Seller's MA South Shore $849,900 $800,000 17 13 13 37 Seller's MD Anne Arundel County $564,990 $579,250 62 34 66 6 Seller's MD Frederick County MD Howard County $589,945 $560,640 28 20 39 5 Seller's MD Montgomery County $755,000 $749,900 115 53 71 6 Seller's MD Talbot County MD Worcester County $635,000 $680,000 49 18 23 9 Seller's MI Livingston County MI Monroe County MI Oakland County $749,000 $585,000 69 28 30 7 Seller's MI Washtenaw County $584,950 $774,000 54 23 24 12 Seller's MI Wayne County $628,400 $609,697 98 17 11 19 Buyer's MN Olmsted County MN Twin Cities MO Kansas City MO St. Louis NC Asheville $804,250 $807,500 30 7 14 19 Seller's NC Charlotte $665,718 $624,950 177 42 78 7 Seller's NC Lake Norman $639,000 $555,000 17 4 7 4 Seller's NC Raleigh-Durham NJ Ocean County $849,000 $836,000 45 19 14 22 Seller's NM Taos NV Lake Tahoe $1,409,500 $1,237,500 30 12 3 44 Buyer's NV Las Vegas NV Reno NY Finger Lakes NY Nassau County $1,375,000 $1,640,000 95 15 19 39 Balanced NY Staten Island $639,000 $625,000 91 20 38 31 Seller's NY Suffolk County $759,450 $669,500 176 56 53 25 Seller's OH Cincinnati $699,000 $665,000 17 6 10 22 Seller's Luxury Monthly Market Review Attached Homes
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. State Market Name ListMedianPrice SoldMedianPrice Inventory ListingsNew Sold Days Marketon MarketStatus ON GTA - Durham $847,900 $820,000 39 25 5 14 Buyer's ON GTA - York $799,000 $760,000 330 217 63 19 Balanced ON Hamilton $884,450 $845,000 16 19 11 9 Seller's ON Mississauga $949,000 $893,000 140 96 33 22 Seller's ON Oakville $1,344,000 $1,347,500 25 19 8 6 Seller's ON Toronto $1,250,000 $1,075,000 777 419 190 17 Seller's ON Waterloo Region $775,000 $750,000 50 40 41 14 Seller's OR Portland $735,000 $625,000 235 94 75 12 Seller's QC Montreal $1,325,000 $1,257,500 13 3 10 20 Seller's SC Hilton Head $999,000 $927,500 49 9 8 12 Balanced TN Greater Chattanooga TN Nashville $754,950 $631,000 128 73 58 3 Seller's TX Austin $849,999 $770,000 260 112 78 11 Seller's TX Collin County TX Dallas $749,000 $635,000 117 53 44 10 Seller's TX Denton County TX El Paso TX Fort Worth TX Greater Tyler TX Houston $625,000 $616,000 137 63 32 17 Seller's TX Lubbock TX San Angelo TX San Antonio $625,000 $564,500 32 3 4 21 Buyer's TX The Woodlands & Spring UT Park City $1,850,000 $1,725,000 102 24 19 2 Balanced UT Salt Lake City $620,000 $525,000 147 62 60 21 Seller's VA Arlington & Alexandria $1,059,000 $965,000 87 43 48 9 Seller's VA Charlottesville $634,450 $550,000 28 5 9 21 Seller's VA Fairfax County $757,550 $710,000 234 131 162 7 Seller's VA McLean & Vienna $1,139,999 $1,001,700 37 13 20 5 Seller's VA Richmond VA Smith Mountain Lake WA King County - Greater Seattle $1,150,000 $950,000 275 100 100 6 Seller's WA Seattle $1,425,000 $1,025,000 131 41 24 7 Balanced WA Spokane Luxury Monthly Market Review Attached Homes
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