INÉS GÓMEZ-ACEBO L U X U RY MARKET REPORT
MIAMI OCTOBER 2018
INÉS GÓMEZ-ACEBO Broker Associate, PSA
786.300.9382
Inesga@optimar.com www.IGARealtyGroup.com Inés specializes in the sale and purchase of luxury homes in the Miami beach/upper East Miami area. Dedicated to her passion of a fast, efficient, hustle-free real estate transactions; to offer her clients the best experience. She is client oriented, so much that you needs come first in every transaction. Inés leverages on values of trust and absolute discretion to handle all transactions. After a 25year long career in leadership positions in the retail industry, Inés has earned a wealth of professional expertise, knowledge, sophisticated resources and unique skills along with a deep understanding of marketing, promotion, and negotiation. She attributes her success to her skill in organizing and motivating sales forces and sales planning. She became a Realtor in 2015 being top producer since the first year and in 2017 became a Broker. To the field of real estate, she brings on board ingenious marketing techniques by adopting all cutting edge technologies. In addition, Ines has built a formidable local presence by tapping into visibility using outdoor and digital advertising. Not only is she strategic on on-line and off-line marketing tools but also maintains an impressive network with the who’s who ; immersing herself in the target market as her strategy to get in touch with the potential buyers and sellers of luxury homes. To add to her experience, Ines holds a Price Strategy Advisor Certification that comes in handy in listing properties at accurate prices and is member of the Institute for Home Luxury Marketing. As such her extensive knowledge of Miami’s beach and upper East Miami’s area is one-of-a-kind. She is sought after by her clients for her advice and reasonable judgment on the areas’ market trends, property values and a realistic outlook on prospective sales. Ines also runs a successful blog; ‘the Real Estate Whisperer’, a podium she uses to address, share, engage and give insights on the real estate market. In her free time, she finds thrill in reading, taking care of her dogs, engaging in environmental protection, traveling, spending time with friends, and enjoying a good glass of wine.
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6-8
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 9
13 MONTH MARKET TRENDS
PAGE 10
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 11
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 12-14 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19
LOCAL LUXURY MARKET REVIEW
PAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22-23 ATTACHED HOMES - Monthly Statistics PAGE 24
THANK YOU
– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More 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 exceeds 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 © 2018 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 annually. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN S E P T E M B E R LUXURY REVIEW 2 0 1 8 The luxury market remains steady and pretty much unwavering in this overarching review of the current median price for a luxury home – whether its attached or detached. The most significant trend is that the North American luxury market is decidedly in the buyer’s control, with only a few markets showing a demand that is stronger than its current inventory – which signifies a Seller’s Market. To add some significance to this month’s overall swing into a Buyer’s Market from last month’s reported Balanced Market, this is due, in part, to a substantial drop of roughly 10% in the sales ratio of markets that have been especially high in their Seller Market ratios to date, such as Silicon Valley, Seattle, and San Francisco. In contrast, demand for high-end luxury condominiums saw some cities experience increases in their sales ratios. Cities such as Kauai, Greater Boston, and Los Angeles saw landmark luxury condominium sales, which caused a spike in their median sales price. These landmark sales, whose rarity is hard to use as an absolute barometer, could prove an indication of growth in the luxury condo market if they continue to increase in frequency. However, as we move into the Fall/Winter season, it is anticipated that many markets will continue to see an upswing in inventory, which may result in a downward pressure on their current list price. In communities known for their ‘snowbird’ appeal, such as Scottsdale, Kauai, and much of Florida, this is actually the start of their busy season – so we will watch with keen interest on whether any significant or unexpected trends emerge. For now, statistics show that, based on the luxury markets reviewed in our report, the median price for a luxury detached home is just under $1.4 million and for an attached home slightly above $850,000. New listings are steadily increasing, as are the average number of
days that a property remains on the market – however, these trends are still a far cry away from indicating any form of dramatic volatility. As we stated in previous reports, although the luxury market represents only a small portion of the overall real estate activity, it is important to realize that the buyers and sellers of these homes are truly the influencers of trends, spending, and innovation. Understanding the diversity of these individuals is key to many of the new exciting opportunities being created – whether its inspired designs, new concepts in living, an appreciation for embracing wellness into their lifestyle or the ability to move between homes in locations unbound by tradition, but all chosen to serve their personal requirements. Currently, research shows there are an unprecedented number of ultra-wealthy individuals, these numbers are increasing each year, and that wealth is not controlled by gender nor borders. In a recent report, released by our partner – Wealth-X about the ultra-wealthy and major drivers influencing their net worth – it was very clear that GDP and Equities
MAJOR WEALTH DRIVERS IN 2017 Negative (low, medium, high)
Positive (low, medium, high)
Region
GDP
Equities
Local currency against the US dollar
Africa Europe Middle East North America Asia Latin America and the Caribbean Pacific World
Note: GDP represents the sum of each country’s real GDP (constant 2010 $ prices) within each region and equities the sum of stock market values. Currency movements were aggregated based on each country’s proportion of GDP within its region. Sources: Wealth-X; International Monetary Fund; World Bank; national stock market exchanges.
were highly influential in the growth of this market during 2017. The North American ultra-wealthy population grew by 9.5% to 90,440 individuals and their net worth by a staggering 13.1%. In their future focus statement, Wealth-X predicts that global wealth will increase and its distribution will become more balanced. “Following the robust expansion of the global ultra-wealthy population and its collective net worth in 2017, a slight moderation in growth is expected over the next five years. Nevertheless, our forecasts show a healthy increase in the number of ultra-high net worth (UHNW) individuals and their combined wealth in the period to 2022, with solid gains in each of the three global regions: the Americas; Asia-Pacific; and Europe, the Middle East and Africa (EMEA). By 2022, we expect the global ultra-wealthy population to total 360,390 people, an increase of almost 105,000 compared with 2017. The level of UHNW wealth is projected to rise to $44.3trn, implying an additional $12.8trn of newly created wealth over the next five years. At a global level, our forecasts show identical compound annual growth rates of 7.1% for the ultra-wealthy population and combined wealth, which points to a stable pattern in average net worth. We anticipate more varied rates
TOP 10 UHNW COUNTRIES
of expansion at the regional level, however, maintaining the recent trend towards a more balanced distribution of global ultra-wealth.”
UHNW wealth ($bn) 2017
Year-on-year change in population (%)
Year-on-year change in wealth (%)
Whether there are any real correlations or
Rank
Country
UHNW population 2017
1
United States
79,595
9,845
8.9
12.9
2
Japan
17,915
1,685
11.0
13.4
increasing numbers of ultra-wealthy so too are
3
not, it is also interesting to note that like the
China
16,875
2,421
14.1
32.8
the quantities of properties being purchased
4
Germany
15,080
1,815
12.3
15.6
5
10,840
1,153
13.9
14.8
by this group of real estate investors. As their
Canada
6
France
10,120
1,077
17.3
16.5
7
Hong Kong*
10,010
1,295
31.0
31.5
8
United Kingdom
9,370
1,035
9.3
10.6
9
Switzerland
6,400
877
13.9
15.0
10
Italy
5,960
692
7.9
10.8
Note: Population numbers are rounded to the nearest 10. Annual changes are measured based on model inputs updated retrospectively and not on previously published figures. For further information about our wealth and investable assets model, please see the Methodology section.
wealth expands so too do the number of homes they own – not necessarily the value of their individual purchases – but rather through an emphasis on the expansion their real estate portfolio. Which brings us full circle back to the trend
*Hong Kong is a semi-autonomous, special administrative region of China. Source: Wealth-X
that luxury homeowners are looking for TOP 10 FASTEST-GROWING UHNW COUNTRIES (2012-2017)
more than just a single expansive mansion CAGR (%) 17.3%
Bangladesh 13.4%
China
12.7%
Vietnam
10.7%
India 9.3%
Hong Kong*
9.1%
Ireland Israel
United States
8.6% 8.4% 8.1%
*Hong Kong is a semi-autonomous, special administrative region of China. CAGR stands for compound annual growth rate. Source: Wealth-X
surrounds their choices of location and offers them flexibility of movement.
11.7%
Kenya
Pakistan
style home, but rather for the lifestyle that
Luxury real estate professionals are keenly aware of having to understand this new reality, which is further complicated by necessity of appreciating the nuances and customs of their international luxury buyers and sellers.
– 13 - MONTH MARKET TRENDS* – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
DAYS ON MARKET
80
60
56
62
61
59
54
53
52 46
43 40
42
41
40
35
29
42
31
36
29
35
37
31
38
32
32
31
MAY
JUN
JUL
36
20
0
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
AUG
SEP
$544 $323
$488 $316
$503 $321
$527 $354
$523 $357
$514 $319
$334
$471
$487 $335
$336
$482
$512 $322
$482
$344
$300
$357
$493
$400
$500
$500
$345
PRICE PER SQUARE FOOT
$600
$200
$100
$0
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
AUG
SEP
SALES PRICE VS. LIST PRICE
$2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
Discrepancies between statistics published between the August 2018 and September 2018 Luxury Market Reports are due to the addition of Placer County, CA; Arlington & Alexandria, VA; and McLean & Vienna, VA.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2018 | September 2018
SINGLE-FAMILY HOMES August
September
August
September
40,129
40,980
Median List Price
$1,695,000 $1,695,000
Total Inventory
Median Sale Price
$1,395,000 $1,380,000
New Listings
9,549
10,164
Total Sold
6,605
4,551
46
53
3,772
3,760
Median SP/LP Ratio
97.15%
97.01%
Total Sales Ratio
16.46%
11.11%
$316
$323
Median Price per Sq. Ft.
Median Days on Market Average Home Size
Median prices represent properties priced above respective city benchmark prices.
615
2,054
New Listings
Total Sold
7
5.35%
Med. Sale Price
Days on Market
Sales Ratio
15,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | SEPTEMBER 2018 •
Official Market Type: Buyer's Market with an 11.11% Sales Ratio.1
•
Homes are selling for an average of 97.01% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,380,000.
•
Markets with the Highest Median Sales Price: San Francisco ($3,300,000), LA-Beach Cities ($3,250,000), Marin County ($3,200,000), and Paradise Valley ($3,100,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (36%), Seattle (32%), San Francisco (28%), and Denver (22%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month August 2018 | September 2018
ATTACHED HOMES August
Median List Price Median Sale Price
September
$999,500 $1,008,750
August
September
13,454
14,455
New Listings
3,350
4,020
2,134
1,626
38
36
2,184
1,971
Total Inventory
$916,451
$869,500
Median SP/LP Ratio
98.11%
98.12%
Total Sold
Total Sales Ratio
15.86%
11.25%
Median Days on Market
$488
$544
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
670
508
New Listings
Total Sold
2
4.61%
Med. Sale Price
Days on Market
Sales Ratio
46,951
$
ATTACHED HOMES MARKET SUMMARY | SEPTEMBER 2018 •
Official Market Type: Buyer's Market with an 11.25% Sales Ratio.1
•
Attached homes are selling for an average of 98.12% of list price.
•
The median luxury threshold2 price is $731,250, and the median attached luxury sale price is $869,500.
•
Markets with the Highest Median Sales Price: Vail ($3,975,000), Maui ($2,587,500), Greater Boston ($2,550,000), and San Francisco ($2,100,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (78%), Marin County (60%), Douglas County (40%), and LA-The Valley (36%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– 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
$1,135,000
$1,030,000
759
297
67
36
Buyer's
AZ
Paradise Valley
$2,992,500
$3,100,000
212
46
12
126
Buyer's
AZ
Phoenix
$699,950
$649,950
792
238
140
72
Balanced
AZ
Scottsdale
$1,625,000
$1,490,000
751
162
66
111
Buyer's
AZ
Tucson
$750,000
$656,500
689
123
66
65
Buyer's
BC
Okanagan Valley
$1,649,450
$1,325,000
668
118
25
116
Buyer's
BC
Vancouver
$3,988,000
$3,044,000
1,486
392
40
53
Buyer's
BC
Victoria
$1,780,000
$1,516,000
396
134
38
46
Buyer's
CA
Los Angeles Beach Cities
$4,944,000
$3,250,000
412
119
53
27
Buyer's
CA
Los Angeles City
$3,999,444
$3,077,500
916
340
108
45
Buyer's
CA
Los Angeles The Valley
$2,124,500
$1,716,250
712
222
116
39
Balanced
CA
Marin County
$3,525,000
$3,200,000
146
37
29
37
Balanced
CA
Napa County
$2,912,500
$2,047,500
144
13
18
71
Buyer's
CA
Orange County
$2,300,000
$1,900,380
1,679
392
233
55
Buyer's
CA
Palm Springs & Palm Desert
$1,750,000
$1,325,000
391
81
30
127
Buyer's
CA
Placer County
$1,122,000
$899,000
288
37
33
54
Buyer's
CA
Sacramento
$779,000
$715,000
973
200
143
20
Buyer's
CA
San Diego
$2,195,000
$1,595,000
1,399
399
223
37
Balanced
CA
San Francisco
$3,507,500
$3,300,000
82
35
23
15
Seller's
CA
Santa Barbara
$3,695,000
$2,727,500
274
51
20
39
Buyer's
CA
Silicon Valley
$3,999,000
$3,000,000
240
128
87
14
Seller's
CO
Boulder
$1,749,000
$1,365,000
227
65
35
65
Balanced
Median prices represent properties priced above respective city benchmark prices.
– 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
Denver
$938,000
$831,000
1,279
397
282
19
Seller's
CO
Douglas County
$1,297,000
$1,107,500
358
83
50
53
Buyer's
CO
Vail
$4,497,500
$2,700,000
132
5
3
61
Buyer's
DC
Washington D.C.
$3,472,500
$2,308,500
62
24
5
37
Buyer's
FL
Boca Raton & Delray Beach
$1,995,000
$1,590,000
572
85
29
108
Buyer's
FL
Greater Fort Lauderdale
$1,295,000
$925,000
1,596
268
104
93
Buyer's
FL
Jacksonville Beaches
$1,234,500
$1,102,500
312
54
24
102
Buyer's
FL
Miami
$1,299,900
$882,500
1,428
218
74
148
Buyer's
FL
Naples
$1,800,000
$1,750,000
1,117
137
67
108
Buyer's
FL
Orlando
$1,599,975
$1,550,000
560
67
31
93
Buyer's
FL
Palm Beach Towns
$1,799,000
$1,140,000
475
80
30
96
Buyer's
FL
Sarasota & Beaches
$1,695,000
$1,441,250
390
36
18
113
Buyer's
GA
Atlanta
$1,150,000
$992,500
1,415
389
102
58
Buyer's
HI
Kauai
$2,045,000
$1,400,000
323
45
31
53
Buyer's
HI
Maui
$2,910,000
$1,700,000
193
27
11
231
Buyer's
IL
Chicago
$1,195,000
$1,021,250
1,600
403
124
77
Buyer's
MA
Greater Boston
$2,995,000
$2,347,500
130
40
12
46
Buyer's
MD
Montgomery County
$1,699,000
$1,365,000
428
131
37
51
Buyer's
MI
Oakland County
$739,500
$615,000
1,299
352
145
28
Buyer's
MO
St. Louis
$774,900
$625,500
249
58
36
29
Buyer's
NC
Charlotte
$889,000
$795,000
1,108
202
155
47
Buyer's
NC
Raleigh-Durham
$729,000
$650,000
1,046
167
144
7
Buyer's
Median prices represent properties priced above respective city benchmark prices.
– 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
NV
Las Vegas
$719,950
$620,000
1,513
417
237
34
Balanced
NY
Brooklyn
$1,400,000
$1,380,000
199
45
7
34
Buyer's
NY
Staten Island
$1,197,500
$945,000
196
26
10
63
Buyer's
ON
GTA - York
$2,188,000
$1,800,000
898
471
59
31
Buyer's
ON
Toronto
$3,399,500
$2,980,000
550
359
79
10
Buyer's
TN
Nashville
$999,988
$977,450
407
147
54
17
Buyer's
TX
Austin
$1,000,000
$869,000
777
191
158
31
Balanced
TX
Collin County
$693,999
$650,000
985
175
123
41
Buyer's
TX
Dallas
$999,700
$880,000
890
246
119
54
Buyer's
TX
Fort Worth
$851,298
$749,250
840
165
114
59
Buyer's
TX
Houston
$820,000
$713,000
2,016
509
225
69
Buyer's
TX
The Woodlands & Spring
$752,471
$665,000
530
101
55
100
Buyer's
UT
Park City
$2,875,000
$2,280,000
265
23
18
62
Buyer's
VA
Arlington & Alexandria
$1,758,333
$1,740,000
97
38
11
30
Buyer's
VA
Fairfax County
$1,649,995
$1,429,344
568
144
51
39
Buyer's
VA
McLean & Vienna
$1,849,948
$1,539,740
258
71
22
38
Buyer's
WA
Seattle
$1,695,000
$1,417,500
283
139
90
12
Seller's
Median prices represent properties priced above respective city benchmark prices.
– 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
$819,000
$777,500
355
124
22
46
Buyer's
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$652,500
$568,279
126
30
13
104
Buyer's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,900,000
$1,677,500
789
318
36
13
Buyer's
BC
Victoria
$839,000
$746,000
221
106
38
47
Balanced
CA
Los Angeles Beach Cities
$1,699,000
$1,400,000
204
77
61
26
Seller's
CA
Los Angeles City
$1,549,500
$1,515,000
366
142
63
18
Balanced
CA
Los Angeles The Valley
$699,000
$699,745
140
62
50
22
Seller's
CA
Marin County
$1,200,000
$1,100,000
15
4
9
31
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,022,500
$955,000
522
156
109
32
Balanced
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,050,000
$851,348
600
217
120
25
Balanced
CA
San Francisco
$2,825,000
$2,100,000
135
62
18
36
Buyer's
CA
Santa Barbara
$1,615,000
$1,250,200
48
10
6
30
Buyer's
CA
Silicon Valley
$1,427,500
$1,475,000
90
59
70
13
Seller's
CO
Boulder
$908,000
$668,730
70
16
6
39
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
– 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
Denver
$705,000
$637,904
575
199
153
19
Seller's
CO
Douglas County
$640,000
$565,000
25
11
10
48
Seller's
CO
Vail
$3,500,000
$3,975,000
89
3
6
101
Buyer's
DC
Washington D.C.
$1,800,000
$1,687,500
165
77
29
17
Balanced
FL
Boca Raton & Delray Beach
$805,347
$855,000
344
65
23
53
Buyer's
FL
Greater Fort Lauderdale
$861,000
$744,000
1,192
179
55
104
Buyer's
FL
Jacksonville Beaches
$1,195,000
$840,000
53
16
3
65
Buyer's
FL
Miami
$995,000
$855,000
2,936
380
50
136
Buyer's
FL
Naples
$2,045,156
$1,775,000
284
34
16
163
Buyer's
FL
Orlando
$764,250
$769,000
80
16
7
60
Buyer's
FL
Palm Beach Towns
$1,337,500
$1,325,000
228
46
13
116
Buyer's
FL
Sarasota & Beaches
$1,347,000
$1,050,000
203
25
14
31
Buyer's
GA
Atlanta
$676,500
$638,250
534
128
60
52
Buyer's
HI
Kauai
$1,310,000
$893,124
170
17
24
17
Buyer's
HI
Maui
$1,697,500
$2,587,500
130
21
12
98
Buyer's
IL
Chicago
$1,199,500
$950,000
925
321
121
41
Buyer's
MA
Greater Boston
$2,216,750
$2,550,000
262
108
39
35
Buyer's
MD
Montgomery County
$829,500
$700,000
183
64
46
28
Seller's
MI
Oakland County
$752,450
$597,826
72
12
5
0
Buyer's
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$689,000
$707,000
153
27
12
59
Buyer's
NC
Raleigh-Durham
-
-
-
-
-
-
-
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$979,000
$1,492,500
78
12
2
353
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
GTA - York
$770,350
$752,500
184
102
12
22
Buyer's
ON
Toronto
$1,280,000
$1,175,000
476
360
133
11
Seller's
TN
Nashville
$699,000
$640,000
113
30
9
63
Buyer's
TX
Austin
$755,350
$655,000
236
82
20
57
Buyer's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$735,000
$585,000
213
49
10
26
Buyer's
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$625,000
$616,500
263
65
13
47
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$1,950,000
$1,700,000
151
23
9
99
Buyer's
VA
Arlington & Alexandria
$1,047,000
$1,035,607
118
49
34
26
Seller's
VA
Fairfax County
$699,900
$690,000
184
56
41
14
Seller's
VA
McLean & Vienna
$963,000
$884,000
25
8
6
17
Seller's
WA
Seattle
$1,212,500
$1,141,000
130
52
18
29
Buyer's
Luxury is in each detail. Hubert de Givenchy
MIAMI
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2018 Inventory
Sales
Luxury Benchmark Price 1: $650,000 $12,000,000+ $7,000,000 - $11,999,999 $6,000,000 - $6,999,999 $5,000,000 - $5,999,999
$4,000,000 - $4,999,999 $3,500,000 - $3,999,999
$2,000,000 - $2,499,999 $1,500,000 - $1,999,999
52
1
$800,000 - $899,999 $700,000 - $799,999 $650,000 - $699,999
Total Sales: 74
0 1
40
Buyer's Market
40
Total Sales Ratio2: 5%
31
1
36
3
66
0
92
2
181
5
$1,000,000 - $1,499,999 $900,000 - $999,999
Total Inventory: 1,428
21
0
$3,000,000 - $3,499,999 $2,500,000 - $2,999,999
57
2
279
16 107
5
139
11
162
13
125
14
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
NA
NA
NA
0
6
0%
1,000 - 1,999
$743,500
3
2
8
140
6%
2,000 - 2,999
$831,382
3
3
26
376
7%
3,000 - 3,999
$920,000
4
4
23
351
7%
4,000 - 4,999
$1,900,000
5
5
7
216
3%
5,000+
$11,695,000
6
7
5
258
2%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
MIAMI
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Inventory
Solds
$1,175,000 $914,500
$1,000,000
$900,000
1,371
1,206
1,116
52 Sep-17
91 Oct-17
$892,000
1,425
1,392
1,344
57
76
Nov-17
Dec-17
$950,000
$875,297
56 Jan-18
1,397
$975,000
$1,027,500
1,402
1,387
1,390
65
94
85
94
Feb-18
Mar-18
Apr-18
May-18
$975,000
$959,500
$920,265
1,356
112
1,428
1,353
97
74
Aug-18
Sep-18
85
Jun-18
$882,500
Jul-18
MEDIAN DATA INVENTORY August
September
1,353
1,428 VARIANCE: 6 %
SALE PRICE PER SQFT. August
September
363
$
352 VARIANCE: -3 % $
SOLDS August
September
97
74 VARIANCE: -24 % SALE TO LIST PRICE RATIO August
SALES PRICE
September
94.04% 94.05% VARIANCE: 0 %
August
September
975k
$
$
883k VARIANCE: -9 %
DAYS ON MARKET August
September
108
148 VARIANCE: 37 %
MIAMI MARKET SUMMARY | SEPTEMBER 2018 • The Miami single-family luxury market is a Buyer's Market with a 5% Sales Ratio. • Homes sold for a median of 94.05% of list price in September 2018. • The most active price band is $650,000-$699,999, where the sales ratio is 11%. • The median luxury sales price for single-family homes has decreased to $882,500. • The median days on market for September 2018 was 148 days, up from 108 in August 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
MIAMI
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | SEPTEMBER 2018 Inventory
Sales
Luxury Benchmark Price 1: $610,000 $3,000,000+ $2,500,000 - $2,999,999
85
1
$2,000,000 - $2,499,999
$1,300,000 - $1,399,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999
$1,000,000 - $1,099,999 $900,000 - $999,999
122
4
$1,500,000 - $1,999,999
$1,400,000 - $1,499,999
86
0
Total Inventory: 2,936 114
1
Total Sales: 50 Buyer's Market
138
0
Total Sales Ratio2: 2%
132
2 109
2
272
3
330
7
$750,000 - $799,999
229
8
$700,000 - $749,999
$610,000 - $649,999
297
5
$800,000 - $899,999
$650,000 - $699,999
332
5
166
5
298
2
226
5
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$814,000
1
2
2
221
1%
1,000 - 1,999
$799,250
2
2
30
1756
2%
2,000 - 2,999
$1,550,000
3
3
15
549
3%
3,000 - 3,999
$4,950,000
3
4
3
139
2%
4,000 - 4,999
NA
NA
NA
0
60
0%
5,000+
NA
NA
NA
0
57
0%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
MIAMI
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
$1,137,500
$1,032,000
$950,000
$825,000
45 Sep-17
44
67
Nov-17
Dec-17
59 Oct-17
$940,000
2,888
2,803
2,685
2,656
2,322
2,048
$830,000
Inventory
55
Jan-18
$950,000
2,856
Solds
$1,000,000 $875,000
2,803
2,791
2,730
$958,125
$940,000
61
75
85
79
Feb-18
Mar-18
Apr-18
May-18
$855,000
74
Jun-18
2,936
2,794
2,757
108
$1,050,000
Jul-18
70
50
Aug-18
Sep-18
MEDIAN DATA INVENTORY August
September
2,794
2,936 VARIANCE: 5 %
SALE PRICE PER SQFT. August
September
662
$
676 VARIANCE: 2 % $
SOLDS August
September
70
50 VARIANCE: -29 % SALE TO LIST PRICE RATIO August
SALES PRICE August
1.05m
$
855k VARIANCE: -19 % $
DAYS ON MARKET
September
August
92.31% VARIANCE: 0 %
164
92.54%
September
September
136 VARIANCE: -17 %
MIAMI MARKET SUMMARY | SEPTEMBER 2018 • The Miami attached luxury market is a Buyer's Market with a 2% Sales Ratio. • Homes sold for a median of 92.31% of list price in September 2018. • The most active price band is $750,000-$799,999, where the sales ratio is 3%. • The median luxury sales price for attached homes has decreased to $855,000. • The median days on market for September 2018 was 136 days, down from 164 in August 2018.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 786.300.9382.
- Inés Gómez-Acebo
INÉS GÓMEZ-ACEBO
786.300.9382 | Inesga@optimar.com | www.IGARealtyGroup.com