Janet Sher Luxury Report December 2018

JANET SHER L U X U RY MARKET REPORT

HOUSTON DECEMBER 2018

JANET SHER

REALTOR®, CNE, GRI, ILHM Member

832.895.9077

Janet.Sher@GaryGreene.com www.SHERJanetsRealEstate.com As a REALTOR®, I prefer to focus my best efforts on you, my client. Whether you need help with marketing, negotiating the best deal, or just finding that perfect home, I am able to not only meet but exceed expectations every time.

I hope you will think of me whenever you, or someone you know, is considering buying, selling, relocating, or investing in properties.

Let Me “SHER” Your Real Estate Experience With YOU!

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.

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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 N OV E M B E R LUXURY REVIEW 2 0 1 8 As the year draws to a close, November’s statistics reveal that the luxury market remains solid, prices stable, and the median length of time, as well as the selling price to list price ratios, remain consistent.

Inventory is increasing, but this is reflective of both the time of year and ultra-high priced luxury properties selling at a slower rate than in previous years.

Comparing last October 2018 to November 2018, the median single-family luxury sales price climbed 8.5% while sales fell 11.7%. The luxury median attached sales prices rose 2.3%, and the number of sales also rose 2.6% in November. Both single-family and attached homes actually saw a small drop in the median DOM (3-4 days), but overall are on the market a median of 10-15 days longer than in the peak selling season.

The luxury segment of real estate is often described as being a minor part of the whole industry, but is readily recognized as being a major influencer in the creator of trends and providing a barometer to changes in the industry. Therefore, this month we are taking the opportunity to report on some of the key factors that are responsible for creating and maintaining today’s affluent communities.

Water Locales As you would expect water locations of any kind, from man-made to coastal towns and mountain peaks, are a big draw and have become subject to hosting some of the highest priced homes. These luxury strongholds are associated with long-time celebrity havens, captains of industry, and international businesspeople living in both primary and secondary residences.

Locations such as those found along the incredible coastline of Florida have seen substantial upgrades to their infrastructure as well as older mansions being torn down to create even more private locales for these multi-millionaires.

Newer, exclusive luxury developments such as Ward Village in Honolulu have become increasingly popular. Artfully designed to appreciate the magnificent ocean views, provide access to private beaches and docks, their overall concept is focused on creating ‘wellness’ of which water is a significant part for its serenity and healing properties.

Whether a location is a flashier, more celebrity-driven neighborhood or offers gated access, pristine parks, and a quieter lifestyle, these communities attract a mix of families, jet-setters, and seasonal owners.

Home, Work, and Play Real estate requirements of the affluent have changed significantly over the past few years to suit home, business, and lifestyle requirements, often interlinked with each other.

Global entrepreneurs require homes in numerous locations for business purposes – so key destinations throughout the world have become their focus, creating striking increases in demand for downtown city locations. San Francisco represents one such city with direct access to Silicon Valley and offers the amenities that come with living in a sophisticated city as well as easy airport accessibility.

Equally, these entrepreneurs are choosing to spend more time working from their homes, made plausible due to the technological advances in the last few years. Second homes that were once purchased for use as 2-week family retreats are now being used for longer periods facilitating both work and leisure opportunities for their owners.

“Aspen is really a ski resort last and a lifestyle first,” says Michelle Sullivan, broker associate at Christie’s International Real Estate Aspen. This lifestyle of posh dining and entertainment, arts and culture, and, of course, the outdoors has been drawing people to this enclave in the Rocky Mountains for decades.

Much like other mountainous vacation destinations, there are strict land-use regulations that protect much of the natural beauty surrounding Aspen, which naturally puts a strain on inventory and retains high price points.

Wellness and Health In the midst of a world where speed and instant gratification are at a touch of a button – there has been a growing recognition for a need to find time for peace and relaxation.

Consumer demand for wellness lifestyle real estate and communities is on the rise globally. In addition, homes designed to improve people’s wellness are now commanding 10-25% higher price premiums.

Today there are 600-plus global projects built, partially built, or in the pipeline – each one with a unique “wellness proposition.”

Many luxury homeowners have recognized that this is not just a hot new industry market trend – but the fact they can assist in leading the charge in tackling today’s uniquely modern problems: sedentary lives, unhealthy diets, stress, social isolation and loneliness, pollution, nature-deprivation, etc. – is creating powerful opportunities.

One such new wellness edifice is set to hit sunny Palm Beach, Florida late next year. Amrit Ocean Resort & Residences—two glass-encased oceanfront towers on Singer Island inspired by the yogic philosophy of mindfulness—was envisioned by Dilip Barot, founder of Creative Choice Group. “These consumers define wellness for themselves, using inner science with research and technology to determine their best lifestyle,” says Barot.

White Glove Service There is also a growing demand for white-glove, boutique level of service being fueled by an unexpected demographic. Older couples are leaving their big homes in the suburbs to find a home in more desirable downtown or central areas of their respective cities.

Cities such as Boston are seeing this established wealth driving exceptional growth of historical and picturesque neighborhoods where average prices can run as high as $2,800 per square foot. Additionally, new construction like the Archer Residences Beacon Hill is establishing a new normal in high-end, amenity-driven living for that same older demographic. The Archer will provide 20,000 square feet of amenity space in a 75-unit building. Pricing starts at $1 million for select one-bedroom units and goes to $18 million for a duplex penthouse.

Exclusive, Rare, and Scarce Locations that offer exclusivity, something rare or unique, have extremely limited inventory are considered to be the creme de la crème….and locations such as Sea Cliff, Pacific Heights, and Presidio Heights personify these attributes.

“There’s this notion that once people move to Sea Cliff, they spend the rest of their lives there,” says Compass San Francisco agent Missy Wyant Smit.

With new, record-breaking transactions like the $48.8 million sale in June 2018 of 2500 Gordon Drive in Florida’s exclusive community of Port Royal, it’s fair to say that interest in the ultra-luxury side of the market is self-sustaining.

Driven by the success of the tech and stock markets, lack of high tech builders, and the rapidly increasing costs of building a home (coupled with California’s Prop 13) leaves current homeowner’s in Silicon Valley thinking twice about selling – putting further strain on inventory.

In places like Palo Alto, Atherton, and Woodside, neighborhoods continue to command special premiums that cause sticker shock to even the most savvy billionaires.

Safe Haven for Investment Internationally, North America is recognized for its cultural diversity and financial influence as well as its accessibility for investment opportunities with strong legislation. This has translated into the purchasing of real estate being seen as a relatively safe investment for foreign wealth.

In recent months, prices have started to plateau and additional foreign taxes have caused a pause in the higher-end market. In the $5 million to $8 million range, homes that would have attracted a foreign purchaser used to sell in a few days [as recently as] two years ago are now on the market for a couple of months. Anything above $10 million is taking much longer to sell.

Although statistics show a slowing down of the ultra-high-end market and a decrease in foreign investment, many expert evaluations and recent reports are stating that the market is merely heading into a transition phase. Presented with these new opportunities, both local and domestic buyers are rebuilding the value vacated by the international money.

Next month we will review these new local buyer trends and expert predictions for 2019.

– 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

67

65

61 53

49

40

42

39

55

54

47 41

32

34

41

38

29

33

32

32

33

MAY

JUN

JUL

52

47 41

40

AUG

SEP

46

42

20

0 NOV

DEC

JAN

FEB

MAR

APR

OCT

NOV

$457 $386

$485 $347

$493 $326

$318

$335

$462

$471

$494 $348

$476 $357

$466 $344

$460 $341

$452 $334

$440 $337

$300

$322

$465

$400

$468

$500

$348

PRICE PER SQUARE FOOT

$600

$200

$100

$0

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

OCT

NOV

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

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

Discrepancies between statistics published between the October 2018 and November 2018 Luxury Market Reports are due to the addition of Ventura County, CA; Pinellas Coastal Towns, FL; Tampa, FL; Talbot County, MD; and Worchester County, MD, and the revision to Kauai, HI.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month October 2018 | November 2018

SINGLE-FAMILY HOMES October

November

October

November

Median List Price

$1,673,250 $1,695,000

Total Inventory

42,201

38,793

Median Sale Price

$1,337,500

$1,451,250

New Listings

10,531

7,681

96.80%

96.85%

Total Sold

5,568

4,915

13.19%

12.67%

Median Days on Market

55

52

$347

$386

3,720

3,726

Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





2,850

653

New Listings

Total Sold





3

0.52%

Med. Sale Price

Days on Market

Sales Ratio

113,750

$



SINGLE-FAMILY HOMES MARKET SUMMARY | NOVEMBER 2018 •

Official Market Type: Buyer's Market with a 12.67% Sales Ratio.1

•

Homes are selling for an average of 96.85% of list price.

•

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,451,250.

•

Markets with the Highest Median Sales Price: Santa Barbara ($4,250,000), Los Angeles Beach Cities ($3,800,000), Vail ($3,549,500), and Vancouver ($3,500,000).

•

Markets with the Highest Sales Ratio: San Francisco (71%), Silicon Valley (55%), Seattle (37%), and Sacramento (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 – A Review of Key Market Differences Month Over Month October 2018 | November 2018

ATTACHED HOMES October

November

Median List Price

$987,063

$996,445

Total Inventory

Median Sale Price

$883,650

$904,414

97.59%

97.89%

11.24%

11.93%

$485

$457

Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.

October

November

15,501

14,980

New Listings

4,035

3,132

Total Sold

1,742

1,787

46

42

1,970

2,082

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.





New Listings

Total Sold

903

45





Med. Sale Price

Days on Market

20,764

$

4



0.69% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | NOVEMBER 2018 •

Official Market Type: Buyer's Market with an 11.93% Sales Ratio.1

•

Attached homes are selling for an average of 97.89% of list price.

•

The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $904,414.

•

Markets with the Highest Median Sales Price: Vail ($2,607,500), San Francisco ($2,1,75,000), Santa Barbara ($2,135,001), and Greater Boston ($1,949,000).

•

Markets with the Highest Sales Ratio: Silicon Valley (94%), Marin County (58%), McLean & Vienna (50%), and Arlington & Alexandria (45%).

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

$1,188,800

$994,500

609

145

62

69

Buyer's

AZ

Paradise Valley

$3,000,000

$2,408,927

236

39

14

94

Buyer's

AZ

Phoenix

$720,000

$654,840

839

184

138

62

Balanced

AZ

Scottsdale

$1,649,000

$1,291,750

881

157

68

69

Buyer's

AZ

Tucson

$750,000

$671,000

757

132

78

35

Buyer's

BC

Okanagan Valley

$1,695,000

$1,475,000

539

69

15

123

Buyer's

BC

Vancouver

$3,988,000

$3,500,000

1,251

230

45

21

Buyer's

BC

Victoria

$1,850,000

$1,462,500

316

60

43

44

Buyer's

CA

Los Angeles Beach Cities

$4,691,500

$3,800,000

362

68

47

33

Buyer's

CA

Los Angeles City

$3,997,000

$3,100,000

922

246

106

33

Buyer's

CA

Los Angeles The Valley

$2,125,000

$1,877,500

617

166

96

34

Balanced

CA

Marin County

$3,895,000

$2,730,000

92

9

26

45

Seller's

CA

Napa County

$2,795,000

$2,255,000

101

11

15

93

Buyer's

CA

Orange County

$2,388,800

$1,850,000

1,559

288

216

40

Buyer's

CA

Palm Springs & Palm Desert

$1,800,000

$1,603,000

620

180

28

34

Buyer's

CA

Placer County

$1,125,000

$1,095,000

196

40

35

42

Balanced

CA

Sacramento

$779,387

$699,500

668

186

238

28

Seller's

CA

San Diego

$2,295,000

$1,750,000

1,275

285

212

46

Balanced

CA

San Francisco

$3,995,000

$3,225,000

58

12

41

16

Seller's

CA

Santa Barbara

$3,795,000

$4,250,000

269

40

13

114

Buyer's

CA

Silicon Valley

$3,781,000

$3,250,000

185

60

102

18

Seller's

CA

Ventura County

$1,925,000

$1,556,000

311

55

48

85

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

Boulder

$1,700,000

$1,312,500

178

34

30

82

Balanced

CO

Denver

$968,400

$801,500

936

225

303

24

Seller's

CO

Douglas County

$1,297,000

$1,060,000

266

32

47

58

Balanced

CO

Vail

$4,500,000

$3,549,500

135

14

4

49

Buyer's

DC

Washington D.C.

$3,222,500

$2,412,500

58

11

10

32

Balanced

FL

Boca Raton & Delray Beach

$2,037,500

$1,630,000

596

104

24

107

Buyer's

FL

Greater Fort Lauderdale

$1,299,000

$890,000

1,617

288

117

90

Buyer's

FL

Jacksonville Beaches

$1,199,000

$1,255,000

310

43

20

55

Buyer's

FL

Miami

$1,380,000

$982,000

1,474

265

69

111

Buyer's

FL

Naples

$1,890,000

$1,681,250

1,313

234

66

66

Buyer's

FL

Orlando

$1,599,450

$1,440,000

506

56

29

93

Buyer's

FL

Palm Beach Towns

$3,150,000

$2,700,000

401

79

17

135

Buyer's

FL

Pinellas Coastal Towns

$1,724,950

$1,547,250

86

18

7

272

Buyer's

FL

Sarasota & Beaches

$1,689,999

$1,325,000

569

101

25

145

Buyer's

FL

Tampa

$769,990

$689,000

784

144

131

45

Balanced

GA

Atlanta

$1,186,203

$965,000

1,266

217

149

33

Buyer's

HI

Kauai

$2,319,000

$1,601,000

159

25

13

300

Buyer's

HI

Maui

$2,875,000

$2,160,000

202

40

13

188

Buyer's

IL

Chicago

$1,250,000

$1,120,000

1,642

244

175

118

Buyer's

MA

Greater Boston

$2,987,500

$2,320,000

100

22

25

15

Seller's

MD

Montgomery County

$1,697,000

$1,572,500

296

51

56

61

Balanced

MD

Talbot County

$1,695,000

$1,133,818

110

11

6

172

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

MD

Worchester County

$977,500

$960,000

58

6

6

93

Buyer's

MI

Oakland County

$735,000

$622,650

1,033

214

147

35

Buyer's

MO

St. Louis

$749,900

$616,250

182

30

26

56

Buyer's

NC

Charlotte

$895,000

$870,000

926

173

155

32

Balanced

NC

Raleigh-Durham

$699,995

$675,000

946

158

214

2

Seller's

NV

Las Vegas

$725,000

$645,000

1,528

343

192

41

Buyer's

NY

Brooklyn

$1,539,000

$1,630,000

265

44

13

108

Buyer's

NY

Staten Island

$1,289,500

$1,087,500

174

29

12

76

Buyer's

ON

GTA - York

$2,298,000

$1,780,000

704

242

49

28

Buyer's

ON

Toronto

$3,388,000

$3,000,000

492

184

59

22

Buyer's

TN

Nashville

$1,000,000

$894,450

399

96

68

16

Balanced

TX

Austin

$1,003,275

$850,000

616

133

133

39

Seller's

TX

Collin County

$689,000

$670,000

871

151

124

77

Buyer's

TX

Dallas

$999,000

$935,000

751

147

110

33

Buyer's

TX

Fort Worth

$892,500

$762,500

714

126

84

46

Buyer's

TX

Houston

$837,500

$750,000

1,781

398

260

38

Buyer's

TX

The Woodlands & Spring

$775,000

$655,620

450

86

48

59

Buyer's

UT

Park City

$3,195,000

$2,375,000

255

30

21

83

Buyer's

VA

Arlington & Alexandria

$1,899,000

$1,620,000

90

13

11

39

Buyer's

VA

Fairfax County

$1,695,000

$1,340,000

468

69

60

77

Buyer's

VA

McLean & Vienna

$1,990,000

$1,545,948

207

24

21

81

Buyer's

WA

Seattle

$1,649,975

$1,542,500

216

65

80

18

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

$802,450

$751,000

296

72

18

58

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$692,500

$592,500

140

43

20

33

Buyer's

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,938,000

$1,777,777

723

192

41

29

Buyer's

BC

Victoria

$832,400

$810,600

198

64

55

31

Seller's

CA

Los Angeles Beach Cities

$1,618,000

$1,400,000

221

58

45

18

Balanced

CA

Los Angeles City

$1,567,500

$1,334,500

364

99

66

23

Balanced

CA

Los Angeles The Valley

$718,000

$660,000

129

44

40

22

Seller's

CA

Marin County

$1,224,000

$1,070,000

12

4

7

28

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$999,450

$957,500

552

108

92

48

Balanced

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,056,500

$900,000

602

186

77

30

Buyer's

CA

San Francisco

$2,995,000

$2,175,000

108

12

27

20

Seller's

CA

Santa Barbara

$1,715,000

$2,135,001

50

9

4

17

Buyer's

CA

Silicon Valley

$1,437,115

$1,420,000

67

27

63

17

Seller's

CA

Ventura County

$725,000

$691,750

73

16

18

45

Seller's

Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.

– 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

Boulder

$897,000

$865,250

62

7

12

51

Balanced

CO

Denver

$710,000

$640,500

491

104

150

21

Seller's

CO

Douglas County

$634,000

$563,465

24

4

9

19

Seller's

CO

Vail

$3,837,500

$2,607,500

88

11

8

172

Buyer's

DC

Washington D.C.

$1,799,900

$1,500,000

175

51

35

26

Balanced

FL

Boca Raton & Delray Beach

$935,000

$832,500

389

81

32

35

Buyer's

FL

Greater Fort Lauderdale

$875,999

$850,000

1,283

200

59

97

Buyer's

FL

Jacksonville Beaches

$1,349,950

$875,000

52

7

7

81

Buyer's

FL

Miami

$999,000

$895,000

3,085

413

62

195

Buyer's

FL

Naples

$2,095,000

$1,699,000

340

58

33

99

Buyer's

FL

Orlando

$788,250

$1,086,500

76

7

2

36

Buyer's

FL

Palm Beach Towns

$1,295,000

$1,000,000

343

68

23

35

Buyer's

FL

Pinellas Coastal Towns

$871,195

$1,300,000

107

33

26

1

Seller's

FL

Sarasota & Beaches

$1,350,000

$1,431,250

263

51

20

80

Buyer's

FL

Tampa

$765,000

$585,000

105

33

13

32

Buyer's

GA

Atlanta

$659,900

$613,403

531

99

66

51

Buyer's

HI

Kauai

$1,295,000

$1,405,000

59

6

9

94

Balanced

HI

Maui

$1,850,000

$1,500,000

129

26

18

135

Buyer's

IL

Chicago

$1,195,000

$950,000

795

151

94

79

Buyer's

MA

Greater Boston

$2,350,000

$1,949,000

241

52

53

19

Seller's

MD

Montgomery County

$786,430

$645,000

145

35

45

42

Seller's

MD

Talbot County

-

-

-

-

-

-

-

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

MD

Worchester County

$629,000

$582,000

107

11

7

106

Buyer's

MI

Oakland County

$799,000

$645,000

67

15

4

71

Buyer's

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$689,000

$654,739

141

18

16

58

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$1,300,000

$1,100,000

607

117

68

68

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$779,000

$725,000

143

57

15

35

Buyer's

ON

Toronto

$1,248,900

$1,180,000

386

239

115

14

Seller's

TN

Nashville

$737,500

$644,500

119

21

17

53

Buyer's

TX

Austin

$783,000

$700,000

180

27

35

34

Balanced

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$699,000

$737,500

201

46

24

58

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$629,000

$565,888

201

44

23

42

Buyer's

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$1,895,000

$1,665,000

173

24

7

140

Buyer's

VA

Arlington & Alexandria

$1,125,000

$1,036,000

75

23

34

56

Seller's

VA

Fairfax County

$724,900

$670,000

119

32

51

56

Seller's

VA

McLean & Vienna

$993,890

$908,828

16

4

8

70

Seller's

WA

Seattle

$1,198,000

$1,222,500

127

23

14

18

Buyer's

Luxury is in each detail.

Hubert de Givenchy

HOUSTON

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | NOVEMBER 2018 Inventory

Sales

Luxury Benchmark Price 1: $500,000 $4,000,000+ $3,500,000 - $3,999,999 $3,000,000 - $3,499,999 $2,500,000 - $2,999,999

$2,000,000 - $2,499,999 $1,750,000 - $1,999,999 $1,500,000 - $1,749,999 $1,250,000 - $1,499,999

$1,000,000 - $1,249,999

57

1 29

2

Total Inventory: 1,781

15

2

Total Sales: 260

$650,000 - $699,999

$600,000 - $649,999 $550,000 - $599,999 $500,000 - $549,999

Total Sales Ratio2: 15%

89

9 65

6

82

10

146

20 132

24

$750,000 - $999,999 $700,000 - $749,999

Balanced Market

35

4

374

53

77

24

166

23 126

26

200

25

188

31

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$590,750

3

3

62

278

22%

2,500 - 3,499

$730,000

3

4

94

584

16%

3,500 - 4,499

$1,025,000

4

4

67

440

15%

4,500 - 5,499

$1,417,800

4

5

21

232

9%

5,500 - 6,499

$1,941,000

5

7

8

106

8%

6,500+

$2,650,000

5

7

7

128

5%

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

HOUSTON

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$702,500

1,654

$720,313

$680,000

1,618

1,485

220

Nov-17

279

Jan-18

$720,000

189 Feb-18

$750,000

$735,000

2,067

1,876

1,777

1,613

127

Dec-17

$715,000

261 Mar-18

Inventory

Apr-18

May-18

$750,000

$735,000

2,100

2,019

349

309

Solds

412

Jun-18

$730,000

2,016

2,012

315

312 Jul-18

$750,000

$713,000

1,928

Sep-18

1,781

260

253

225

Aug-18

$750,000

Oct-18

Nov-18

MEDIAN DATA INVENTORY October

November

1,928

1,781 VARIANCE: -8 %

SALE PRICE PER SQFT. October

November

270

$

270 VARIANCE: 0 % $

SOLDS October

November

253

260 VARIANCE: 3 %

SALE TO LIST PRICE RATIO October

November

97.23% 97.27% VARIANCE: 0 %

SALES PRICE October

November

750k

$

$

750k VARIANCE: 0 %

DAYS ON MARKET October

November

39

38 VARIANCE: -3 %

HOUSTON MARKET SUMMARY | NOVEMBER 2018 • The Houston single-family luxury market is a Balanced Market with a 15% Sales Ratio.

• Homes sold for a median of 97.27% of list price in November 2018.

• The most active price band is $700,000-$749,999, where the sales ratio is 31%.

• The median luxury sales price for single-family homes has remained at $750,000.

• The median days on market for November 2018 was 38 days, down from 39 in October 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

HOUSTON

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | NOVEMBER 2018 Inventory

Sales

Luxury Benchmark Price 1: $500,000 $1,400,000+ $1,300,000 - $1,399,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999

0

Total Sales: 23 Buyer's Market

5

1

Total Sales Ratio2: 11%

2 4

4

0

6

0

8

1

15

0

$700,000 - $749,999

12

1

$650,000 - $699,999

$600,000 - $649,999

2

1

$800,000 - $849,999 $750,000 - $799,999

Total Inventory: 201

0

$950,000 - $999,999

$850,000 - $899,999

1

0

$1,000,000 - $1,099,999

$900,000 - $949,999

7

1

24

1

24

0

$550,000 - $599,999 $500,000 - $549,999

35

11

52

6

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$541,450

3

4

6

32

19%

2,500 - 2,999

$587,500

3

4

6

55

11%

3,000 - 3,499

$562,500

3

4

6

66

9%

3,500 - 3,999

$590,000

4

4

3

23

13%

4,000 - 4,499

$1,265,000

3

4

2

14

14%

4,500+

NA

NA

NA

0

11

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

HOUSTON

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$666,500

221

$620,000

$600,000

201

204

19

20

Nov-17

Dec-17

$645,000

212

189

13

Jan-18

$672,750

17

28

Feb-18

Mar-18

Inventory

$619,250

$632,000

$624,900

217

230

235

34

32

Apr-18

May-18

Solds

$665,000

251

31 Jun-18

$595,000

$616,500

253

263

31 Jul-18

$612,450

235

17

13

Aug-18

Sep-18

$565,888

201

26

23

Oct-18

Nov-18

MEDIAN DATA INVENTORY October

November

235

SOLDS October

November

201 VARIANCE: -14 %

23 VARIANCE: -12 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

October

November

208

$

210 VARIANCE: 1 % $

26

October

November

96.76% 97.84% VARIANCE: 1 %

SALES PRICE October

November

612k

$

$

566k VARIANCE: -8 %

DAYS ON MARKET October

November

38

42 VARIANCE: 11 %

HOUSTON MARKET SUMMARY | NOVEMBER 2018 • The Houston attached luxury market is a Buyer's Market with an 11% Sales Ratio.

• Homes sold for a median of 97.84% of list price in November 2018.

• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 50%.

• The median luxury sales price for attached homes has decreased to $565,888.

• The median days on market for November 2018 was 42 days, up from 38 in October 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 viewing this report. Please contact me for more information about this report and the services I can offer to you and your luxury property.

Please contact me at 832.895.9077.

- Janet Sher

JANET SHER

832.895.9077 | Janet.Sher@GaryGreene.com | www.SHERJanetsRealEstate.com