Page 1

JANET SHER L U X U RY MARKET REPORT

HOUSTON MARCH 2019


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 in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.

REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.


THIS IS YOUR

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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 © 2019 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute 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 F E B R UA RY LUXURY REVIEW 2 0 1 9 Is the luxury real estate market in a slowing trend or has it simply normalized? News media across North America has created its own winter storm regarding the luxury real estate market. Headlines are clashing with each other from the New York Times claiming that the luxury market is in a funk to BNN stating that it will bounce back but at a slower pace, while Forbes recommends watching the top luxury trends as the barometer that eventually affects the rest of the real estate market. Certainly, the overall market has slowed down since the end of 2017, but only in comparison to the fast pace of the previous 10 years when inventory levels fluctuated, and buyer demand outpaced available homes. If we look at the statistics over the last 13 months, both the median price point and the days on market, of homes sold, have remained fairly consistent, and it is only the increasing inventory that is causing a shift in the balance from a seller’s market to a buyer’s market. Looking at these statistics with an eye on the first few months of 2019 it is clear that inventory levels are still growing. However, this is to be expected as we transition from the winter market towards spring – with inventory remaining in the popular winter destinations where the season hasn’t quite finished coupled with the growing anticipation and recommendation by Realtors to get ahead of the Spring Rush! The illustrative graphs on the following page reinforce the marked stability of the luxury market over the last 13 months. Reviewing inventory levels* for the single-family luxury market, availability ranges from approximately 33,500 to upwards of 42,400 properties in any given month; however, these fluctuations are actually in line with seasonal shifts. The luxury attached home market showcases an almost perfect visual for a stable market, with the only drama being a significant increase in the number of days on market during January 2019. But *These numbers are based on the 68 markets featured in The Luxury Market Report.


– 13 - MONTH MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKET Inventory

Sales

Median Days on Market

– SINGLE FAMILY HOMES – 67

48 33

Feb-18

Mar-18

Apr-18

33

May-18

41,740

8,264

7,861

6,721

6,001

3,827

41

42,394

41,211

38,525

36,262

33,498

40

Jun-18

47

6,900 Jul-18

42,225

42,099

41,224

6,907 Aug-18

55

54

48

38,821

5,629

4,769 Sep-18

Oct-18

56

Nov-18

4,603 Dec-18

63

39,034

35,904

33,444

4,954

59

3,779

3,345 Jan-19

Feb-19

– ATTACHED HOMES – 57 43

36

1,670 Feb-18

2,399 Mar-18

34

2,531 Apr-18

34

14,579

14,403

13,452

13,062

12,578

30

2,664 May-18

34

Jun-18

2,330 Jul-18

40

16,016

15,477

14,432

14,235

2,757

41

2,314 Aug-18

47

1,785 Sep-18

42

15,325

1,926 Oct-18

46

Nov-18

15,816

14,722

13,841

1,826

45

1,665 Dec-18

1,252 Jan-19

1,450 Feb-19

this was an anomaly as numbers fell back within expected parameters in February 2019. If all things remained equal, then we could state that we are back in a normalized market; however, we must recognize that some powerful outside influencers are predicted to affect the spending of the wealthy. Contentious politics, punitive taxes, rising interest rates, and talks of recession are factors that could negatively impact the market. Conversely, the growing number of high-net-worth-individuals – over 22 million – and their increasing investable income – currently over $61 billion – provides insulation for the wealthy that, while not making them immune, does lessen the influence of economic fluctuations. This could be the reason for so many conflicting reports on the status of luxury. Quite simply, high-end buyers and sellers do not play by the same set of rules as the rest of the market! Not only are they a little more insulated but their financial decisions are lifestyle driven – which, in turn, translates into less predictable fluctuations, trends, and purchases. As a side note, many real estate experts believe that these decisions often create a ripple effect through the rest of the market, which is slower to react but eager to follow. While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels, and larger differences between list and sold price, represent a normalization of the market, not a downturn. With this in mind, sellers of higher priced homes should consider how to leverage the current market trends to effectively position their properties in front the right buyers, emphasizing the


long-term investment potential rather than short-term gain. Last month, we reviewed how specific cities, such as Austin, Detroit, and Raleigh, were bucking the trend with increasing demand for their high-end properties. It was determined that the trifecta of lifestyle, comparative affordability, and financial opportunity were the key differentiators. Another statistic that became clear was that there are opportunities to buy and sell in every market. By recognizing global, national, and local trends, it was realized that these all impact the decision process of the wealthy when purchasing or selling a property in any local market. Some price points certainly fare better during downturns, while others take a major hit – however, this should not prevent homeowners for looking at their property and creating a comprehensive marketing strategy that leverages the current trends to build awareness, create interest, and ultimately increase the demand. Demand is created by lining up ALL the right dots to actively find potential buyers – keeping in mind the current types, locations, and amenities that are attracting sales. Buyers of luxury properties are savvy and are keen to be informed – their needs vary from high-end homes in high demand areas to unique locations, which affords them land and privacy as well as from prestigious penthouses to boutique apartments – all of which translates into opportunity for sellers. No matter what market you are located, the word ‘luxury’ has become a little blurred over the last few years. In today’s market, it is has become increasingly critical to clarify the term in order to quantify the value of the home. By clearly defining the level of luxury, it will become easier to connect with the right potential buyer, who is now able to take advantage of the slower market to complete their assessment of the numbers and the location.


– 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. 80

DAYS ON MARKET

67 60

54

48 40

41

40

43

33

33

36

30

34

34

34

MAY

JUN

JUL

47

41

40

AUG

SEP

57

48

47

63

59

56

55

45

46

42

20

0

FEB

MAR

APR

OCT

NOV

DEC

JAN

FEB

$490 $382

$478 $375

$485 $365

$457 $386

$347

$485

$493 $326

$318

$462

$471 $335

$348

$476 $357

$460

$466 $344

$300

$341

$452

$400

$494

$500

$334

PRICE PER SQUARE FOOT

$600

$200

$100

$0

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

JAN

FEB

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

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC


– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month January 2019 | February 2019

SINGLE-FAMILY HOMES January

February

January

February

Median List Price

$1,666,975 $1,692,000

Total Inventory

35,904

39,034

Median Sale Price

$1,420,000 $1,396,250

New Listings

10,583

10,257

3,345

3,779

59

63

3,750

3,712

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

96.11%

96.88%

9.32%

9.68%

$375

$382

Total Sold Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.

326

434

New Listings

Total Sold

4

0.36%

Med. Sale Price

Days on Market

Sales Ratio

23,750

$

SINGLE-FAMILY HOMES MARKET SUMMARY | FEBRUARY 2019 •

Official Market Type: Buyer's Market with a 9.68% Sales Ratio.1

Homes are selling for an average of 96.88% of list price.

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,396,250.

Markets with the Highest Median Sales Price: Vail ($5,150,000), Santa Barbara ($3,775,000), LA Beach Cities ($3,750,000), and Washington D.C. ($3,700,000).

Markets with the Highest Sales Ratio: Seattle (37%), San Francisco (37%), Silicon Valley (36%), and Denver (26%).

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 January 2019 | February 2019

ATTACHED HOMES January

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

February

$1,017,323 $1,000,000 $890,349

$876,223

97.30%

97.64%

8.50%

9.17%

$478

$490

January

February

14,722

15,816

New Listings

4,265

3,886

Total Sold

1,252

1,450

57

45

1,998

2,036

Total Inventory

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.

379

198

New Listings

Total Sold

Med. Sale Price

Days on Market

14,126

$

12

0.67% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | FEBRUARY 2019 •

Official Market Type: Buyer's Market with an 9.17% Sales Ratio.1

Attached homes are selling for an average of 97.64% of list price.

The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $876,223.

Markets with the Highest Median Sales Price: Vail ($2,500,000), San Francisco ($2,460,000), Park City ($2,150,000), and Greater Boston ($2,030,000).

Markets with the Highest Sales Ratio: Fairfax County (68%), Silicon Valley (56%), Arlington & Alexandria (51%), and Marin County (40%).

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

$1,154,900

$1,068,500

598

196

51

40

Buyer's

AZ

Paradise Valley

$3,000,000

$2,000,000

270

45

9

153

Buyer's

AZ

Phoenix

$699,999

$596,408

943

248

134

71

Buyer's

AZ

Scottsdale

$1,650,000

$1,350,000

1,039

162

79

92

Buyer's

AZ

Tucson

$769,000

$635,000

806

177

73

23

Buyer's

BC

Okanagan Valley

$1,695,000

$1,491,250

489

93

10

105

Buyer's

BC

Vancouver

$3,998,800

$3,050,000

1,216

268

24

17

Buyer's

BC

Victoria

$1,987,500

$1,470,000

264

58

19

62

Buyer's

CA

Los Angeles Beach Cities

$4,999,999

$3,750,000

365

115

23

39

Buyer's

CA

Los Angeles City

$4,217,500

$3,115,000

876

263

86

46

Buyer's

CA

Los Angeles The Valley

$2,299,500

$1,925,000

504

179

69

58

Buyer's

CA

Marin County

$3,895,000

$2,470,000

87

26

14

101

Balanced

CA

Napa County

$2,549,500

$2,046,955

82

9

7

114

Buyer's

CA

Orange County

$2,395,000

$2,050,000

1,555

403

119

52

Buyer's

CA

Palm Springs & Palm Desert

$1,800,000

$1,600,000

665

121

55

51

Buyer's

CA

Placer County

$1,040,500

$895,000

223

74

33

23

Buyer's

CA

Sacramento

$796,700

$703,750

640

233

156

35

Seller's

CA

San Diego

$2,295,000

$1,583,750

1,091

321

168

38

Balanced

CA

San Francisco

$3,995,000

$3,650,000

52

15

19

15

Seller's

CA

Santa Barbara

$3,595,000

$3,775,000

246

44

20

47

Buyer's

CA

Silicon Valley

$4,746,500

$3,175,000

170

82

62

13

Seller's

CA

Ventura County

$1,849,000

$1,420,000

317

91

35

79

Buyer's

CO

Boulder

$1,795,000

$1,615,000

177

61

25

64

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

CO

Denver

$950,000

$850,000

927

374

239

28

Seller's

CO

Douglas County

$1,299,000

$1,200,000

221

65

37

63

Balanced

CO

Vail

$4,795,000

$5,150,000

125

7

2

571

Buyer's

DC

Washington D.C.

$3,195,000

$3,700,000

51

15

6

45

Buyer's

$2,197,000

$1,800,000

674

102

45

64

Buyer's

$1,600,000

$1,505,000

99

19

11

170

Buyer's

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

$1,295,000

$1,035,000

1,747

342

76

97

Buyer's

FL

Jacksonville Beaches

$1,249,000

$1,114,305

319

60

22

106

Buyer's

FL

Miami

$1,300,000

$1,220,000

1,619

289

44

134

Buyer's

FL

Naples

$2,195,000

$2,200,000

884

114

44

83

Buyer's

FL

Orlando

$1,635,000

$1,325,000

531

113

37

44

Buyer's

FL

Palm Beach Towns

$3,385,000

$1,612,250

473

74

18

100

Buyer's

FL

Sarasota & Beaches

$1,689,000

$1,392,500

687

116

38

123

Buyer's

FL

Tampa

$775,000

$707,500

798

174

94

84

Buyer's

GA

Atlanta

$1,175,000

$955,000

1,238

367

99

51

Buyer's

HI

Kauai

$2,395,000

$2,342,500

155

21

7

55

Buyer's

HI

Maui

$2,999,000

$1,900,000

204

30

13

250

Buyer's

HI

Oahu

$3,188,000

$2,340,000

221

30

12

23

Buyer's

IL

Chicago

$1,275,000

$1,012,500

1,733

695

120

141

Buyer's

MA

Greater Boston

$2,980,000

$2,412,500

119

43

14

12

Buyer's

MD

Montgomery County

$1,785,000

$1,382,000

269

72

36

75

Buyer's

MD

Talbot County

$1,995,000

$1,490,000

91

9

3

94

Buyer's

MD

Worcester County

$1,024,498

$742,500

60

15

2

30

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

MI

Oakland County

$700,000

$604,500

938

272

84

39

Buyer's

MO

St. Louis

$729,900

$690,950

189

57

16

38

Buyer's

NC

Charlotte

$899,000

$825,733

972

267

102

70

Buyer's

NC

Raleigh-Durham

$725,000

$640,000

916

219

155

0

Balanced

NJ

Ocean County

$865,000

$762,500

643

186

26

64

Buyer's

NV

Las Vegas

$725,000

$660,000

1,556

397

189

64

Buyer's

NY

Brooklyn

$1,425,000

$1,400,000

163

45

8

131

Buyer's

NY

Staten Island

$1,249,000

$1,012,500

161

26

10

130

Buyer's

ON

GTA - York

$2,280,000

$1,785,000

415

169

45

29

Buyer's

ON

Toronto

$3,498,888

$2,938,953

391

161

44

18

Buyer's

TN

Nashville

$1,049,900

$875,000

321

101

45

26

Buyer's

TX

Austin

$999,500

$835,000

570

209

115

40

Balanced

TX

Collin County

$700,000

$642,500

833

216

90

87

Buyer's

TX

Dallas

$996,500

$987,000

840

267

82

40

Buyer's

TX

Fort Worth

$850,000

$765,750

712

212

98

65

Buyer's

TX

Houston

$845,000

$723,650

1,870

553

171

40

Buyer's

TX

The Woodlands & Spring

$773,583

$726,000

452

143

43

72

Buyer's

UT

Park City

$3,450,000

$2,300,000

265

34

20

63

Buyer's

VA

Arlington & Alexandria

$1,999,000

$1,732,500

85

28

8

31

Buyer's

VA

Fairfax County

$1,675,000

$1,365,000

441

129

39

77

Buyer's

VA

McLean & Vienna

$1,950,000

$1,537,500

201

58

14

65

Buyer's

WA

Seattle

$1,812,500

$1,325,000

180

78

66

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

$805,000

$790,000

291

88

19

41

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$725,000

$660,000

253

54

31

62

Buyer's

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,948,000

$1,894,500

774

266

42

27

Buyer's

BC

Victoria

$888,950

$732,250

206

69

24

36

Buyer's

CA

Los Angeles Beach Cities

$1,649,000

$1,575,000

183

68

40

29

Seller's

CA

Los Angeles City

$1,497,000

$1,260,000

327

105

31

48

Buyer's

CA

Los Angeles The Valley

$687,500

$680,000

137

68

27

53

Balanced

CA

Marin County

$1,012,000

$993,759

10

1

4

28

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,038,000

$915,000

479

187

70

33

Buyer's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,000,000

$897,445

528

180

74

33

Buyer's

CA

San Francisco

$2,880,000

$2,460,000

107

30

19

29

Balanced

CA

Santa Barbara

$1,595,000

$1,568,000

32

3

5

35

Balanced

CA

Silicon Valley

$1,478,486

$1,397,000

64

36

36

14

Seller's

CA

Ventura County

$709,900

$815,000

57

22

9

16

Balanced

CO

Boulder

$825,000

$814,500

61

19

10

87

Balanced

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

$699,000

$625,000

513

201

120

26

Seller's

CO

Douglas County

$677,450

$525,000

22

8

3

20

Buyer's

CO

Vail

$3,997,000

$2,500,000

102

9

3

13

Buyer's

DC

Washington D.C.

$1,915,000

$1,450,000

159

51

19

37

Buyer's

$822,250

$790,000

444

83

33

106

Buyer's

$875,000

$778,500

136

25

20

38

Buyer's

$859,000

$807,250

1,380

184

40

90

Buyer's

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

FL

Jacksonville Beaches

$1,375,000

$855,000

57

11

3

27

Buyer's

FL

Miami

$1,000,000

$1,145,000

3,097

359

67

196

Buyer's

FL

Naples

$2,195,000

$1,850,000

315

67

19

53

Buyer's

FL

Orlando

$699,900

$560,405

81

18

13

140

Balanced

FL

Palm Beach Towns

$1,300,000

$955,000

419

64

29

75

Buyer's

FL

Sarasota & Beaches

$1,399,000

$1,175,000

289

49

21

60

Buyer's

FL

Tampa

$669,000

$720,000

129

28

16

45

Buyer's

GA

Atlanta

$649,000

$639,900

508

121

49

63

Buyer's

HI

Oahu

$1,272,500

$1,097,500

58

4

2

246

Buyer's

HI

Kauai

$1,781,500

$1,337,500

156

21

11

78

Buyer's

HI

Maui

$1,344,500

$1,140,000

468

107

24

39

Buyer's

IL

Chicago

$1,200,000

$977,500

866

312

60

119

Buyer's

MA

Greater Boston

$2,375,000

$2,030,000

229

70

23

29

Buyer's

MD

Montgomery County

$799,370

$696,750

137

42

30

55

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$619,900

$700,000

105

19

7

172

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

MI

Oakland County

$925,000

$600,000

69

15

3

120

Buyer's

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$699,381

$600,412

140

30

18

66

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$679,400

$604,000

107

27

10

137

Buyer's

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$1,399,000

$1,160,000

636

140

49

79

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$749,998

$707,500

123

53

14

30

Buyer's

ON

Toronto

$1,279,000

$1,140,500

355

224

108

17

Seller's

TN

Nashville

$725,250

$620,000

88

19

12

41

Buyer's

TX

Austin

$769,850

$634,500

198

52

18

25

Buyer's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$699,000

$642,000

188

42

16

62

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$636,000

$575,000

214

64

13

27

Buyer's

TX

The Woodlands and Spring

-

-

-

-

-

-

-

UT

Park City

$1,950,000

$2,150,000

229

51

17

45

Buyer's

VA

Arlington & Alexandria

$1,199,900

$1,035,000

53

26

27

47

Seller's

VA

Fairfax County

$824,998

$747,000

104

55

71

21

Seller's

VA

McLean & Vienna

$1,199,900

$1,152,500

27

8

4

88

Buyer's

WA

Seattle

$1,148,950

$1,147,000

106

31

17

112

Balanced


Luxury is in each detail. Hubert de Givenchy


HOUSTON

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2019 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

59

3 27

1

33

0

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

Buyer's Market Total Sales Ratio2: 9%

84

5 77

3

88

9

141

7

156

19

$750,000 - $999,999

$650,000 - $699,999

Total Sales: 171 46

0

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

$700,000 - $749,999

Total Inventory: 1,870

357

33

89

12

151

14

162

15

208

24

192

26

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$610,000

3

3

51

265

19%

2,500 - 3,499

$703,000

4

4

55

637

9%

3,500 - 4,499

$934,815

4

5

34

459

7%

4,500 - 5,499

$1,325,000

4

6

19

238

8%

5,500 - 6,499

$1,449,750

5

6

4

114

4%

6,500+

$3,750,000

4

7

7

145

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

$750,000

$720,000

$715,000

309

261

189 Feb-18

2,067

1,876

1,777

1,613

Mar-18

$735,000

Apr-18

$735,000

May-18

$730,000

2,100

2,019

349

$750,000

412

Jun-18

Inventory

2,016

315

312 Jul-18

$750,000

$713,000

2,012

Solds

1,928

Sep-18

Oct-18

$775,625

$747,000

1,781

253

225

Aug-18

$750,000

$723,650

271

260

Nov-18

1,870

1,690

1,618

Dec-18

171

136 Jan-19

Feb-19

MEDIAN DATA INVENTORY January

February

1,690

1,870 VARIANCE: 11 %

SALE PRICE PER SQFT. January

February

268

$

262 VARIANCE: -2 % $

SOLDS January

February

136

171 VARIANCE: 26 %

SALE TO LIST PRICE RATIO January

February

97.59%

97.17% VARIANCE: 0 %

SALES PRICE January

February

776k

$

$

724k VARIANCE: -7 %

DAYS ON MARKET January

February

39

40 VARIANCE: 3 %

HOUSTON MARKET SUMMARY | FEBRUARY 2019 • The Houston single-family luxury market is a Buyer's Market with a 9% Sales Ratio. • Homes sold for a median of 97.17% of list price in February 2019. • The most active price band is $500,000-$549,999, where the sales ratio is 14%. • The median luxury sales price for single-family homes has decreased to $723,650. • The median days on market for February 2019 was 40 days, up from 39 in January 2019.

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 | FEBRUARY 2019 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

$1,000,000 - $1,099,999 $950,000 - $999,999 $900,000 - $949,999 $850,000 - $899,999

$700,000 - $749,999

0

0

Total Inventory: 214

3

Total Sales: 13

3

Buyer's Market Total Sales Ratio2: 6%

4

0

7

0

5

0

10

0 8

1

11

0

15

0

$650,000 - $699,999

$600,000 - $649,999

3

0

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

5

0

27

0

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

27

3

38

6

48

3

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,499

$602,500

3

4

2

30

7%

2,500 - 2,999

$532,500

3

4

2

61

3%

3,000 - 3,499

$596,200

3

4

8

65

12%

3,500 - 3,999

$575,000

4

6

1

31

3%

4,000 - 4,499

NA

NA

NA

0

13

0%

4,500+

NA

NA

NA

0

14

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

$672,750

$645,000

212

189

$619,250

$632,000

$624,900

217

230

235

17

28

34

32

Feb-18

Mar-18

Apr-18

May-18

Inventory

$665,000

251

31 Jun-18

31 Jul-18

$595,000

$616,500

253

263

Solds

$612,450

235

17

13

Aug-18

Sep-18

$630,000

$565,888

201

26

Oct-18

$666,750 $575,000

214

188

177

23

23

Nov-18

Dec-18

13

10 Jan-19

Feb-19

MEDIAN DATA INVENTORY January

February

188

SOLDS January

February

214 VARIANCE: 14 %

13 VARIANCE: 30 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

January

February

215

199 VARIANCE: -7 %

$

$

10

January

February

96.72% 97.01% VARIANCE: 0 %

SALES PRICE January

February

667k

$

$

575k VARIANCE: -14 %

DAYS ON MARKET January

February

55

27 VARIANCE: -51 %

HOUSTON MARKET SUMMARY | FEBRUARY 2019 • The Houston attached luxury market is a Buyer's Market with a 6% Sales Ratio. • Homes sold for a median of 97.01% of list price in February 2019. • The most active price band is $550,000-$599,999, where the sales ratio is 16%. • The median luxury sales price for attached homes has decreased to $575,000. • The median days on market for February 2019 was 27 days, down from 55 in January 2019.

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

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Janet Sher Luxury Market Report March 2019  

Janet Sher Luxury Market Report March 2019