LAUREN LAWSON REALTOR®
GOLDEN GATE SOTHEBY’S INTERNATIONAL REALTY
Lic.# 01884203
As an experienced local real estate agent from the Bay Area, I bring a wealth of knowledge and expertise to my valued clients and their real estate endeavors. With a career spanning since 2001 and a licensed agent since 2010, real estate has been ingrained in my family roots. Early on, I learned the art of being a loyal advocate and trusted confidant for my clients, always prioritizing their satisfaction.
Ensuring an exceptional customer experience is my utmost priority. The gratification resulting from being a real estate agent is immeasurable, and I pour my heart into every transaction I undertake. While my clients’ testimonials speak volumes, rest assured that your expectations will not only be met but surpassed. Nearly 80% of my business originates from client referrals, a testament to my unwavering commitment to maintaining exceptional service. Accessibility and prompt communication are paramount to providing a seamless customer journey. By actively listening and following up, I establish and foster the trust that is vital in this industry. With the right real estate agent, the process of buying or selling a home can be an enjoyable one. I genuinely relish the location where I work and the remarkable individuals I collaborate with. My fondness lies in the vineyards and lush green hills that adorn this region. During my leisure time, I cherish the moments spent with my family and friends. We engage in delightful barbeques, explore wineries, indulge in fruit picking adventures at orchards, leisurely stroll downtown, and partake in simple get-togethers at local parks where the children can frolic and play. Being a mother to four amazing kids fills me with gratitude every day. Real estate provides me with the flexibility to maintain a balanced schedule for both my family and clients.
What truly sets this profession apart for me is the meaningful friendships I forge with every transaction. When clients transition into friends, I know that I have accomplished my job exceptionally well. I would describe myself as industrious, deeply passionate about my service, and unwaveringly honest. Clients often praise my excellent communication skills and the ease with which they can reach me. Above all, I take immense pride in my beautiful and loving family, the thriving business I have diligently built over the years, and the heartfelt reviews bestowed upon me by my wonderful clients. Should you choose me as your real estate agent, I wholeheartedly commit to working diligently on your behalf every single day, striving not only to fulfill your needs but also to earn the trust you place in me.
Designations and Certifications:
• Senior Real Estate Specialist
• Real Estate Negotiation Expert
Certified Probate Real Estate Specialist
• Luxury Homes Certification
• Golden Gate Sotheby’s International Realty, Wine Country - Top Producer 2022
Certified Luxury Home Marketing Specialist
• Certified Listing Professional
PAGE 4 LUXURY REPORT EXPLAINED
PAGE 5 WELCOME MESSAGE
PAGE 6-9 NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 10 13-MONTH MARKET TRENDS
PAGE 11 SINGLE-FAMILY HOMES MONTHLY OVERVIEW
PAGE 12 ATTACHED HOMES MONTHLY OVERVIEW
PAGE 13-16 MONTHLY STATISTICS BY CITY
PAGE 17 LOCAL LUXURY MARKET REVIEW
PAGE 18-19 SINGLE-FAMILY HOMES - Monthly Statistics
PAGE 20 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
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. A Buyer's Market has a Sales Ratio of less than 12%; a Balanced Market has a ratio of 12% up to 21%; a Seller's Market has a ratio of 21% or higher. A Sales Ratio greater than 100% indicates the number of sold listings exceeds the number of listings available at the end of the month.
SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
REMAINING INVENTORY: The total number of homes available at the close of a month.MAP OF LUXURY RESIDENTIAL MARKETS
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 © 2023 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000
The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been provided by REAL Marketing, who has compiled the data through 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 LUXURY REVIEW
The
Evolving Path of Luxury Real Estate
In recent years, the high-end housing market has seen significant growth and transformation, with new trends and developments as well as historic levels of demand shaping the industry.
As we move into the height of the 2024 spring market, we review the way the market is trending statistically and investigate how the luxury real estate segment continues to evolve and adapt to changing consumer demands, technological advancements, and economic factors.
Consistent Demand
Despite lingering uncertainty outside the luxury real estate market, the increasing level of inventory and number of sales, combined with the steadiness of prices, has resulted in a display of consistent demand for luxury properties during the first four months of 2024.
The number of sold luxury properties has risen both month over month since the start of 2024 as well as monthly in comparison to 2023. April’s figures for single-family homes have more than doubled, increasing by 104.4% since January and by 32.1% compared to April 2023. Attached homes have risen a little less, at 86.5% since January, but by 32.4% compared to April 2023.
This sales trend has been greatly assisted by the increased level of new inventory entering the market, up by 160% since January and by 37.5% compared to April 2023 for single-family homes. Attached home inventory saw a much slower increase over the last four months of only 18.4%; however, year over year, there was an increase of 44.4%. These increases are a clear indicator that, in general, sellers have become more confident that their luxury home will sell.
While an increase in new inventory has resulted in a greater number of sales, the significant increase of sales and new inventory proves that the demand for luxury properties continues, enabling the market to remain strong.
Sold prices also indicate stability in the current market overall; the monthly median price for both single-family and attached properties has barely shifted. But more significantly, the homes being
Evolving Expectations and Preferences
sold are very close to their list price, with the return of the SP/LP ratio in the 99% percentile range for the first time in a year.
Positive Outlook and Predictions
Industry experts agree that the luxury real estate market will experience continued growth in 2024, with many predicting the trend to continue into the next few years. Despite fluctuations in the global economy, the demand for high-end properties remains strong, with the U.S. and Canada being prime markets for luxury real estate investment.
Factors contributing to the positive outlook include:
• An increase in wealthy individuals and families seeking upscale properties.
• Foreign investors looking for safe and stable investments.
• A rise in international buyers attracted to the North American lifestyle and world-renowned prestigious neighborhoods.
• Technological advancements driving innovation and enhancing the luxury home experience.
• The resilience of the luxury market during times of economic uncertainty.
The luxury property market encompasses a variety of high-end residential options, including luxury homes, penthouses, condominiums, and expansive estates. This segment offers luxurious amenities, stunning views, and exceptional craftsmanship, catering to buyers in search of elegance and refinement.
However, one of the primary reasons behind the sustained strength of the luxury market is the continuously evolving expectations and preferences of affluent consumers. Over the past few years, their changing decisions have had significant impacts on the luxury real estate landscape, and it is these influences that are reshaping the market once again.
The emerging trends in the market suggest a shift towards creating spaces that offer more than just luxury; they are about curating experiences that align with the profound values and lifestyles of discerning clientele.
It is predicted that the luxury homes of the future will integrate sustainability, cultural richness,
personalization, and social responsibility, transcending conventional concepts. Essentially, sellers of high-end real estate market in 2024 and beyond, should start to provide unique, immersive experiences that deeply resonate with individuals seeking more than just a residence but a reflection of their ideals and aspirations.
Exclusive and Tailored
A major trend in luxury real estate is the concept of a curated lifestyle. The growing market for personal luxury goods is not only influencing fashion but also reshaping the luxury real estate sector.
Similar to the bespoke services offered by high-end fashion houses, future luxury homes may offer even more extensive customization options, allowing buyers to personalize all aspects of their property. This trend acknowledges the desire for a more tailored living experience, where homes reflect individual tastes and needs. Additionally, these homes are expected to be designed with adaptability in mind, capable of evolving to accommodate various life stages or changing needs, blending luxury with practicality.
Inspiring and Reflective Architecture
The increasing interconnectedness of our world is influencing luxury real estate, leading to the emergence of a ‘cultural fusion’ style. This trend involves blending architectural and interior design elements from various cultures, creating homes that are not only luxurious but also culturally rich. Ultra-luxury homes will appeal to a globally minded demographic that values and appreciates cultural diversity and richness.
The luxury real estate market is also increasingly mirroring trends in luxury hospitality, emphasizing culturally enriched experiences. This approach blends local heritage with global design influences, resulting in unique, destination-specific luxury experiences now embraced in residential properties.
Whether located near established global landmarks, a remote destination, or in a new development by a celebrated architect, the affluent are looking for bespoke design elements and innovative features.
It seems that since remote work is here to stay, buyers have been paying even more attention to the architecture and layout of a home.
Blending Luxury and Sustainability
The shift towards intentional and sustainable architecture is also reflected in interior design trends. Energy-efficient buildings, sustainable materials, and green living are prioritized by homebuyers.
Future kitchens are envisioned as culinary masterpieces designed for gourmet enthusiasts, featuring professional-grade amenities and immersive dining experiences. In these luxury residences, the kitchen evolves into the heart of the household, blending the art of cooking with the warmth of home, creating an indulgent yet welcoming environment.
Currently, luxury real estate blends sustainability with luxury, integrating natural elements, advanced technology, and eco-friendly amenities. In the future, homes will also be designed to include private natural reserves and innovative, eco-friendly amenities like private natural reserves, eco-friendly water transportation systems, and services with zero-carbon footprints.
Privacy and Security
Privacy and security are increasingly important for luxury buyers, leading to a trend towards creating exclusive enclaves offering seclusion and safety. This exclusivity will also ensure tranquility and isolation which are highly valued by those seeking refuge from the public eye.
Luxury developments incorporate amenities like private clubs and wellness centers, maximizing privacy and minimizing the need for residents to venture into public spaces. Properties in remote or exclusive locations are also in high demand because they can offer a perfect blend of tranquility and spectacular views.
As the luxury real estate market continues to thrive and adapt to changing preferences and trends, staying informed and working with a trusted professional will be key for affluent home buyers and sellers. These luxury advisors keep a pulse on the emerging trends which allows their clients to make informed decisions and seize opportunities in this dynamic and exciting market.
– 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.
$1,900,000
$1,700,000
$1,500,000
$1,300,000
$1,100,000
$900,000
$700,000
$500,000
– LUXURY MONTHLY MARKET REVIEW –
A Review of Key Market Differences Year over Year
April 2023 | April 2024
SINGLE-FAMILY HOMES
New Listings Total Sold
SINGLE-FAMILY HOMES MARKET SUMMARY | APRIL 2024
• Official Market Type: Seller's Market with a 30.24% Sales Ratio.1
• Homes are selling for an average of 99.04% of list price.
• The median luxury threshold2 price is $912,500, and the median luxury home sales price is $1,251,700.
• Markets with the Highest Median Sales Price: Telluride ($6,950,000), Vail ($6,900,000), Lake Tahoe ($5,587,500), and Naples ($4,000,000).
• Markets with the Highest Sales Ratio: East Bay (144.1%), Howard County, MD (103.1%), King County, WA (88.1%), and Silicon Valley (82.9%).
1
– LUXURY MONTHLY
A Review of Key Market Differences Year over Year
April 2023 | April 2024
2,652
ATTACHED HOMES MARKET SUMMARY | APRIL 2024
• Official Market Type: Seller's Market with a 24.38% Sales Ratio. 1
• Attached homes are selling for an average of 99.08% of list price.
• The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $858,000
• Markets with the Highest Median Sales Price: Manhattan ($4,012,500), Vail ($3,525,000), Naples ($2,480,000), and San Francisco ($2,371,500).
• Markets with the Highest Sales Ratio: Howard County, MD (217.6%), Fairfax County, VA (188.7%), Arlington & Alexandria (145.8%), and Anne Arundel County (124.1%).
– LUXURY MONTHLY MARKET REVIEW –
– LUXURY MONTHLY MARKET REVIEW –
– LUXURY MONTHLY MARKET REVIEW –
– LUXURY MONTHLY MARKET REVIEW –
NAPA COUNTY CALIFORNIA
LUXURY INVENTORY VS. SALES | APRIL 2024
$7,500,000+
$6,500,000 - $7,499,999
$5,700,000 - $6,499,999
$4,900,000 - $5,699,999
$4,300,000 - $4,899,999
$3,700,000 - $4,299,999
$3,300,000 - $3,699,999
$2,900,000
$2,000,000 - $2,099,999
$1,900,000 - $1,999,999
$1,800,000 - $1,899,999
$1,700,000 - $1,799,999
$1,600,000 - $1,699,999
13 - MONTH LUXURY MARKET TREND 4
MEDIAN DATA REVIEW | APRIL
$2.80m $2.37m SALES
VARIANCE: - 26 % $1,234 $917 SALE PRICE PER SQFT.
VARIANCE: 5 % 38 40 DAYS ON MARKET VARIANCE: 1 % 94.96% 96.28% SALE TO LIST PRICE RATIO
NAPA COUNTY MARKET SUMMARY | APRIL 2024
• The single-family luxury market is a Balanced Market with a 13% Sales Ratio.
• Homes sold for a median of 96.28% of list price in April 2024.
• The most active price band is $2,000,000-$2,099,999, where the sales ratio is 50%
• The median luxury sales price for single-family homes is $2,365,000.
• The median days on market for April 2024 was 40 days, up from 38 in April 2023.
3Square foot table does not account for listings and solds where square foot data is not disclosed.
Data reported includes Active and Sold properties and does not include Pending properties.