Mechelle Nichols Luxury Market Report April 2019

MECHELLE

NICHOLS L U X U RY MARKET REPORT

WORC E S T E R COUNTY O C E A N CITY APRIL 2019

Ocean City Maryland is one of the most sought after locations and home prices have started to rise. It is an opportune time to be a seller. I receive calls every day from colleagues asking if I know anyone at the beach who wants to sell. Due to the high demand I wanted to reach out to you in case you or someone you know is interested in selling.

I have also introduced a great new service for the Ocean City market. It will help you keep track of your current home value and sales activity at the beach. In case you have not checked your home value recently, visit oceancityrealestate.smarthomeprice.com to find out what your home could sell for in todays market.

As a “Local” agent and expert in the local market, I provide all-inclusive concierge services, assisting you with all your buying and selling needs. I am steadfastly available to ensure your happiness and satisfaction. For more information on selling or seeking luxury properties contact me directly at 410.430.1575 or mnichols@LuxuryShoreLiving.com.

Best Regards,

Mechelle Nichols Mechelle Nichols REALTOR® Your OC Luxury Real Estate Expert

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

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 © 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 LUXURY REVIEW How Playing the Data Game Will Yield More Results in 2019 As we move into spring, which is traditionally the busiest time of year for home sales, and consider the statistical analysis illustrating that the overall high-end real estate market has normalized back to traditional levels, what does this mean to homeowners looking to sell? How in today’s market can understanding statistics and working with the right real estate professional become the solution to meeting expectations?

Researching and analyzing data has played a crucial role, and will continue to do so, when understanding how to match both the concerns of the home seller with the expectations of the buyer.

The Institute's research has determined that lifestyle, comparative affordability, and financial opportunity are the key differentiators in the decision process of the affluent buyer. But while these buyers can be decisive when their goals are met, they are also fickle because their needs are not based on necessity but from desire.

Taking these factors into consideration, coupled with the unique attributes of the property, successful agents have recognized that using statistical data has often addressed the concerns of

their sellers, enabling them to provide answers to questions such as what is the value of my home, how long will it take to sell, and how are you going to market my home to connect to the right buyers?

A slower pace of sales generally means that homes will take longer to sell because buyers have the opportunity to make more informed decisions and are less willing to compromise. So it becomes incumbent on the listing agent to comprehensively research all aspects of the property in order to create a long-term marketing strategy that keeps both potential buyers and the market engaged in the property.

Using data to understand current inventory, sales, and pricing differentials both locally and nationally are important in establishing the value of a property. Leveraging this information is the way to connect with the more data-driven luxury consumer. They are looking for real insight and accurate information on how this property will enhance their lifestyle, offer value for money, and ideally provide an investment opportunity which, in turn, will enable them to move decisively!

It is predicted that for these affluent consumers, there will be a continuation in the trend of expanding their portfolio of properties. Not only are their numbers forecast to increase exponentially, but they will continue to have the means to make significant discretionary purchases. This growing wealth demographic is continually being fueled by increasing numbers of entrepreneurs, higher salaries

in

the

technology

sector,

and

maturing

millennials.

However, these are savvier buyers who will also become less willing to compromise on everything from price to location. Their focus will be on value-added amenities such as security, views, lifestyle, accessibility, and functionality. This means that luxury sellers will need to look closely at the holistic properties of their home to establish its true value in today’s market, rather than just the quality and amenities of the home itself.

As the market shifts, statistical data reveals that

properties

priced

correctly

meeting

these expectations are likely to sell quickly, especially if their Realtor's marketing strategy positions it effectively in front of the right discerning buyers. This is critical in order to maximize the potential return on a luxury property; its exposure must go further than the local, or even national luxury real estate community!

Choosing a Realtor who has an established local and global presence with both their peers and the affluent community might be the first step. The second step is to ensure your Realtor has a critical understanding of the nuances and influences that directly affect your home's value. But the key differentiator is an expert who understands how to analyze and use data to influence and find potential buyers - they will become your resource to a priceless solution!

– 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

54

48

57

56 49

48

40

36

41

40

33

34

30

34

34

34

MAY

JUN

JUL

41

40

AUG

SEP

47

42

63

60

47

57 45

46

44

20

0 MAR

APR

OCT

NOV

DEC

JAN

FEB

MAR

$468 $393

$490 $383

$478 $377

$485 $365

$386

$348

$457

$485

$493 $329

$331

$462

$471 $350

$354

$466

$476 $357

$300

$357

$460

$400

$494

$500

$347

PRICE PER SQUARE FOOT

$600

$200

$100

$0

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

FEB

MAR

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

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

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

SINGLE-FAMILY HOMES February

March

February

March

Median List Price

$1,695,000 $1,689,999

Total Inventory

38,118

40,745

Median Sale Price

$1,400,000 $1,425,000

New Listings

10,038

12,107

3,624

5,430

63

47

3,690

3,517

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

96.85%

97.12%

Total Sold

9.51%

13.33%

Median Days on Market

$383

$393

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





2,069

1,806

New Listings

Total Sold





16

3.82%

Med. Sale Price

Days on Market

Sales Ratio

25,000

$



SINGLE-FAMILY HOMES MARKET SUMMARY | MARCH 2019 •

Official Market Type: Buyer's Market with a 13.33% Sales Ratio.1

•

Homes are selling for an average of 97.12% of list price.

•

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,425.000.

•

Markets with the Highest Median Sales Price: Vail ($11,477,000), San Francisco ($3,650,000), LA - Beach Cities ($3,552,500), and Vancouver ($3,250,000).

•

Markets with the Highest Sales Ratio: San Francisco (85%), Silicon Valley (48%), Seattle (44%), and Sacramento (34%).

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 February 2019 | March 2019

ATTACHED HOMES February

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

March

$1,000,000 $1,039,498

February

March

15,816

16,000

New Listings

3,886

4,272

1,450

2,057

45

44

2,036

2,005

Total Inventory

$876,223

$859,500

97.64%

98.09%

Total Sold

9.17%

12.86%

Median Days on Market

$490

$468

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





386

607

New Listings

Total Sold





Med. Sale Price

Days on Market

16,723

$

2



3.69% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | MARCH 2019 •

Official Market Type: Buyer's Market with an 12.86% Sales Ratio.1

•

Attached homes are selling for an average of 98.09% of list price.

•

The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $859,500.

•

Markets with the Highest Median Sales Price: Vail ($3,900,000), San Francisco ($2,360,000), Marin County ($2,075,000), and Maui ($1,967,500).

•

Markets with the Highest Sales Ratio: Arlington & Alexandria (67%), Silicon Valley (62%), LA - The Valley (51%), and Ventura County (49%).

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

$1,149,000

$975,250

716

279

68

31

Buyer's

AZ

Paradise Valley

$3,175,000

$3,160,000

272

44

32

137

Buyer's

AZ

Phoenix

$725,000

$645,000

971

270

157

62

Balanced

AZ

Scottsdale

$1,725,000

$1,475,000

1,095

188

87

82

Buyer's

AZ

Tucson

$765,000

$615,950

831

187

94

47

Buyer's

BC

Okanagan Valley

$1,649,000

$1,600,000

532

138

17

112

Buyer's

BC

Vancouver

$3,993,500

$3,250,000

1,212

286

39

27

Buyer's

BC

Victoria

$1,880,000

$1,700,000

351

149

23

61

Buyer's

CA

Los Angeles Beach Cities

$4,997,250

$3,552,500

374

103

60

31

Balanced

CA

Los Angeles City

$3,995,000

$3,207,500

856

270

116

29

Buyer's

CA

Los Angeles The Valley

$2,324,500

$1,690,000

538

202

117

34

Seller's

CA

Marin County

$3,595,000

$2,647,500

131

55

24

26

Balanced

CA

Napa County

$2,847,250

$2,061,000

116

28

10

78

Buyer's

CA

Orange County

$2,400,000

$1,845,000

1,616

502

255

66

Balanced

CA

Palm Springs & Palm Desert

$1,895,000

$1,399,000

622

105

81

82

Buyer's

CA

Placer County

$1,024,998

$875,000

240

85

53

26

Seller's

CA

Sacramento

$797,789

$702,000

703

303

240

20

Seller's

CA

San Diego

$2,250,000

$1,600,000

1,198

435

217

29

Balanced

CA

San Francisco

$4,497,500

$3,650,000

46

23

39

14

Seller's

CA

Santa Barbara

$3,882,500

$2,850,000

254

54

18

61

Buyer's

CA

Silicon Valley

$3,924,000

$3,006,000

254

137

122

9

Seller's

CA

Ventura County

$1,849,000

$1,425,000

319

101

49

68

Balanced

CO

Boulder

$1,700,000

$1,360,000

188

68

47

45

Seller'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

$972,000

$846,000

993

411

332

14

Seller's

CO

Douglas County

$1,295,000

$1,149,500

270

91

50

37

Balanced

CO

Vail

$4,390,000

$11,477,000

125

6

4

59

Buyer's

DC

Washington D.C.

$3,247,500

$2,500,000

58

21

16

20

Seller's

$2,100,000

$1,375,000

699

119

33

65

Buyer's

$1,620,000

$1,450,000

99

23

15

100

Balanced

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

$1,299,000

$1,010,000

1,656

307

137

89

Buyer's

FL

Jacksonville Beaches

$1,249,450

$1,050,000

340

82

27

92

Buyer's

FL

Miami

$1,325,000

$957,000

1,520

267

95

127

Buyer's

FL

Naples

$2,199,000

$1,753,500

840

118

68

75

Buyer's

FL

Orlando

$1,599,995

$1,425,000

527

93

33

67

Buyer's

FL

Palm Beach Towns

$3,250,000

$3,040,000

469

64

33

151

Buyer's

FL

Sarasota & Beaches

$1,689,999

$1,373,750

647

77

48

88

Buyer's

FL

Tampa

$785,000

$715,000

821

215

128

28

Balanced

GA

Atlanta

$1,150,000

$947,000

1,375

496

192

37

Buyer's

HI

Kauai

$2,395,000

$3,237,500

103

8

4

169

Buyer's

HI

Maui

$2,998,500

$2,200,000

232

34

12

122

Buyer's

HI

Oahu

$3,197,500

$2,200,000

212

45

11

22

Buyer's

IL

Chicago

$1,250,000

$1,075,000

1,808

611

207

107

Buyer's

MA

Greater Boston

$3,149,000

$2,575,000

119

47

23

31

Balanced

MD

Montgomery County

$1,695,000

$1,510,000

331

139

41

42

Buyer's

MD

Talbot County

$1,882,500

$1,160,000

94

20

5

183

Buyer's

MD

Worcester County

$999,800

$861,500

69

9

4

118

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

$725,000

$600,000

1,041

401

116

28

Buyer's

MO

St. Louis

$716,750

$591,000

206

71

27

42

Buyer's

NC

Charlotte

$899,000

$789,500

1,071

325

176

37

Balanced

NJ

Ocean County

$864,000

$758,100

695

182

50

43

Buyer's

NV

Las Vegas

$719,950

$640,000

1,698

550

279

55

Balanced

NY

Brooklyn

$1,490,000

$1,412,500

281

69

10

114

Buyer's

NY

Staten Island

$1,199,800

$1,462,500

180

47

8

152

Buyer's

ON

GTA - York

$2,184,000

$1,750,000

770

362

55

21

Buyer's

ON

Toronto

$3,425,000

$3,175,000

474

225

39

23

Buyer's

TN

Nashville

$1,000,000

$850,000

330

126

73

25

Seller's

TX

Austin

$1,050,000

$853,750

637

251

184

18

Seller's

TX

Collin County

$724,900

$649,000

881

311

123

61

Buyer's

TX

Dallas

$999,000

$825,000

961

326

141

38

Buyer's

TX

Fort Worth

$849,900

$828,862

797

250

138

46

Balanced

TX

Houston

$848,972

$732,500

2,076

669

264

39

Buyer's

TX

The Woodlands & Spring

$799,700

$687,500

508

169

64

48

Buyer's

UT

Park City

$3,295,000

$2,562,500

245

27

18

108

Buyer's

VA

Arlington & Alexandria

$2,000,000

$1,825,000

87

33

11

99

Buyer's

VA

Fairfax County

$1,600,000

$1,375,000

535

206

62

41

Buyer's

VA

McLean & Vienna

$1,950,000

$1,540,000

230

84

21

57

Buyer's

WA

Seattle

$1,672,000

$1,490,000

200

108

88

13

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

$799,900

$770,000

332

123

25

44

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$699,000

$632,500

259

60

46

51

Balanced

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,948,000

$1,737,381

839

273

36

18

Buyer's

BC

Victoria

$875,000

$760,000

252

107

28

49

Buyer's

CA

Los Angeles Beach Cities

$1,699,000

$1,435,000

173

56

59

21

Seller's

CA

Los Angeles City

$1,600,000

$1,257,750

332

127

76

25

Seller's

CA

Los Angeles The Valley

$685,250

$709,500

116

54

59

23

Seller's

CA

Marin County

$1,300,000

$2,075,000

13

3

2

7

Balanced

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,046,495

$939,000

452

172

115

43

Seller's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,050,000

$884,500

522

193

120

30

Seller's

CA

San Francisco

$2,695,000

$2,360,000

95

37

27

21

Seller's

CA

Santa Barbara

$1,694,000

$1,515,000

42

13

3

177

Buyer's

CA

Silicon Valley

$1,422,085

$1,380,000

95

60

59

13

Seller's

CA

Ventura County

$700,000

$700,000

55

23

27

54

Seller's

CO

Boulder

$929,000

$794,500

63

26

19

47

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

Denver

$694,950

$659,950

558

227

162

19

Seller's

CO

Douglas County

$699,500

$597,000

22

7

7

66

Seller's

CO

Vail

$3,995,000

$3,900,000

103

14

5

340

Buyer's

DC

Washington D.C.

$1,895,000

$1,523,500

166

57

36

26

Seller's

$836,889

$840,000

438

81

37

80

Buyer's

$875,000

$731,250

119

14

14

29

Buyer's

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

$859,950

$735,000

1,270

162

93

83

Buyer's

FL

Jacksonville Beaches

$1,337,500

$1,024,500

56

10

2

61

Buyer's

FL

Miami

$1,032,500

$807,500

2,988

349

86

138

Buyer's

FL

Naples

$2,125,000

$1,825,000

291

38

32

89

Buyer's

FL

Orlando

$649,950

$752,500

78

15

5

40

Buyer's

FL

Palm Beach Towns

$1,349,000

$1,441,500

413

54

32

56

Buyer's

FL

Sarasota & Beaches

$1,397,000

$1,119,000

276

44

23

50

Buyer's

FL

Tampa

$672,000

$600,000

124

37

15

40

Buyer's

GA

Atlanta

$650,990

$575,000

548

174

64

31

Buyer's

HI

Oahu

$1,385,000

$1,187,500

70

6

10

37

Buyer's

HI

Kauai

$1,791,500

$1,967,500

156

20

22

74

Buyer's

HI

Maui

$1,320,000

$1,022,500

464

91

50

46

Buyer's

IL

Chicago

$1,199,000

$892,000

959

330

88

54

Buyer's

MA

Greater Boston

$2,397,000

$1,797,000

278

108

46

18

Balanced

MD

Montgomery County

$799,370

$672,500

155

69

44

27

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$624,950

$630,000

104

14

7

217

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

$969,808

$625,000

72

21

11

2

Balanced

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$699,381

$569,000

156

33

24

104

Balanced

NJ

Ocean County

$699,500

$584,950

46

10

4

98

Buyer's

NV

Las Vegas

-

-

-

-

-

-

-

NY

Brooklyn

$1,350,000

$1,100,000

588

163

60

69

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$749,450

$755,000

148

80

17

16

Buyer's

ON

Toronto

$1,238,000

$1,129,000

447

308

130

13

Seller's

TN

Nashville

$725,000

$635,000

81

24

23

90

Seller's

TX

Austin

$770,700

$771,500

215

61

29

67

Buyer's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$724,500

$650,000

213

62

29

38

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$640,000

$584,288

211

67

20

47

Buyer's

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$1,970,000

$1,667,500

205

26

10

51

Buyer's

VA

Arlington & Alexandria

$1,095,000

$955,000

55

27

37

29

Seller's

VA

Fairfax County

$699,990

$667,400

131

67

48

11

Seller's

VA

McLean & Vienna

$1,285,000

$879,000

25

10

5

10

Balanced

WA

Seattle

$1,149,900

$1,037,500

131

65

29

31

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 is in each detail.

Hubert de Givenchy

WORCESTER COUNTY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | MARCH 2019 Inventory

Sales

Luxury Benchmark Price 1: $645,000 $2,250,000+ $2,050,000 - $2,249,999 $1,850,000 - $2,049,999 $1,650,000 - $1,849,999

$1,450,000 - $1,649,999 $1,350,000 - $1,449,999 $1,250,000 - $1,349,999 $1,150,000 - $1,249,999

$1,050,000 - $1,149,999

0

$800,000 - $849,999

0

Total Inventory: 69 2

Total Sales: 4 Buyer's Market

1

3

0

4

0

8

0 0

Total Sales Ratio2: 6%

8

0

1 8

1

13

0 2

0

$750,000 - $799,999

3

1

$700,000 - $749,999 $645,000 - $699,999

1

0

$950,000 - $1,049,999 $850,000 - $949,999

4

1

2

1

9

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$744,000

4

3

2

22

9%

3,000 - 3,999

$965,000

6

4

1

17

6%

4,000 - 4,999

NA

NA

NA

0

13

0%

5,000 - 5,999

$2,295,000

4

4

1

12

8%

6,000 - 6,999

NA

NA

NA

0

3

0%

7,000+

NA

NA

NA

0

2

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

WORCESTER COUNTY

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Solds

$1,157,500

$1,070,000

$950,000

$875,000

$785,000 $664,000

50

45

41

Inventory

$925,000

$960,000 $800,000

$715,900

57

55

49

59

55

58

3

1

3

7

4

7

3

5

6

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

69

60

52

46

$861,500 $742,500

0

1

2

4

Dec-18

Jan-19

Feb-19

Mar-19

MEDIAN DATA INVENTORY February

March

60

SOLDS February

SALES PRICE March

69 VARIANCE: 15 %

4 VARIANCE: 100 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

February

March

291

382 VARIANCE: 31 %

$

$

2

February

March

95.25% 98.14% VARIANCE: 3 %

February

743k

$

March

862k VARIANCE: 16 % $

DAYS ON MARKET February

March

30

118 VARIANCE: 293 %

WORCESTER COUNTY MARKET SUMMARY | MARCH 2019 • The Worcester County single-family luxury market is a Buyer's Market with a 6% Sales Ratio.

• Homes sold for a median of 98.14% of list price in March 2019.

• The most active price band is $700,000-$749,999, where the sales ratio is 50%.

• The median luxury sales price for single-family homes has increased to $861,500.

• The median days on market for March 2019 was 118 days, up from 30 in February 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

WORCESTER COUNTY

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | MARCH 2019 Inventory

Sales

Luxury Benchmark Price 1: $515,000 $1,325,000+ $1,250,000 - $1,324,999 $1,175,000 - $1,249,999 $1,100,000 - $1,174,999

$1,025,000 - $1,099,999

0 0

$850,000 - $899,999

$800,000 - $849,999

$650,000 - $699,999

Total Sales: 7

Total Sales Ratio2: 7%

0 0 3

1

3

0

4

0

5

0

9

1

5

0

8

0

$600,000 - $649,999

12

3

$550,000 - $599,999 $515,000 - $549,999

Buyer's Market

4

0

$750,000 - $799,999 $700,000 - $749,999

Total Inventory: 104

0 0

$950,000 - $1,024,999 $900,000 - $949,999

3

0

30

2

18

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$630,000

3

3

5

97

5%

3,000 - 3,999

$970,000

12

6

1

6

17%

4,000 - 4,999

$750,000

4

5

1

1

100%

5,000 - 5,999

NA

NA

NA

0

0

NA

6,000 - 6,999

NA

NA

NA

0

0

NA

7,000+

NA

NA

NA

0

0

NA

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

WORCESTER COUNTY

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

Inventory

Solds

$850,000 $780,000

$645,000

$590,000

101

91

99

9

5

Mar-18

Apr-18

May-18

$700,000

$589,000

$535,000

18 Jun-18

104

98

92

85

13

$750,000 $580,000

$582,000

106

107

$700,000

$630,000

$568,500

105

102

96

104

5

5

9

8

7

7

2

7

7

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-19

MEDIAN DATA INVENTORY February

March

105

SOLDS February

SALES PRICE March

104 VARIANCE: -1 %

7 VARIANCE: 0 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

February

March

309

$

309 VARIANCE: 0 % $

7

February

March

96.63% 95.78% VARIANCE: -1 %

February

700k

$

March

630k VARIANCE: -10 % $

DAYS ON MARKET February

March

172

217 VARIANCE: 26 %

WORCESTER COUNTY MARKET SUMMARY | MARCH 2019 • The Worcester County attached luxury market is a Buyer's Market with a 7% Sales Ratio.

• Homes sold for a median of 95.78% of list price in March 2019.

• The most active price band is $950,000-$1,024,999, where the sales ratio is 33%.

• The median luxury sales price for attached homes has decreased to $630,000.

• The median days on market for March 2019 was 217 days, up from 172 in February 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 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 410.430.1575.

- Mechelle Nichols

MECHELLE NICHOLS 410.430.1575 | mnichols@LuxuryShoreLiving.com | www.LuxuryShoreLiving.com