Mechelle Nichols Luxury Market Report MAR 2021

MECHELLE

NICHOLS L U X U RY MARKET REPORT

WORC E S T E R COUNTY O C E A N CITY MARCH 2021

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 12-15 MONTHLY STATISTICS BY CITY - Single Family Homes PAGE 16-19 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 21

LOCAL LUXURY MARKET REVIEW

PAGE 22-23 SINGLE FAMILY HOMES - Monthly Statistics PAGE 24-25 ATTACHED HOMES - Monthly Statistics PAGE 26

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.

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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 © 2021 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 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 In recent reports released by world renowned luxury real estate experts Coldwell Banker Global Luxury, Wealth-X and Sotheby’s International, all agree that amid the COVID-19 pandemic and global political instability, ‘home’ has never been so important.

The combination of travel and multiple home ownership pre-COVID was significant on a percapita basis for the world’s wealthy. Post pandemic, priorities have changes from seeking out new experiences and adventures towards finding homes in markets that offered safety, more space, and well-being.

This transition was realized worldwide, creating unexpected demand for changes in property types, locations, and amenities. Coldwell Banker Global Luxury’s Report 2021, encapsulates the ongoing trends created in 2020, and showcases the significant resilience of luxury real estate.

“Home became the center of people’s lives in 2020. Agents became even more highly valued as clients relied on their expertise to guide them through their transactions. Industry strength carried over into other arenas, like real estate stock gains. Efforts to safeguard wealth led people to cast wider nets into real estate, stocks, art, technology, gaming, and other niches; many accelerated plans to move to tax friendlier locales. Ideas about wealth itself also shifted as the affluent set sights on ‘intangible luxuries,’ like family, health, safety, security and space.

The search for intangibles created new demographic groups, called ‘affluent trailblazers,’ who relocated from cities to small town hidden gems, suburbs, and popular second home destinations in 2020. These shifts also triggered a reversal of the ‘less is more’ trend of the last few years, with mega-mansions, compounds, private islands and large estates staging a comeback.”

In the US, statistics show that the luxury home prices for single family homes rose on average 8% last year and are expected to continue at this record-breaking rate for the early part of 2021. In Canada, expectations are for the luxury market to rise as much as 8% in 2021 too.

Accordingly to Coldwell Banker’s President and Chief Executive Officer, M. Ryan Gorman, the statistics uncovered in their recent report “point to a promising luxury home market with a strong starting position as we move further into this year.” He also states that, “there were many bright spots around the country and the world, as people adjusted their notions of home and sought fully amenitized retreats where they could live, work, and eventually entertain in place.”

In this report, they identified four markets that stood out amount the top performers in the US, specifically based on comparing high sales ratio percentages. Their choice of parameter to measure performance was guided by the escalating number of luxury property sales and the importance of understanding this impact on the level of inventory available. Increased sales does not always mean that inventory levels drop, especially in the luxury market when properties typically take longer to sell, but in 2020 the swing was dramatic with many markets becoming seller-controlled for the first time in many years.

Northern California’s East Bay region topped the charts as people relocated in large numbers out of San Francisco in search of less dense living. Colorado Springs, already identified in 2019 as a “market to watch,” also saw substantial increase in demand as Denver’s ever-increasing prices and adaptation to working from home allowed for purchasing homes outside the metropolitan area.

Low interest rates gave DC and Arlington-area millennials the unexpected opportunity to trade their condos and move into townhomes in Fairfax County in Virginia, also driven by the ability to work from home. Whereas in King County, WA, the demand for single-family homes soared when the ever-increasing number of employees working for Apple and Amazon in Seattle realized they too could move further afield and leverage these companies’ “long term work from home” guarantee.

Much has been stated in the real estate news about the relocation of homeowners out of the major metropolises, and Coldwell Banker Global Luxury’s report seeks to clarify each of the top seven markets in the US and five in Canada, to understand the true impact of the pandemic.

What may be surprising to many is that overall, the impact was not as dramatic as the initial reports in April, May, and June portrayed. Downtown and high-density areas did see their affluent depart for second homes or purchase homes in exurbia areas, but interestingly the percentage that sold their home was not as great as expected. Many kept their city home and merely swapped the location of their first home – at least until the pandemic is over.

Several key trends did appear for those that sold, insomuch as the affluent upsized to larger apartments, with more square footage, private elevators, outdoor patios, and the ability to upgrade air filtration, while others chose to move into townhomes and/or slightly further away into the suburbs to purchase a single-family home.

According to Wealth-X in their recent report, Residential Real Estate 2021: Leading Markets for the Wealthy, New York still remains the global preeminent city of the wealthy, with Los Angeles ranking second, followed by London, Hong Kong, and Paris.

A recent new study, published by nonpartisan California Policy Lab, does show that San Francisco was impacted greatly with a staggering 649% jump in relocations. However, they quickly qualified that these relocators didn’t go very far, moving within the 11-county Bay Area, with over 80% remaining in California. As for the wealthy and the rumors of their departure from California, statistics show no indication of mass relocation. Joel Goodrich of Coldwell Banker Realty in San Francisco qualified that in his experience, the exodus outside of the Bay Area has mainly been to Napa, Sacramento, and Lake Tahoe.

In Los Angeles, Jade Mills of Coldwell Banker Realty in Beverly Hills, shared that her clients were staying local although upsizing into larger properties and moving to areas such as Malibu, Manhattan Beach, and up into Beverly Hills rather than staying in the more densely populated areas of LA. Interestingly, her clientele has changed from 50% international to more than 80% being US buyers in the US$20 million range.

Miami, another of the US’s wealthiest cities, has seen an upsurge in their numbers – again driven by US buyers rather than their typical international purchaser. Jill Eber of Coldwell Banker Realty in Miami shared, “single-family homes exploded initially, and condos took off once important amenities like pools were reopened and people became more comfortable with accessibility in the new normal.”

The metropolitan cities of Canada saw similar trends with abrupt halts to their real estate markets in March, April and May, after which their luxury markets have seen significant increases in demand and pricing as well as falling inventory levels.

Downtown cores in Toronto and Vancouver did see their condo market take longer to recover, but larger properties throughout the metropolitan city areas and in more suburban areas saw unprecedented demand.

Ottawa saw its luxury market’s median price point increase 25.53% for single-family homes and 4.71% for luxury condos, as Raymond Chin of Coldwell Banker First Ottawa Realty explained “homes a short drive outside the city became more popular with homeowners who may not be required to go back to work every day in the city.”

Similar trends are being reported in Europe, Asia, and Central and South America, with high-networth buyers not only investing in popular vacation destinations, but choosing to make these residences their primary homes, for the foreseeable future.

Equally, many of these buyers are tending to hold on to their urban residences, using them as second homes or pieds-à-terre, enjoying the opportunity to work from home in their new primary home locations.

There are increasing reports of large compound style residences as well as crumbling chateaus, castles, and large private estates being repurposed to suit the affluent’s new requirements. Vacation locations from the Caribbean islands to ski resorts have seen robust price increases with some destination locales reporting homes being bought sight unseen.

For homeowners looking to sell or buy their luxury home in today’s market, we recommend working with a luxury real estate professional who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process, and who knows how to leverage technology and strategies to provide maximum exposure and assistance.

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

Single-Family Homes

Attached Homes

Single-Family List Price

Attached List Price

SALES PRICE VS. LIST PRICE

PRICE PER SQUARE FOOT

DAYS ON MARKET

All data is based off median values. Median prices represent properties priced above respective city benchmark prices.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Year over Year February 2020 | February 2021

SINGLE-FAMILY HOMES Feb. 2020

Feb. 2021

Feb. 2020

Feb. 2021

Median List Price

$1,597,000 $1,749,000

Total Inventory

43,204

23,745

Median Sale Price

$1,320,000 $1,364,442

New Listings

12,030

7,528

5,669

10,593

63

32

3,613

3,544

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

97.07%

98.39%

Total Sold

13.12%

45.12%

Median Days on Market

$367

$388

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





19,459

4,924

New Listings

Total Sold





31

32%

Med. Sale Price

Days on Market

Sales Ratio

44,442

$



SINGLE-FAMILY HOMES MARKET SUMMARY | FEBRUARY 2021 •

Official Market Type: Seller's Market with a 45.12% Sales Ratio.1

•

Homes are selling for an average of 98.39% of list price.

•

The median luxury threshold2 price is $900,000, and the median luxury home sales price is $1,364,442.

•

Markets with the Highest Median Sales Price: Vail ($4,100,000), Los Angeles Beach Cities ($3,805,000), Oakville ($3,800,000), and Maui ($3,550,000).

•

Markets with the Highest Sales Ratio: Ada County (339%), GTA-Durham (325%), Austin (193%) and East Bay (164%).

1

Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Year over Year February 2020 | February 2021

ATTACHED HOMES Feb. 2020

Median List Price

Feb. 2021

$1,049,500 $1,057,500

Median Sale Price

Feb. 2020

Feb. 2021

16,619

12,581

New Listings

4,476

3,566

2,440

3,666

54

37

2,032

1,950

Total Inventory

$867,500

$887,000

Median SP/LP Ratio

98.08%

98.75%

Total Sold

Total Sales Ratio

14.68%

29.14%

Median Days on Market

$471

$476

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





910

1,226

New Listings

Total Sold



19,500

$

Med. Sale Price



17



14.46%

Days on Market

Sales Ratio

ATTACHED HOMES MARKET SUMMARY | FEBRUARY 2021 •

Official Market Type: Seller's Market with a 23.14% Sales Ratio.1

•

Attached homes are selling for an average of 98.75% of list price.

•

The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $887,000.

•

Markets with the Highest Median Sales Price: Vail ($3,095,000), San Francisco ($2,275,000), Park City ($2,225,000), and Greater Boston ($2,000,000).

•

Markets with the Highest Sales Ratio: GTA-Durham (325%), Ada County (200%), GTA-York (165%) and Fairfax County (162%).

1

Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set 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

$1,198,944

$999,900

444

239

135

27

Seller's

AZ

Paradise Valley

$4,247,500

$2,750,000

106

36

51

55

Seller's

AZ

Phoenix

$1,150,000

$795,000

189

85

220

40

Seller's

AZ

Scottsdale

$2,500,000

$1,655,000

311

97

192

54

Seller's

AZ

Tucson

$850,000

$658,500

321

107

166

13

Seller's

BC

Greater Victoria

$2,500,000

$2,350,000

43

19

9

56

Balanced

BC

Okanagan Valley

$1,800,000

$1,330,000

284

109

89

40

Seller's

BC

Vancouver

$4,689,000

$3,450,000

656

230

153

14

Seller's

CA

Central Coast

$4,200,000

$2,293,000

149

40

51

31

Seller's

CA

East Bay

$2,469,000

$1,855,000

157

115

257

8

Seller's

CA

Lake Tahoe

$2,988,000

$2,188,000

83

25

73

72

Seller's

CA

Los Angeles Beach Cities

$5,299,500

$3,805,000

348

106

88

48

Seller's

CA

Los Angeles City

$5,150,000

$3,535,000

745

223

111

48

Buyer's

CA

Los Angeles The Valley

$3,124,500

$2,040,000

282

116

123

22

Seller's

CA

Marin County

$4,500,000

$3,412,500

61

10

20

12

Seller's

CA

Napa County

$2,785,000

$2,255,000

74

4

6

84

Buyer's

CA

Orange County

$3,397,000

$2,275,000

626

186

295

21

Seller's

CA

Palm Springs/Palm Desert

$2,524,750

$1,543,500

180

53

131

54

Seller's

CA

Placer County

$1,175,000

$928,418

111

24

62

9

Seller's

CA

Sacramento

$963,500

$781,000

304

59

146

7

Seller's

CA

San Diego

$3,300,000

$1,855,050

419

141

289

14

Seller's

CA

San Francisco

$4,500,000

$3,455,000

80

19

54

12

Seller's

CA

San Luis Obispo County

$1,899,000

$1,465,000

84

21

41

N/A

Seller's

CA

Santa Barbara

$5,250,000

$3,127,500

121

43

54

33

Seller's

CA

Silicon Valley

$5,000,000

$3,200,000

276

134

204

9

Seller's

CA

Ventura County

$2,862,500

$1,697,500

128

57

62

25

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– 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

$2,345,000

$1,725,000

126

28

50

57

Seller's

CO

Colorado Springs

$1,280,000

$927,500

73

28

40

10

Seller's

CO

Denver

$1,575,000

$990,000

260

120

339

6

Seller's

CO

Douglas County

$1,675,000

$1,033,224

81

29

92

5

Seller's

CO

Durango

$1,512,500

$1,055,000

54

8

9

119

Balanced

CO

Summit County

$3,722,500

$1,800,000

14

4

8

35

Seller's

CO

Vail

$6,695,000

$4,100,000

81

12

21

78

Seller's

CT

Central Connecticut

$699,900

$625,000

269

57

65

67

Seller's

CT

Coastal Connecticut

$2,350,000

$1,652,500

625

155

165

82

Seller's

DC

Washington D.C.

$5,100,000

$3,295,000

44

7

11

24

Seller's

FL

Boca Raton/Delray Beach

$2,990,000

$2,015,000

239

64

77

85

Seller's

FL

Coastal Pinellas Towns

$1,432,500

$1,490,000

30

9

11

64

Seller's

FL

Greater Fort Lauderdale

$1,749,000

$988,500

680

170

248

44

Seller's

FL

Jacksonville Beaches

$1,911,500

$1,200,000

56

19

42

28

Seller's

FL

Lee County

$1,699,000

$1,390,000

245

49

100

59

Seller's

FL

Miami

$1,499,000

$1,310,000

747

203

169

91

Seller's

FL

Naples

$2,995,000

$1,837,500

232

69

124

64

Seller's

FL

Orlando

$1,749,000

$1,400,000

261

55

83

70

Seller's

FL

Palm Beach Towns

$4,400,000

$2,937,500

123

33

40

107

Seller's

FL

Sarasota & Beaches

$1,734,000

$1,950,000

112

26

63

12

Seller's

FL

South Walton

$2,950,000

$2,070,000

113

28

52

26

Seller's

FL

Tampa

$975,000

$671,500

310

84

208

31

Seller's

FL

Weston

$1,350,000

$939,000

47

15

23

47

Seller's

GA

Atlanta

$1,385,000

$952,500

607

219

188

30

Seller's

HI

Island of Hawaii

$3,199,500

$1,632,500

94

24

36

24

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– 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

HI

Kauai

$2,850,000

$1,899,500

84

20

14

40

Balanced

HI

Maui

$4,595,000

$3,550,000

125

22

29

130

Seller's

HI

Oahu

$3,697,500

$2,466,250

160

28

30

36

Balanced

ID

Ada County

$851,900

$689,000

38

38

129

3

Seller's

ID

Northern

$1,400,000

$967,901

93

38

60

57

Seller's

IL

Chicago

$1,549,000

$1,200,000

718

228

132

77

Balanced

IL

DuPage County

$1,175,000

$918,500

297

89

62

95

Balanced

IL

Lake County

$1,199,950

$845,000

326

90

65

107

Balanced

IL

Will County

$793,025

$587,500

139

26

46

33

Seller's

IN

Hamilton County

$949,900

$694,900

57

17

60

40

Seller's

MA

Greater Boston

$3,500,000

$2,802,000

89

38

21

44

Seller's

MD

Anne Arundel County

$1,100,000

$982,500

125

33

58

15

Seller's

MD

Montgomery County

$2,148,500

$1,465,000

106

29

67

7

Seller's

MD

Talbot County

$2,750,000

$1,650,000

37

5

9

65

Seller's

MD

Worcester County

$1,349,950

$985,000

34

12

6

58

Balanced

MI

Livingston County

$869,000

$900,000

37

6

5

93

Buyer's

MI

Monroe County

$685,250

$547,000

14

2

2

80

Buyer's

MI

Oakland County

$895,000

$640,000

441

162

155

24

Seller's

MI

Washtenaw County

$849,950

$689,000

102

31

19

50

Balanced

MI

Wayne County

$750,000

$615,000

163

37

42

21

Seller's

MO

St. Louis

$875,000

$675,000

75

14

49

35

Seller's

NC

Charlotte

$1,250,000

$797,000

298

98

196

16

Seller's

NC

Raleigh-Durham

$849,000

$654,900

351

126

265

2

Seller's

NJ

Ocean County

$895,000

$775,000

204

63

93

38

Seller's

NV

Las Vegas

$1,092,500

$755,000

442

167

360

28

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

NV

Reno

$2,349,900

$1,364,442

31

13

25

85

Seller's

NY

Brooklyn

$1,750,000

$1,432,497

249

42

16

67

Buyer's

NY

Nassau County

$1,895,000

$1,350,000

815

162

110

77

Buyer's

NY

Suffolk County

$1,600,000

$1,190,000

916

154

168

69

Balanced

ON

GTA - Durham

$1,699,450

$1,250,000

80

137

260

5

Seller's

ON

GTA - York

$2,688,000

$1,888,800

345

332

293

7

Seller's

ON

Oakville

$3,693,500

$3,800,000

50

30

3

16

Buyer's

ON

Toronto

$3,675,000

$3,100,000

223

181

157

10

Seller's

TN

Nashville

$1,239,950

$1,020,000

154

55

107

5

Seller's

TX

Austin

$1,572,500

$875,000

130

69

251

5

Seller's

TX

Collin County

$918,083

$710,000

152

65

184

10

Seller's

TX

Dallas

$1,150,000

$844,500

282

87

199

20

Seller's

TX

Denton County

$850,000

$725,000

125

49

113

19

Seller's

TX

Fort Worth

$1,108,750

$785,000

218

70

150

26

Seller's

TX

Houston

$850,000

$700,000

1,380

358

284

36

Balanced

TX

San Antonio

$937,500

$750,000

212

44

84

71

Seller's

TX

The Woodlands & Spring

$1,100,000

$679,724

191

60

83

21

Seller's

UT

Park City

$5,647,500

$3,423,803

74

21

32

16

Seller's

UT

Salt Lake City

$1,270,000

$1,025,000

78

31

93

50

Seller's

VA

Arlington & Alexandria

$2,199,000

$1,650,000

53

18

23

14

Seller's

VA

Fairfax County

$2,588,000

$1,511,500

231

59

88

19

Seller's

VA

McLean & Vienna

$2,797,500

$1,750,000

130

35

41

19

Seller's

VA

Richmond

$908,000

$735,000

137

38

43

6

Seller's

WA

Greater Seattle

$2,000,000

$1,601,500

463

148

382

6

Seller's

WA

Seattle

$2,200,000

$1,620,000

96

38

84

7

Seller's

Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– 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

$899,999

$752,500

75

31

7

19

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$875,000

$674,000

137

54

100

37

Seller's

AZ

Tucson

-

-

-

-

-

-

-

BC

Greater Victoria

$899,450

$997,450

72

38

4

24

Buyer's

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,989,000

$1,628,000

619

276

139

15

Seller's

CA

Central Coast

$1,395,000

$1,200,000

9

7

9

36

Seller's

CA

East Bay

$988,500

$990,000

80

39

69

7

Seller's

CA

Lake Tahoe

$1,985,000

$1,528,400

27

9

10

45

Seller's

CA

Los Angeles Beach Cities

$1,799,000

$1,599,000

161

46

41

23

Seller's

CA

Los Angeles City

$1,699,000

$1,367,500

341

105

52

29

Balanced

CA

Los Angeles The Valley

$875,000

$796,000

30

18

45

24

Seller's

CA

Marin County

$1,199,000

$1,062,500

17

3

6

53

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,185,662

$924,710

185

82

221

17

Seller's

CA

Palm Springs/Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,325,000

$855,000

265

113

217

20

Seller's

CA

San Francisco

$2,995,000

$2,275,000

95

26

31

33

Seller's

CA

San Luis Obispo County

-

-

-

-

-

-

-

CA

Santa Barbara

$1,999,000

$1,649,000

17

1

9

92

Seller's

CA

Silicon Valley

$1,688,888

$1,565,000

69

33

67

8

Seller's

CA

Ventura County

$850,000

$734,000

29

15

37

33

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. Prices shown for Canadian cites are shown in Canadian Dollars.

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

$1,057,500

$925,000

56

19

27

90

Seller's

-

-

-

-

-

-

-

CO

Boulder

CO

Colorado Springs

CO

Denver

$804,950

$629,500

184

55

106

34

Seller's

CO

Douglas County

$575,000

$540,750

3

2

4

3

Seller's

CO

Durango

$925,000

$779,500

8

1

2

121

Seller's

CO

Summit County

$2,693,000

$1,284,950

2

0

2

11

Seller's

CO

Vail

$3,995,000

$3,095,000

87

11

6

147

Buyer's

CT

Central Connecticut

-

-

-

-

-

-

-

CT

Coastal Connecticut

$1,050,000

$720,000

180

28

27

104

Balanced

DC

Washington D.C.

$1,985,000

$1,561,250

186

55

60

18

Seller's

FL

Boca Raton/Delray Beach

$1,195,000

$915,000

290

65

77

57

Seller's

FL

Coastal Pinellas Towns

$927,000

$855,000

52

16

34

18

Seller's

FL

Greater Fort Lauderdale

$881,000

$875,000

996

166

124

71

Buyer's

FL

Jacksonville Beaches

$1,219,500

$887,000

14

6

10

24

Seller's

FL

Lee County

$910,500

$799,950

180

46

64

41

Seller's

FL

Miami

$1,095,000

$1,070,000

2,208

329

157

210

Buyer's

FL

Naples

$2,595,000

$1,987,500

125

31

64

65

Seller's

FL

Orlando

$799,000

$850,000

54

15

15

43

Seller's

FL

Palm Beach Towns

$1,797,500

$1,445,500

198

47

58

62

Seller's

FL

Sarasota & Beaches

$2,159,000

$1,550,000

155

44

75

27

Seller's

FL

South Walton

$1,250,070

$1,375,000

116

17

37

56

Seller's

FL

Tampa

$949,900

$652,500

64

21

36

29

Seller's

FL

Weston

-

-

-

-

-

-

-

GA

Atlanta

$676,000

$589,000

494

183

111

36

Seller's

HI

Island of Hawaii

$3,075,000

$1,420,000

28

5

22

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. Prices shown for Canadian cites are shown in Canadian Dollars.

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

HI

Kauai

$1,700,000

$1,055,000

63

12

16

16

Seller's

HI

Maui

$1,850,000

$1,700,000

111

23

25

77

Seller's

HI

Oahu

$1,545,000

$1,049,000

316

67

52

78

Balanced

ID

Ada County

$709,000

$581,500

5

1

10

32

Seller's

ID

Northern

-

-

-

-

-

-

-

IL

Chicago

$1,195,000

$908,803

893

237

104

108

Buyer's

IL

DuPage County

$714,900

$745,000

58

18

11

82

Balanced

IL

Lake County

-

-

-

-

-

-

-

IL

Will County

-

-

-

-

-

-

-

IN

Hamilton County

-

-

-

-

-

-

-

MA

Greater Boston

$2,349,000

$2,000,000

271

73

36

54

Buyer's

MD

Anne Arundel County

$619,995

$537,500

24

9

20

7

Seller's

MD

Montgomery County

$819,000

$690,000

131

37

71

9

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$699,900

$644,500

51

10

24

49

Seller's

MI

Livingston County

-

-

-

-

-

-

-

MI

Monroe County

-

-

-

-

-

-

-

MI

Oakland County

$749,000

$617,000

69

23

11

38

Balanced

MI

Washtenaw County

$729,000

$537,500

49

18

4

44

Buyer's

MI

Wayne County

$689,000

$717,500

49

11

4

38

Buyer's

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$775,000

$596,000

141

41

52

43

Seller's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$692,000

$733,000

12

3

7

46

Seller's

NV

Las Vegas

-

-

-

-

-

-

-

Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES

State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

-

-

-

-

-

-

-

NV

Reno

NY

Brooklyn

$1,388,000

$1,160,000

494

80

54

55

Buyer's

NY

Nassau County

$1,388,000

$1,145,000

131

24

19

143

Buyer's

NY

Suffolk County

$779,425

$610,000

104

29

32

62

Seller's

ON

GTA - Durham

$817,995

$725,500

8

5

26

4

Seller's

ON

GTA - York

$818,500

$720,000

66

81

109

11

Seller's

ON

Oakville

$2,274,500

$945,000

22

6

1

111

Buyer's

ON

Toronto

$1,359,000

$1,122,000

371

323

267

10

Seller's

TN

Nashville

$789,000

$702,280

105

31

21

33

Balanced

TX

Austin

$946,000

$655,000

124

41

61

45

Seller's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$969,900

$648,738

137

34

30

42

Seller's

TX

Denton County

-

-

-

-

-

-

-

TX

Fort Worth

-

-

-

-

-

-

-

TX

Houston

$675,000

$586,250

159

47

20

21

Buyer's

TX

San Antonio

$699,000

$701,250

46

3

8

163

Balanced

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$2,500,000

$2,225,000

79

15

23

40

Seller's

UT

Salt Lake City

$839,500

$623,780

32

9

31

70

Seller's

VA

Arlington & Alexandria

$1,234,900

$1,069,950

65

26

62

7

Seller's

VA

Fairfax County

$859,990

$690,000

100

44

162

5

Seller's

VA

McLean & Vienna

$1,367,000

$872,000

35

11

9

4

Seller's

VA

Richmond

-

-

-

-

-

-

-

WA

Greater Seattle

$1,176,567

$980,000

234

88

87

14

Seller's

WA

Seattle

$1,403,944

$1,205,000

118

28

15

84

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. Prices shown for Canadian cites are shown in Canadian Dollars.

MARCH

2021

WORCESTER COUNTY M ARY LA N D

WORCESTER COUNTY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2021 Inventory

Sales

Luxury Benchmark Price 1: $645,000 $2,250,000+

1 1

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

1

0 0

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

1

Total Inventory: 34 2

Total Sales: 6

2

Balanced Market

2

Total Sales Ratio2: 18%

2

0

2

0

3

0 0

0

1 1

3

0

$800,000 - $849,999

$750,000 - $799,999

8

0

3

1 2

0 0

2

3

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

NA

NA

NA

0

5

0%

2,000 - 2,999

NA

NA

NA

0

8

0%

3,000 - 3,999

$1,125,000

4

4

3

5

60%

4,000 - 4,999

$732,900

5

4

1

3

33%

5,000 - 5,999

$845,000

7

5

1

5

20%

6,000+

$2,100,000

15

8

1

7

14%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

WORCESTER COUNTY

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,222,500

Inventory

Solds

$1,312,500

$1,277,500

$1,017,500

$985,000

$860,000

$815,500 $675,000

55

49

48

45

$692,500

48

44

2

4

4

4

3

Feb-20

Mar-20

Apr-20

May-20

Jun-20

44

11 Jul-20

$760,000

$761,500

$729,900

46

43

41

10

9

Aug-20

Sep-20

11 Oct-20

$754,000

37

34

27

11

8

Nov-20

Dec-20

6

2 Jan-21

Feb-21

MEDIAN DATA REVIEW | FEBRUARY TOTAL INVENTORY Feb. 2020

Feb. 2021

49

TOTAL SOLDS Feb. 2020

Feb. 2021

34 VARIANCE: -31 %

6 VARIANCE: 200 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Feb. 2020

Feb. 2021

308

259 VARIANCE: -16 %

$

$

2

Feb. 2020

Feb. 2021

95.46% 96.91% VARIANCE: 2 %

SALES PRICE Feb. 2020

Feb. 2021

1.02m

$

$

985k VARIANCE: -3 %

DAYS ON MARKET Feb. 2020

Feb. 2021

420

58 VARIANCE: -86 %

WORCESTER COUNTY MARKET SUMMARY | FEBRUARY 2021 • The Worcester County single-family luxury market is a Balanced Market with an 18% Sales Ratio.

• Homes sold for a median of 96.91% of list price in February 2021.

• The most active price band is $2,050,000-$2,249,999, where the sales ratio is 100%.

• The median luxury sales price for single-family homes is $985,000.

• The median days on market for February 2021 was 58 days, down from 420 in February 2020.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

WORCESTER COUNTY

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2021 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

1 2

0

0 0 0

Total Sales: 24

Total Sales Ratio2: 47%

0 0 2 2 0

$850,000 - $899,999

$800,000 - $849,999

1 5

1

5

0

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

Seller's Market

1

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

Total Inventory: 51

5

2

3

0

$650,000 - $699,999

$600,000 - $649,999

7

6 4

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

1

7

6

5

8

2

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,499

$612,500

2

2

4

11

36%

1,500 - 1,999

$658,625

3

3

12

21

57%

2,000 - 2,499

$650,000

4

3

5

11

45%

2,500 - 2,999

$520,000

3

4

1

2

50%

3,000 - 3,499

$695,000

3

4

1

2

50%

3,500+

$625,000

4

4

1

3

33%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

WORCESTER COUNTY

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$702,500

$646,500

$625,000

121

122

114

$695,000

93

$625,000

77

4

7

10

6

Feb-20

Mar-20

Apr-20

May-20

Inventory

$647,500

64 25

Jun-20

26 Jul-20

Solds

$610,000

$625,000

$602,500

$617,500

55

56

62

60

27

20

Aug-20

Sep-20

$623,605

$644,500

61

56

51

22

28

Nov-20

Dec-20

26 Oct-20

$644,450

24

18

Jan-21

Feb-21

MEDIAN DATA REVIEW | FEBRUARY TOTAL INVENTORY Feb. 2020

Feb. 2021

121

TOTAL SOLDS Feb. 2020

Feb. 2021

51 VARIANCE: -58 %

24 VARIANCE: 500 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Feb. 2020

Feb. 2021

355 VARIANCE: -14 %

$

411

$

4

Feb. 2020

Feb. 2021

97.50% 98.46% VARIANCE: 1 %

SALES PRICE Feb. 2020

647k

$

Feb. 2021

645k VARIANCE: 0 % $

DAYS ON MARKET Feb. 2020

Feb. 2021

14

49 VARIANCE: 250 %

WORCESTER COUNTY MARKET SUMMARY | FEBRUARY 2021 • The Worcester County attached luxury market is a Seller's Market with a 47% Sales Ratio.

• Homes sold for a median of 98.46% of list price in February 2021.

• The most active price band is $550,000-$599,999, where the sales ratio is 125%.

• The median luxury sales price for attached homes is $644,500.

• The median days on market for February 2021 was 49 days, up from 14 in February 2020.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

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