Page 1

OSMANY GARCIA L U X U RY MARKET REPORT

MIAMI

M AY 2 0 1 9

www.YourePropertyWatch.com


OSMANY GARCIA, PA Managing Broker, CLHMS

305.764.1701

osmany@osmanygarcia.com www.OsmanyGarcia.com

Osmany Garcia is an experienced and dynamic Real Estate Broker Associate in South Florida. Since starting real estate in 2002, he has quickly developed a reputation as one of the best, hardest working, most successful Real Estate Brokers in Dade and Broward Counties, FL. Osmany specializes in Luxury Properties in the Miami-Dade and Broward Counties area and has been praised by both clients and colleagues for his honesty, integrity, market knowledge and excellent customer service. Osmany Garcia earned his MD from the School Of Medicine in Cuba. Osmany Garcia has also completed numerous other specialized trainings in the real estate field. He brings a physician’s discipline to his real estate clients and is the author of Formula to Sell Any Home Even Hard to Sell Homes and The Secret of Wealthy Home Sellers. Osmany lives in Miami, Florida with his wife Marleni, their 3 children and two granddaughters. When Osmany is not working, he likes to read the Bible and spend time with his family.

Visit www.YourePropertyWatch.com to get access to home value, recent sales, and much more.


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.


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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. 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 Spring, Taxes, Global Impacts, and New Realities It was predicted last year that the new tax laws in the US, limiting deductions on mortgage interest and property tax, would cause a slowdown in the overall real estate market. However, it would seem that they have had very little effect. The reality is that other factors have had more influence in the luxury market for both the US and Canada. It has been the impact of global economic uncertainty, changes in purchasing decisions, and a relocation away from high local taxes that have caused the most significant differences. Lawrence Yun, NAR chief economist, stated in January 2019 “The forecast for home sales will be very boring – meaning stable,” and as we can see from the North American statistics (that represent over 65 of the top affluent cities) this statement is, for the most part accurate. In a recent report from Mansion Global, it was stated that while the average entry price for a luxury property has risen to $1.26 million in February - a 3.9% rise - the average market price for luxury homes has dropped 5.1% compared to the same time last year.* It must be clarified that Mansion Global focuses on the Top 5% of the market, whereas The Institute focuses on home sales in the Top 10%. As recognized in previous reports, there are markets still seeing growth in their sales and price points, typically lower-priced or new luxury markets such as Houston and Austin in Texas, Nashville in Tennessee, Arlington in Virginia, and Montreal and Ottawa in Canada. However, the majority of luxury communities have seen a plateau in their sales and home values and a number of traditionally expensive cities, whose price points are typically higher than average, are seeing a decline. To gain a perspective of the luxury market from the ground up, we are turning to our members to provide their local insights on the trends and expectations of this transitioning market. Look to see how these findings could also prove relevant to your market or property type. This month we have chosen three diametrically opposite cities. Vancouver on Canada’s West Coast is


recognized as one of the newest desirable luxury cosmopolitan cities to have emerged in the last 10 years. Well-heeled and established Chicago, Illinois is considered to be a rock of stability in terms of its real estate market and Scottsdale, Arizona, is the epitome of retiring wealth and second homes. Between 2008 and 2016, Vancouver’s real estate prices surged to a point that local residents struggled to purchase within their own city. In efforts to tame the market, 2016 saw the implementation of a slew of taxes and regulations. These taxes are mainly applicable to foreign investors and non-residents, who many considered to be the reason behind this explosion. The luxury market was the first to feel the impact of the regulations with the number of sales dropping 26% in the $1 million price range and a staggering 49% for the $4 million plus during 2018. Nearly two years later, the lower end of the luxury market is faring better, however, the upper end is still seeing a softening in its price points. “Affluent buyers are beginning to return as they realise it’s a great time to buy in Vancouver,” says Elizabeth McQueen, a Top 5% Luxury Professional in Vancouver with over 25 years of experience, “especially for buyers looking for the lifestyle associated with living in this cosmopolitan city.” McQueen continues that “prices have dropped and sellers have just needed to take time to become re-educated with this new paradigm. Just look at any established luxury city throughout the world – London, Paris, New York, Sydney, they have had heavy taxes on their luxury homes for many decades.” This may be a cautionary tale to luxury markets that are currently experiencing exponential growth! However, McQueen says that if you look at statistics over a long period of time, market corrections are always followed by prices going higher once the market returns, after all, the demand for land and property still exceeds supply. Chicago, considered to be the city of steady real estate growth, reported in 2018 that the luxury market of $1 million plus grew only 1.7% compared to a big year of 10% in 2017, and the forecast of a slower 2019 has proven true to date. “Most of this year’s luxury sales have been for the new luxury condominium market” states Patrick Ryan, another long-term veteran with over 15 years of experience as an active luxury expert, consultant, and managing broker. “The demand far outweighs the supply for these new luxurious 12-1,400 square foot apartments, which has caused an anomaly in our market as they fetch extraordinary prices; whereas older condos are proving harder and taking longer to sell – and this disparity could be the reason for a decrease in the number of sales.” Ryan’s advice to sellers in more established homes is to recognize that in today’s market their home


could be considered dated as the vast number of affluent buyers are looking for turnkey properties with all the modern accoutrements. “Time and immediate satisfaction are of the utmost importance to affluent buyers – they simply do not want to waste their time doing renovations, and they are willing to pay the price. Today’s buyers have all the information at their fingertips, and if your home isn’t marketed to showcase its significant differentiators, they will move by quickly to find the home that does check their boxes.” Ryan also sees a trend of both technology and medical industries moving into Chicago, and forecasts the downtown infrastructure, public transportation, and affordability compared to west coast cities will probably spearhead the luxury market in future years. This is a trend that is being emulated in many of the secondary luxury markets in the central and eastern areas of the continent. Scottsdale, long associated with as a winter home destination for snowbirds, retirees looking for great weather for 9-10 months of the year, and its lower cost of living (and let's not forget golfing) is experiencing an increasing influx of new homeowners from California, Seattle, Chicago, and New York. As Jordon Ayan, partner and founder of The Lifestyle Collection, states “the most common reason I hear that people are looking to move to Scottsdale is because ‘taxes are killing them in other parts of the US’ and they are ready to either downsize or enjoy a property that offers better amenities for their money.” To date, statistics show a slow start of the traditionally busy spring/summer season throughout North America, but perhaps Scottsdale will be indicative of the trend to come. “Scottsdale’s busy season typically starts in October and runs through to May, but this year buyers came to the table rather late with sales starting to close in March and April” stated Ayan. “Buyers are definitely more educated; they know the inventory and have often been researching the stats for months. Their buying trends are moving towards smaller homes with large storage spaces and the lock and leave properties.” Agreeing with both Elizabeth McQueen and Patrick Ryan, Jordon Ayan explained that the other major trend is for new or completely renovated properties and these buyers, typically young empty nesters or retirees are looking for turnkey properties with little associated work. Despite the differences in these markets, it is obvious that the trends we have been reporting on for the last six months - such as smaller properties, new or completely renovated turnkey homes, lower price points to allow multiple location ownership, and greater access to lifestyle and local amenities - are the key aspects in understanding today’s luxury real estate market. *Information from Mansion Global based on 85 luxury markets included in their index of Top 5% of the sold 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.

DAYS ON MARKET

80

60

54

49 42

35

40

41 34

31

57

35

35

35

MAY

JUN

JUL

52

47

42

39

AUG

SEP

58

63

61 57

48

46

42

45

43

43 39

20

0

APR

OCT

NOV

DEC

JAN

FEB

MAR

APR

$526 $396

$470 $388

$486 $382

$472 $375

$483 $365

$386

$347

$458

$484

$492 $326

$459 $318

$484

$472 $339

$300

$348

$474 $357

$400

$466

$500

$344

PRICE PER SQUARE FOOT

$600

$200

$100

$0

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAR

APR

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

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

Discrepancies between statistics published between the January 2019 and February 2019 Luxury Market Reports are due to the addition of Reno, NV.


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

SINGLE-FAMILY HOMES March

April

March

April

Median List Price

$1,681,000 $1,697,000

Total Inventory

41,383

42,917

Median Sale Price

$1,418,750 $1,472,000

New Listings

12,247

13,083

5,600

6,896

48

43

3,530

3,639

Median SP/LP Ratio

97.22%

96.94%

Total Sold

Total Sales Ratio

13.53%

16.07%

Median Days on Market

$388

$396

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.

836

1,296

New Listings

Total Sold

5

2.54%

Med. Sale Price

Days on Market

Sales Ratio

53,250

$

SINGLE-FAMILY HOMES MARKET SUMMARY | APRIL 2019 •

Official Market Type: Balanced Market with a 16.07% Sales Ratio.1

Homes are selling for an average of 96.94% of list price.

The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,472,000.

Markets with the Highest Median Sales Price: LA - Beach Cities ($3,800,000), Napa County ($3,500,000), Vancouver ($3,362,500), and San Francisco ($3,296,000).

Markets with the Highest Sales Ratio: San Francisco (84%), Seattle (53%), Silicon Valley (52%), and Washington D.C. (44%). 1

Sales Ratio defines market speed and market type: Buyer's < 14.5%; 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 Month Over Month March 2019 | April 2019

ATTACHED HOMES March

Median List Price Median Sale Price

April

$1,046,495 $1,069,000

March

April

Total Inventory

15,919

16,202

New Listings

4,248

4,478

2,034

2,611

43

39

2,009

2,063

$879,000

$925,000

Median SP/LP Ratio

97.94%

98.18%

Total Sold

Total Sales Ratio

12.78%

16.12%

Median Days on Market

$470

$526

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.

230

577

New Listings

Total Sold

Med. Sale Price

Days on Market

46,000

$

4

3.34% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | APRIL 2019 •

Official Market Type: Balanced Market with an 16.12% Sales Ratio.1

Attached homes are selling for an average of 98.18% of list price.

The median luxury threshold2 price is $693,725, and the median attached luxury sale price is $925,000.

Markets with the Highest Median Sales Price: Vail ($2,780,000), San Francisco ($2,360,000), Naples ($2,356,378), and Park City ($2,082,500).

Markets with the Highest Sales Ratio: Arlington & Alexandria (109%), Fairfax County (98%), Silicon Valley (73%), and Marin County (64%). 1

Sales Ratio defines market speed and market type: Buyer's < 14.5%; 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

$1,150,000

$1,030,670

733

257

92

38

Buyer's

AZ

Paradise Valley

$2,995,000

$3,019,900

265

35

23

124

Buyer's

AZ

Phoenix

$729,000

$636,250

918

265

208

61

Seller's

AZ

Scottsdale

$1,695,000

$1,391,250

980

174

124

96

Buyer's

AZ

Tucson

$759,500

$630,000

784

148

112

28

Buyer's

BC

Okanagan Valley

$1,690,000

$1,485,000

185

62

7

68

Buyer's

BC

Vancouver

$3,990,000

$3,362,500

1,231

379

78

38

Buyer's

BC

Victoria

$1,896,500

$1,474,500

384

149

22

49

Buyer's

CA

Los Angeles Beach Cities

$4,995,000

$3,800,000

414

114

47

22

Buyer's

CA

Los Angeles City

$3,995,000

$3,100,000

953

354

123

38

Buyer's

CA

Los Angeles The Valley

$2,200,000

$1,721,000

623

256

128

28

Balanced

CA

Marin County

$3,449,000

$3,050,000

181

51

43

20

Seller's

CA

Napa County

$2,895,000

$3,500,000

156

42

5

31

Buyer's

CA

Orange County

$2,447,000

$1,800,000

1,774

527

293

35

Balanced

CA

Palm Springs & Palm Desert

$1,850,000

$1,550,000

596

87

97

81

Balanced

CA

Placer County

$1,050,495

$900,000

268

111

67

23

Seller's

CA

Sacramento

$786,500

$710,000

842

409

303

13

Seller's

CA

San Diego

$2,199,000

$1,600,000

1,328

506

267

28

Balanced

CA

San Francisco

$4,195,000

$3,296,000

57

29

48

14

Seller's

CA

Santa Barbara

$3,795,000

$3,092,000

293

90

26

54

Buyer's

CA

Silicon Valley

$3,799,500

$3,198,000

254

139

133

10

Seller's

CA

Ventura County

$1,850,000

$1,480,000

351

114

55

50

Balanced

CO

Boulder

$1,740,000

$1,450,000

245

118

65

52

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

$995,000

$849,000

1,133

502

451

11

Seller's

CO

Douglas County

$1,290,000

$1,175,000

314

122

53

18

Balanced

CO

Vail

$4,300,000

$2,888,753

111

7

8

288

Buyer's

DC

Washington D.C.

$3,249,500

$2,250,000

64

27

28

28

Seller's

$2,199,000

$1,787,500

635

75

48

146

Buyer's

$1,699,000

$1,400,000

92

10

11

52

Buyer's

FL FL

Boca Raton & Delray Beach Costal Pinellas County Towns

FL

Greater Fort Lauderdale

$1,295,000

$965,000

1,671

312

153

86

Buyer's

FL

Jacksonville Beaches

$1,248,300

$1,350,000

344

72

35

54

Buyer's

FL

Miami

$1,340,000

$1,055,000

1,509

252

85

118

Buyer's

FL

Naples

$2,250,000

$1,710,000

775

82

108

89

Buyer's

FL

Orlando

$1,595,000

$1,430,000

544

103

52

145

Buyer's

FL

Palm Beach Towns

$3,350,000

$2,187,500

445

61

38

120

Buyer's

FL

Sarasota & Beaches

$1,675,000

$1,488,750

636

85

56

104

Buyer's

FL

Tampa

$780,000

$709,500

841

213

126

49

Buyer's

GA

Atlanta

$1,125,000

$947,500

1,422

468

232

20

Balanced

HI

Kauai

$2,395,000

$1,530,000

165

20

10

68

Buyer's

HI

Maui

$3,100,000

$2,150,000

211

18

15

120

Buyer's

HI

Oahu

$3,300,000

$2,458,000

223

55

8

41

Buyer's

IL

Chicago

$1,249,000

$1,059,000

2,034

793

267

48

Buyer's

MA

Greater Boston

$3,224,500

$2,402,000

140

51

26

27

Balanced

MD

Montgomery County

$1,699,500

$1,422,500

369

157

56

21

Balanced

MD

Talbot County

$1,795,000

$1,670,000

104

21

6

309

Buyer's

MD

Worcester County

$954,450

$865,000

74

18

1

152

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

$749,000

$620,000

1,119

437

149

32

Buyer's

MO

St. Louis

$749,900

$641,000

212

79

45

46

Seller's

NC

Charlotte

$899,000

$810,000

1,103

309

241

34

Seller's

NC

Raleigh-Durham

$714,900

$656,032

1,037

287

247

0

Seller's

NJ

Ocean County

$875,000

$850,000

751

173

63

51

Buyer's

NV

Las Vegas

$723,581

$612,950

1,607

538

258

35

Balanced

NV

Reno

$1,375,000

$1,175,000

113

24

22

83

Balanced

NY

Brooklyn

$1,490,000

$1,180,000

309

78

14

130

Buyer's

NY

Staten Island

$1,199,800

$1,500,000

201

57

4

76

Buyer's

ON

GTA - York

$2,238,888

$1,678,888

841

419

75

24

Buyer's

ON

Toronto

$3,498,000

$3,012,000

499

291

97

13

Balanced

TX

Austin

$1,100,000

$825,000

642

254

240

10

Seller's

TX

Collin County

$720,000

$665,000

968

320

179

33

Balanced

TX

Dallas

$999,999

$840,000

988

303

175

34

Balanced

TX

Fort Worth

$850,000

$730,000

868

277

149

24

Balanced

TX

Houston

$839,900

$759,013

2,117

680

324

21

Balanced

TX

The Woodlands & Spring

$799,000

$735,000

486

153

73

35

Balanced

UT

Park City

$3,494,000

$2,475,000

233

20

28

109

Buyer's

VA

Arlington & Alexandria

$1,999,000

$1,795,000

94

28

20

44

Seller's

VA

Fairfax County

$1,599,000

$1,469,500

571

201

86

47

Balanced

VA

McLean & Vienna

$1,800,000

$1,599,000

247

84

41

56

Balanced

WA

Seattle

$1,795,000

$1,525,000

240

131

127

8

Seller's

Median prices represent properties priced above respective city benchmark prices.


â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

AB

Calgary

$799,900

$802,450

337

117

34

46

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$687,000

$680,000

220

49

45

70

Balanced

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,888,844

$1,640,000

906

375

65

15

Buyer's

BC

Victoria

$869,900

$750,000

253

108

43

27

Balanced

CA

Los Angeles Beach Cities

$1,685,000

$1,420,000

188

74

75

23

Seller's

CA

Los Angeles City

$1,549,500

$1,182,500

370

119

84

28

Seller's

CA

Los Angeles The Valley

$699,000

$669,000

130

63

66

30

Seller's

CA

Marin County

$1,149,500

$1,000,000

14

9

9

25

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,069,000

$950,000

533

178

149

28

Seller's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,099,000

$829,000

563

226

124

28

Seller's

CA

San Francisco

$2,900,000

$2,360,000

127

33

45

18

Seller's

CA

Santa Barbara

$1,787,500

$1,240,000

44

10

3

2

Buyer's

CA

Silicon Valley

$1,398,464

$1,410,000

108

72

79

9

Seller's

CA

Ventura County

$699,000

$686,500

72

32

14

45

Balanced

CO

Boulder

$957,500

$993,000

62

14

13

94

Balanced

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


â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; ATTACHED HOMES State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

CO

Denver

$675,000

$643,750

570

226

222

17

Seller's

CO

Douglas County

$699,000

$580,000

25

8

15

12

Seller's

CO

Vail

$3,995,000

$2,780,000

103

7

5

53

Buyer's

DC

Washington D.C.

$1,889,000

$1,600,000

161

65

43

9

Seller's

$884,000

$738,750

406

71

58

84

Buyer's

$873,098

$1,050,000

116

20

15

30

Buyer's

$875,000

$781,000

1,315

204

82

109

Buyer's

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

FL

Jacksonville Beaches

$1,250,000

$1,315,000

68

16

5

189

Buyer's

FL

Miami

$1,039,000

$1,020,000

2,953

341

93

175

Buyer's

FL

Naples

$2,075,000

$2,356,378

285

38

44

67

Balanced

FL

Orlando

$659,900

$697,500

76

14

13

18

Balanced

FL

Palm Beach Towns

$1,395,000

$1,500,000

375

46

44

144

Buyer's

FL

Sarasota & Beaches

$1,395,000

$1,272,868

273

40

40

96

Buyer's

FL

Tampa

$709,450

$634,000

136

41

19

56

Buyer's

GA

Atlanta

$659,000

$598,500

542

174

104

39

Balanced

HI

Oahu

$1,385,000

$919,348

58

10

14

39

Seller's

HI

Kauai

$1,875,000

$1,360,000

151

20

15

160

Buyer's

HI

Maui

$1,300,000

$975,000

422

74

50

62

Buyer's

IL

Chicago

$1,195,000

$932,500

985

364

157

65

Balanced

MA

Greater Boston

$2,447,000

$1,850,000

264

87

38

31

Buyer's

MD

Montgomery County

$797,000

$667,000

146

57

69

29

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$616,200

$542,500

108

19

9

110

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

$999,615

$635,000

63

14

10

45

Balanced

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$699,000

$673,717

150

24

21

23

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$635,000

$617,000

145

18

20

74

Buyer's

NV

Las Vegas

-

-

-

-

-

-

-

NV

Reno

-

-

-

-

-

-

-

NY

Brooklyn

$1,349,999

$980,000

641

187

50

55

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - York

$739,000

$712,000

144

96

38

20

Seller's

ON

Toronto

$1,209,900

$1,192,500

481

385

172

10

Seller's

TX

Austin

$824,900

$679,000

195

55

47

24

Seller's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$699,000

$657,500

224

66

26

63

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$649,000

$627,500

217

80

22

40

Buyer's

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$1,950,000

$2,082,500

181

11

18

90

Buyer's

VA

Arlington & Alexandria

$1,099,999

$958,000

45

23

49

27

Seller's

VA

Fairfax County

$779,900

$659,000

101

56

99

10

Seller's

VA

McLean & Vienna

$1,416,000

$835,000

26

10

14

40

Seller's

WA

Seattle

$1,157,500

$925,000

124

32

23

19

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 is in each detail. Hubert de Givenchy


MIAMI

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | APRIL 2019 Inventory

Sales

Luxury Benchmark Price 1: $650,000 $12,000,000+ $7,000,000 - $11,999,999 $6,000,000 - $6,999,999 $5,000,000 - $5,999,999

$4,000,000 - $4,999,999 $3,500,000 - $3,999,999 $3,000,000 - $3,499,999 $2,500,000 - $2,999,999

$2,000,000 - $2,499,999 $1,500,000 - $1,999,999

63

2 54

3 1

0

$800,000 - $899,999

Total Sales: 85

31

Buyer's Market

3

Total Sales Ratio2: 6%

39

2

30

1

73

3

100

3

198

9

318

19 105

8

146

10

$700,000 - $799,999 $650,000 - $699,999

30

37

$1,000,000 - $1,499,999 $900,000 - $999,999

Total Inventory: 1,509

158

13

127

8

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 999

NA

NA

NA

0

5

0%

1,000 - 1,999

$780,000

3

3

8

140

6%

2,000 - 2,999

$937,500

4

3

24

442

5%

3,000 - 3,999

$1,000,000

5

4

27

374

7%

4,000 - 4,999

$1,247,000

4

5

10

206

5%

5,000+

$4,100,000

6

7

11

263

4%

The luxury threshold price is set by The Institute for Luxury Home Marketing based on reported data. 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


MIAMI

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$1,220,000

$975,000

$1,027,500

$920,265

1,402

1,387

1,390

85

94

Apr-18

May-18

$959,500

1,356

112 Jun-18

$975,000

Jul-18

$930,000

97

74

Aug-18

Sep-18

$982,000

$850,000

1,474

1,463

1,428

1,353

85

$882,500

67 Oct-18

$957,000

$901,000

1,619

1,518

1,471

69

82

Nov-18

Dec-18

56

Jan-19

1,520

$1,055,000

1,509

44

95

85

Feb-19

Mar-19

Apr-19

MEDIAN DATA INVENTORY March

April

1,520

1,509 VARIANCE: -1 %

SALE PRICE PER SQFT. March

April

393

$

393 VARIANCE: 0 % $

SOLDS March

SALES PRICE April

95

85 VARIANCE: -11 % SALE TO LIST PRICE RATIO March

April

94.21% 93.99% VARIANCE: 0 %

March

957k

$

April

1.06m VARIANCE: 10 % $

DAYS ON MARKET March

127

118 VARIANCE: -7 %

MIAMI MARKET SUMMARY | APRIL 2019 • The Miami single-family luxury market is a Buyer's Market with a 6% Sales Ratio. • Homes sold for a median of 93.99% of list price in April 2019. • The most active price band is $700,000-$799,999, where the sales ratio is 8%. • The median luxury sales price for single-family homes has increased to $1,055,000. • The median days on market for April 2019 was 118 days, down from 127 in March 2019.

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

April


MIAMI

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | APRIL 2019 Inventory

Sales

Luxury Benchmark Price 1: $610,000 $3,000,000+ $2,500,000 - $2,999,999 $2,000,000 - $2,499,999

101

2

114

4

$1,500,000 - $1,999,999

$1,400,000 - $1,499,999 $1,300,000 - $1,399,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999

$1,000,000 - $1,099,999 $900,000 - $999,999

68

3

$610,000 - $649,999

Total Inventory: 2,953 Total Sales: 93

118

7

Buyer's Market

150

6

Total Sales Ratio2: 3%

153

4 117

7

245

7

317

11

$750,000 - $799,999

$650,000 - $699,999

327

9

$800,000 - $899,999

$700,000 - $749,999

353

5

235

8 143

4

298

5

214

11

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 999

$967,500

1

2

6

206

3%

1,000 - 1,999

$862,500

2

3

60

1767

3%

2,000 - 2,999

$1,360,000

3

3

15

567

3%

3,000 - 3,999

$1,318,000

4

5

7

157

4%

4,000 - 4,999

$4,045,000

4

5

2

58

3%

5,000+

$1,800,000

6

6

1

64

2%

The luxury threshold price is set by The Institute for Luxury Home Marketing based on reported data. 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


MIAMI

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$1,000,000

$940,000

$875,000

2,803

2,791

2,730

85

79

Apr-18

May-18

$958,125

108 Jun-18

74 Jul-18

Solds

$1,145,000

$1,050,000

$1,020,000

$855,000

$800,000

70

50

Aug-18

Sep-18

$895,000

3,085

3,068

2,936

2,794

2,757

Inventory

61 Oct-18

$865,000

3,041

$860,000

$807,500

3,097

3,026

62

60

Nov-18

Dec-18

55 Jan-19

2,988

2,953

67

86

93

Feb-19

Mar-19

Apr-19

MEDIAN DATA INVENTORY March

April

2,988

2,953 VARIANCE: -1 %

SALE PRICE PER SQFT. March

April

572

$

601 VARIANCE: 5 % $

SOLDS March

SALES PRICE April

86

93 VARIANCE: 8 %

SALE TO LIST PRICE RATIO March

April

93.75%

93.53% VARIANCE: 0 %

March

808k

$

April

1.02m VARIANCE: 26 % $

DAYS ON MARKET March

138

175 VARIANCE: 27 %

MIAMI MARKET SUMMARY | APRIL 2019 • The Miami attached luxury market is a Buyer's Market with a 3% Sales Ratio. • Homes sold for a median of 93.53% of list price in April 2019. • The most active price band is $1,300,000-$1,399,999, where the sales ratio is 6%. • The median luxury sales price for attached homes has increased to $1,020,000. • The median days on market for April 2019 was 175 days, up from 138 in March 2019.

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

April


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 305.764.1701.

- Osmany Garcia

OSMANY GARCIA

305.764.1701 | osmany@osmanygarcia.com | www.OsmanyGarcia.com

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Osmany Garcia Luxury Market Report May 2019  

Osmany Garcia Luxury Market Report May 2019