Patrick Ryan Luxury Market Report JAN 2020

PATRICK RYAN L U X U RY MARKET REPORT

CHICAGO

JANUARY 2020

PATRICK RYAN

OWNER | MANAGING BROKER | CLHMS

Mobile 773.383.7689 Office 312.792.5135 patrick@genuinere.com

Patrick Ryan is the Senior Vice President and Managing Broker of Related Realty, the boutique brokerage division of Related Midwest, of The Related Companies, the most prominent privately held real estate firm in the United States. In this position he oversees the day-today operations, vision, recruiting, and development of the brokerage firm while serving as a liaison between the brokerage and Related Midwest Development portfolio including Chicago’s premiere luxury new construction luxury residential building, One Bennett Park.

A licensed Realtor since 2004, Paul had received and achieved numerous awards including: Guild Member of ILHM, ILHM Advisory Board Member, ILHM 2015 Outstanding Achievement award winner, Certified Residential Specialist, and Chicago Association of Realtors 10 time Top Producer winner.

Prior to real estate Patrick achieved sales success and awards in the following industries: transportation (CH Robinson), Pharmaceutical (Dura), and technology (HotJobs.com, Yahoo!, and iHispano). This diverse background has helped him provide excellent results for his residential clients in a rapidly changing industry.

Patrick graduated from Indiana University at Bloomington with a Bachelors degree in Economics. He currently lives in Bucktown with his wife and daughter (who has been doing real estate since she was 3). He has lived in Lincoln Park, Ukranian Village, Logan Square, and River North over the past 22 years. Patrick volunteers at Lurie’s Children’s Hospital, Century Rides, and travels extensively.

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 © 2020 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 Welcome to 2020 and our review of the previous year, 2019, in conjunction with the current luxury market in North America (US and Canada).

In a snapshot of 2019, despite pessimism at start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets. There has also been a slight trending upwards in both the listing price and sold price as we look at the whole North American Market*, which reflects a feeling of confidence in the market.

Home Sales in the North American Luxury Market June 2018 - December 2019 Single-Family Homes

Attached Homes

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR APR MAY JUN

JUL

AUG

SEP

OCT NOV

DEC

According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern. Many of early 2019’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019.

In January 2019, this report showcased a very minute difference in the number of sales compared to end of the

previous year 2017, making this upswing in sales at the end of 2019 significant. Many forecasts are predicting, if all major outside influences remaining consistent, that the market will continue to strengthen as we head towards spring.

Interestingly, the increase in sales in the US and Canada drove from within and Realtors are reporting a substantial growth of North American buyers rather than international purchasers.

The rising cost of luxury homes could be one deterrent, but it’s more likely that affordability and improving economic conditions in Europe are attracting these foreign investors.

Equally, it seems that US buyers are also attracted to Europe and Canada as the exchange rate has become more favorable, boosting their purchasing power.

The statistics also show that ultra-high-net worth US buyers are either downsizing, especially if they live in high income tax states, or relocating to more affordable states such as Florida, Nevada, Nashville, Texas, Wyoming, and Washington. This may well represent some of the upswing in the numbers of recent sales.

Other influencers affecting the increase in sales are that many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increasing number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in these secondary cities throughout North America.

The final influencer of these numbers could well lie in the vacation or second home property market. Many towns and communities, who have a heavy reliance on tourism or recreation, reported increasing sales during 2019. This market has noticed a demographic shift with buyer’s trending towards the younger generation. Young families looking for more than just a quick break, but rather a second home for upwards of a couple of months, are increasingly mobile due to today’s decentralized nature of work and not needing to be in the office 5 days a week.

Other prospective buyers have an eye towards investment purchasing a vacation home with a view to renting it out either long-term or through vacation rental sites. These investors’ ultimate goal is to have the rental income pay off the mortgage so that they can live there full-time in the future.

Understanding how this wealth has been generated and by whom will be key to understanding both today’s requirements and future expectations of the type of real estate that will be in demand.

Predictions for Canada in 2020 show that economic growth for most of the major cities will be moderate, although longterm trends remain favorable for the housing market. 2019

A collection cities predicted to have rapid home price appreciation.

From Left to Right. Top Row: Las Vegas, NV; Colorado Springs, CO; Raleigh, NC; Dallas TX. Bottom Row: Fort Worth, TX; St. Petersburg, FL; Tampa, FL; Columbus, OH.

was seen a year of resilience with sales numbers climbing and home prices remaining strong. The Canadian Real Estate Association (CREA) estimated that there would be an 8.9% increase in the number of homes sold over 2019, with average prices increasing by 6.2%.

The Canadian housing market in 2020 is also supported by strong immigration numbers, which many believe will sustain the demand for housing in popular markets. CREA predicts that the Bank of Canada will be unlikely to increase interest rates which will help drive demand for financing. However, the new regulations and measures set in 2019 to obtain a mortgage will help control demand to prevent the dramatic increases in property prices seen in past years.

While no one can predict with absolute certainty the years ahead, Canada’s strong labor market and demand for housing coupled with low interest rates suggest that the housing market is looking strong for 2020.

The US housing market is in a similar situation, having a strong job market and favorable mortgage rates.

However, major concerns lie at the lower end of the market where there are simply not enough homes being built. This in combination with homeowners moving at a slower rate, has created a bottleneck.

The National Association of Realtors (NAR) predicts that sales will be held back due to lack of supply only increasing by 4%, whereas new sales are expected to increase by 11%. In sync with our reporting that secondary markets are seeing an upswing in numbers of people relocating, NAR predicts that home price appreciation will outpace the rest of the country for the next 5 years in communities such as Las Vegas (NV), Fort Collins and Colorado Springs (CO), Dallas/Fort Worth (TX), Columbus (OH), Ogden (UT), Raleigh/ Durham and Charlotte (NC), Charleston (SC) and Tampa/St Petersburg (FL).

For the next generation as well as Baby Boomers, 2019 was notable for the realization that wealth is not seen in terms of materialistic items but rather “time, rarity, and experiences.” Today’s fast pace of life is being driven by technology and global expansion, fueled by considerable financial investment, making today’s wealthy realize the necessity of finding a lifestyle balance between work and play in 2020. Predictions indicate that finding this “balance” will be the leading driver of choices in location and property types.

*Figures based on the 78 markets researched by The Institute for Luxury Home Marketing.

– 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.

60

64

58

56

60

55

48

46

40

53

45

38

43

37

35 35

31

39 43

52

46 39

38

AUG

SEP

49

48 40

44

32

0

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

$500

20

$498

DAYS ON MARKET

80

OCT

NOV

DEC

$459 $369

$486 $350

$493 $360

$478 $348

$502 $332

$330

$466 $356

$381

$370

$533

$486

$468 $358

$300

$345

$478 $367

$400

$481

$500

$336

PRICE PER SQUARE FOOT

$600

$200

$100

$0

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

NOV

DEC

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

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

Discrepancies between statistics published between the December 2019 and January 2020 Luxury Market Reports are due to the addition of Northern Idaho.

– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month November 2019 | December 2019

SINGLE-FAMILY HOMES November

December

November

December

42,273

35,080

Median List Price

$1,660,950 $1,674,425

Total Inventory

Median Sale Price

$1,407,500 $1,275,000

New Listings

7,562

4,890

6,302

6,790

49

60

3,806

3,741

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

96.92%

96.87%

Total Sold

14.91%

19.36%

Median Days on Market

$350

$369

Average Home Size

Median prices represent properties priced above respective city benchmark prices.





2,672

488

New Listings

Total Sold





11

4.45%

Med. Sale Price

Days on Market

Sales Ratio

132,500

$



SINGLE-FAMILY HOMES MARKET SUMMARY | DECEMBER 2019 •

Official Market Type: Balanced Market with a 19.36% Sales Ratio.1

•

Homes are selling for an average of 96.87% of list price.

•

The median luxury threshold2 price is $942,500, and the median luxury home sales price is $1,275,000.

•

Markets with the Highest Median Sales Price: LA Beach Cities ($3,966,252), Vancouver ($3,600,000), Vail ($3,559,810), and Marin County ($3,250,000).

•

Markets with the Highest Sales Ratio: San Francisco (106%), Silicon Valley (71%), Seattle (66%), and Northern Idaho (61%).

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 Month Over Month November 2019 | December 2019

ATTACHED HOMES November

December

November

December

16,801

14,913

Median List Price

$994,500 $1,050,000

Total Inventory

Median Sale Price

$874,500

$892,225

New Listings

3,599

2,527

Median SP/LP Ratio

98.17%

98.08%

Total Sold

2,228

2,490

Total Sales Ratio

13.26%

16.70%

Median Days on Market

40

44

$486

$459

1,949

1,999

Median Price per Sq. Ft.

Average Home Size

Median prices represent properties priced above respective city benchmark prices.







 Days on Market

17,725

1,072

262

$

New Listings

Total Sold

Med. Sale Price

4



3.44% Sales Ratio

ATTACHED HOMES MARKET SUMMARY | DECEMBER 2019 •

Official Market Type: Balanced Market with a 16.70% Sales Ratio.1

•

Attached homes are selling for an average of 98.08% of list price.

•

The median luxury threshold2 price is $685,000, and the median attached luxury sale price is $892,225.

•

Markets with the Highest Median Sales Price: Vail ($2,424,000), San Francisco ($2,300,000), Greater Boston ($1,942,500), and Naples ($1,825,000).

•

Markets with the Highest Sales Ratio: Silicon Valley (104%), Arlington & Alexandria (86%), Marin County (85%), and Nashville (69%).

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.

â&#x20AC;&#x201C; LUXURY MONTHLY MARKET REVIEW â&#x20AC;&#x201C; SINGLE-FAMILY HOMES State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

AB

Calgary

$1,195,000

$1,100,000

465

81

43

103

Buyer's

AZ

Paradise Valley

$2,999,000

$2,450,000

207

19

21

92

Buyer's

AZ

Phoenix

$765,000

$644,000

604

97

204

57

Seller's

AZ

Scottsdale

$1,749,000

$1,330,000

837

98

113

88

Buyer's

AZ

Tucson

$769,950

$632,500

598

84

105

52

Balanced

BC

Okanagan Valley

$1,588,000

$1,130,000

175

11

3

169

Buyer's

BC

Vancouver

$4,280,000

$3,600,000

844

91

39

81

Buyer's

BC

Victoria

$1,887,500

$1,417,500

278

34

36

55

Buyer's

CA

Los Angeles Beach Cities

$5,295,000

$3,966,252

297

36

56

41

Balanced

CA

Los Angeles City

$4,595,000

$2,800,000

703

90

123

46

Balanced

CA

Los Angeles The Valley

$2,200,000

$1,875,000

409

91

137

50

Seller's

CA

Marin County

$4,522,500

$3,250,000

60

1

21

100

Seller's

CA

Napa County

$2,925,000

$1,957,500

100

4

14

84

Buyer's

CA

Orange County

$2,650,000

$1,800,000

1,116

137

265

60

Seller's

CA

Palm Springs & Palm Desert

$1,850,000

$1,300,000

472

67

51

69

Buyer's

CA

Placer County

$975,000

$982,450

144

26

42

34

Seller's

CA

Sacramento

$799,000

$690,000

491

95

225

34

Seller's

CA

San Diego

$2,395,000

$1,610,000

820

162

237

43

Seller's

CA

San Francisco

$4,990,000

$3,200,000

33

7

35

18

Seller's

CA

Santa Barbara

$3,997,500

$2,800,000

222

17

45

78

Balanced

CA

Silicon Valley

$4,495,000

$3,150,000

125

25

89

27

Seller's

CA

Ventura County

$1,899,000

$1,399,000

314

66

57

91

Balanced

CO

Boulder

$1,890,000

$1,220,078

131

25

48

77

Seller's

CO

Colorado Springs

$775,000

$655,000

265

38

77

48

Seller's

CO

Denver

$990,900

$822,500

753

142

320

32

Seller's

CO

Douglas County

$1,349,000

$1,035,500

217

20

34

69

Balanced

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

$5,072,500

$3,559,810

116

9

7

154

Buyer's

CO

Vail

CT

Central Connecticut

$649,500

$577,500

377

27

46

77

Buyer's

CT

Coastal Connecticut

$1,700,000

$1,500,000

1,104

58

104

126

Buyer's

DC

Washington D.C.

$3,324,500

$2,325,000

54

8

11

11

Balanced

$2,249,000

$1,660,000

558

49

34

135

Buyer's

$1,698,900

$1,877,500

83

14

14

22

Balanced

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

$1,350,000

$930,000

1,484

205

168

84

Buyer's

FL

Jacksonville Beaches

$1,289,000

$1,155,000

285

27

27

77

Buyer's

FL

Miami

$1,350,000

$1,050,000

1,386

191

111

132

Buyer's

FL

Naples

$2,185,000

$1,597,500

726

83

78

98

Buyer's

FL

Orlando

$1,599,900

$1,355,000

446

60

46

80

Buyer's

FL

Palm Beach Towns

$3,292,500

$1,590,000

400

55

15

61

Buyer's

FL

Sarasota & Beaches

$1,649,950

$1,640,000

604

71

43

94

Buyer's

FL

Tampa

$799,000

$680,000

704

103

157

60

Seller's

GA

Atlanta

$1,200,000

$1,020,000

988

144

174

41

Balanced

HI

Kauai

$2,600,000

$1,100,000

128

20

3

294

Buyer's

HI

Maui

$3,400,000

$2,257,500

220

47

18

164

Buyer's

HI

Oahu

$3,200,000

$2,317,938

238

28

16

51

Buyer's

ID

Northern Idaho

$998,400

$715,000

74

12

45

170

Seller's

IL

Chicago

$1,250,000

$1,076,125

1,318

157

199

117

Balanced

IN

Hamilton County

$777,495

$709,771

246

37

54

24

Seller's

MA

Greater Boston

$3,820,000

$2,625,000

84

1

18

64

Seller's

MD

Montgomery County

$1,880,000

$1,400,000

222

36

58

53

Seller's

MD

Talbot County

$1,775,000

$1,070,000

85

4

6

30

Buyer's

MD

Worcester County

$912,000

$1,780,000

46

4

2

267

Buyer's

MI

Oakland County

$739,000

$653,200

891

111

114

37

Buyer'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

MO

St. Louis

$789,250

$720,000

130

11

45

52

Seller's

NC

Charlotte

$924,500

$802,000

692

80

195

40

Seller's

NC

Raleigh-Durham

$709,950

$674,384

836

98

248

0

Seller's

NJ

Ocean County

$897,000

$747,000

557

58

72

72

Buyer's

NV

Las Vegas

$769,995

$607,750

1,367

255

304

49

Seller's

NV

Reno

$1,390,498

$1,165,024

104

11

18

135

Balanced

NY

Brooklyn

$1,599,000

$1,315,000

231

32

18

86

Buyer's

NY

Staten Island

$1,225,000

$1,092,500

152

15

16

98

Buyer's

ON

GTA - Durham

$1,699,500

$1,250,000

160

26

16

58

Buyer's

ON

GTA - York

$2,484,000

$1,750,000

450

79

41

53

Buyer's

ON

Toronto

$3,550,000

$3,075,000

293

47

48

47

Balanced

TN

Knox County

$799,950

$633,261

204

25

46

72

Seller's

TN

Nashville

$1,045,000

$875,000

267

65

101

7

Seller's

TX

Austin

$1,025,000

$864,500

411

90

200

29

Seller's

TX

Collin County

$719,846

$656,725

644

88

152

71

Seller's

TX

Dallas

$975,000

$944,000

599

87

155

62

Seller's

TX

Fort Worth

$895,000

$745,000

588

95

151

65

Seller's

TX

Houston

$849,694

$777,638

1,752

285

332

37

Balanced

TX

The Woodlands & Spring

$875,000

$650,000

403

57

68

36

Balanced

UT

Park City

$3,500,000

$2,395,000

251

38

21

188

Buyer's

VA

Arlington & Alexandria

$1,898,000

$1,675,000

77

9

19

28

Seller's

VA

Fairfax County

$1,797,000

$1,476,203

382

67

82

38

Seller's

VA

McLean & Vienna

$2,099,900

$1,675,000

187

41

39

38

Balanced

VA

Richmond

$811,500

$850,000

194

31

51

24

Seller's

WA

Greater Seattle

$2,000,000

$1,624,975

474

55

260

38

Seller's

WA

Seattle

$1,812,500

$1,577,500

128

20

84

27

Seller's

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

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

$849,000

$830,000

199

36

15

66

Buyer's

AZ

Paradise Valley

-

-

-

-

-

-

-

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$758,000

$752,500

225

47

38

57

Balanced

AZ

Tucson

-

-

-

-

-

-

-

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$1,859,000

$1,625,000

608

112

35

43

Buyer's

BC

Victoria

$828,900

$765,000

230

51

34

43

Buyer's

CA

Los Angeles Beach Cities

$1,795,000

$1,400,000

133

33

47

27

Seller's

CA

Los Angeles City

$1,590,000

$1,300,000

265

47

77

34

Seller's

CA

Los Angeles The Valley

$744,000

$687,000

85

23

57

37

Seller's

CA

Marin County

$1,295,000

$1,240,000

7

3

6

53

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,049,900

$936,000

337

67

144

32

Seller's

CA

Palm Springs & Palm Desert

-

-

-

-

-

-

-

CA

Placer County

-

-

-

-

-

-

-

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,149,500

$877,000

444

119

136

45

Seller's

CA

San Francisco

$2,850,000

$2,300,000

85

10

26

41

Seller's

CA

Santa Barbara

$1,850,000

$1,337,500

39

7

4

56

Buyer's

CA

Silicon Valley

$1,437,000

$1,405,004

48

16

50

15

Seller's

CA

Ventura County

$748,900

$755,000

51

7

15

60

Seller's

CO

Boulder

$966,500

$892,225

48

8

12

148

Seller's

CO

Colorado Springs

-

-

-

-

-

-

-

CO

Denver

$689,000

$676,550

423

89

198

32

Seller's

CO

Douglas County

$588,050

$707,000

16

0

10

100

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.

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

$3,774,500

$2,424,000

110

19

9

160

Buyer's

CO

Vail

CT

Central Connecticut

-

-

-

-

-

-

-

CT

Coastal Connecticut

$799,000

$718,000

211

13

33

114

Balanced

DC

Washington D.C.

$1,837,000

$1,700,000

130

28

51

13

Seller's

$934,500

$835,000

436

78

61

44

Buyer's

$975,000

$780,000

154

20

20

48

Buyer's

FL FL

Boca Raton & Delray Beach Coastal Pinellas County Towns

FL

Greater Fort Lauderdale

$870,000

$787,500

1,277

182

64

135

Buyer's

FL

Jacksonville Beaches

$1,147,500

$940,000

42

6

7

44

Balanced

FL

Miami

$1,050,000

$1,070,000

2,925

328

87

154

Buyer's

FL

Naples

$2,195,000

$1,825,000

288

32

21

38

Buyer's

FL

Orlando

$699,000

$625,000

53

8

12

40

Seller's

FL

Palm Beach Towns

$1,595,000

$1,200,000

413

64

27

77

Buyer's

FL

Sarasota & Beaches

$1,380,000

$966,347

275

53

54

1

Balanced

FL

Tampa

$785,000

$642,500

117

33

30

67

Seller's

GA

Atlanta

$675,000

$611,500

564

115

92

34

Balanced

HI

Kauai

$1,459,000

$1,225,000

84

12

9

42

Buyer's

HI

Maui

$1,800,000

$1,725,000

149

24

12

191

Buyer's

HI

Oahu

$1,298,000

$1,360,000

393

67

52

53

Buyer's

ID

Northern Idaho

-

-

-

-

-

-

-

IL

Chicago

$1,189,500

$950,000

810

106

87

80

Buyer's

IN

Hamilton County

-

-

-

-

-

-

-

MA

Greater Boston

$2,537,500

$1,942,500

194

25

70

44

Seller's

MD

Montgomery County

$792,445

$683,250

128

22

68

19

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$619,450

$615,750

106

6

6

227

Buyer's

MI

Oakland County

$789,500

$581,000

50

7

5

27

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.

– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name

Median List Price

Median Sold Price

Inventory

New Listings

Sold

Days on Market

Market Status

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$759,900

$697,075

177

21

26

26

Buyer's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$612,450

$591,000

108

9

12

47

Buyer's

NV

Las Vegas

-

-

-

-

-

-

-

NV

Reno

-

-

-

-

-

-

-

NY

Brooklyn

$1,325,000

$1,202,500

547

94

78

77

Buyer's

NY

Staten Island

-

-

-

-

-

-

-

ON

GTA - Durham

$669,495

$640,000

30

18

18

21

Seller's

ON

GTA - York

$879,900

$830,500

157

79

78

18

Seller's

ON

Toronto

$1,338,888

$1,125,000

383

143

107

19

Seller's

TN

Knox County

-

-

-

-

-

-

-

TN

Nashville

$1,112,500

$699,900

80

40

55

0

Seller's

TX

Austin

$813,020

$593,000

157

35

39

52

Seller's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$780,000

$700,000

173

19

25

75

Buyer's

TX

Ft. Worth

-

-

-

-

-

-

-

TX

Houston

$799,000

$617,500

353

51

33

57

Buyer's

TX

The Woodlands and Spring

-

-

-

-

-

-

-

UT

Park City

$1,998,000

$1,723,750

170

23

38

22

Seller's

VA

Arlington & Alexandria

$1,199,000

$910,000

43

12

37

23

Seller's

VA

Fairfax County

$729,453

$695,000

140

39

71

12

Seller's

VA

McLean & Vienna

$1,349,000

$915,000

29

5

15

20

Seller's

VA

Richmond

-

-

-

-

-

-

-

WA

Greater Seattle

$1,100,000

$1,002,495

128

12

54

32

Seller's

WA

Seattle

$1,214,998

$1,015,000

86

4

23

44

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 is in each detail.

Hubert de Givenchy

C HI CA G O I LL I N O I S –January 2020–

CHICAGO

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | DECEMBER 2019 Inventory

Sales

Luxury Benchmark Price 1: $750,000 $4,500,000+ $3,900,000 - $4,499,999 $3,300,000 - $3,899,999

41

0

$2,000,000 - $2,399,999 $1,700,000 - $1,999,999

2

104

12

100

22

130

17 97

19

95

13 81

18

$900,000 - $999,999

153

28

$800,000 - $899,999

1

Total Sales Ratio2: 15% 64

3

$1,200,000 - $1,299,999

$750,000 - $799,999

Balanced Market 56

$1,300,000 - $1,499,999

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

Total Sales: 199 39

4

$1,500,000 - $1,699,999

$1,100,000 - $1,199,999

Total Inventory: 1,318

33

1

$2,800,000 - $3,299,999

$2,400,000 - $2,799,999

38

2

168

35

119

23

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$837,500

4

4

16

105

15%

3,000 - 3,999

$882,375

4

4

55

307

18%

4,000 - 4,999

$1,218,750

5

5

50

286

17%

5,000 - 5,999

$1,270,000

5

6

21

186

11%

6,000 - 6,999

$1,295,000

5

6

9

127

7%

7,000+

$2,155,000

5

8

10

169

6%

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.

CHICAGO

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,079,000

144

121

Dec-18

120

Jan-19

Feb-19

$1,059,000

207 Mar-19

$1,030,000

267 Apr-19

$1,078,250

2,457

2,305

2,034

1,808

1,733

1,436

1,276

$1,075,000 $1,012,500

$1,010,000

Inventory

2,352

368

319 May-19

$1,072,500

Jun-19

Solds

$1,060,000

$1,075,000

2,188

2,072

368 Jul-19

$1,007,500

305

Aug-19

1,909

$1,025,000

1,557

200

177

Sep-19

Oct-19

$1,076,125

1,318 199

186 Nov-19

Dec-19

MEDIAN DATA INVENTORY November

December

1,557

1,318 VARIANCE: -15 %

SALE PRICE PER SQFT. November

December

265

$

274 VARIANCE: 3 % $

SOLDS November

December

186

199 VARIANCE: 7 %

SALE TO LIST PRICE RATIO November

December

95.68% 95.68% VARIANCE: 0 %

SALES PRICE November

1.03m

$

December

1.08m VARIANCE: 5 % $

DAYS ON MARKET November

December

81

117 VARIANCE: 44 %

CHICAGO MARKET SUMMARY | DECEMBER 2019 • The Chicago single-family luxury market is a Balanced Market with a 15% Sales Ratio.

• Homes sold for a median of 95.68% of list price in December 2019.

• The most active price band is $1,500,000-$1,699,999, where the sales ratio is 22%.

• The median luxury sales price for single-family homes has increased to $1,076,125.

• The median days on market for December 2019 was 117 days, up from 81 in November 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

CHICAGO

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | DECEMBER 2019 Inventory

Sales

Luxury Benchmark Price 1: $750,000 $3,500,000+ $3,000,000 - $3,499,999 $2,500,000 - $2,999,999 $2,000,000 - $2,499,999

31

0

$1,300,000 - $1,399,999 $1,200,000 - $1,299,999

19

3

2

126 37

2

43

3

47

3

$750,000 - $799,999

1

39

8

43

11

$950,000 - $999,999

$800,000 - $849,999

Total Sales Ratio2: 11%

5

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

$850,000 - $899,999

Buyer's Market 59

$1,100,000 - $1,199,999

$900,000 - $949,999

Total Sales: 87 36

0

$1,500,000 - $1,999,999 $1,400,000 - $1,499,999

Total Inventory: 810

57

8 38

6

78

6 49

13

108

17

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,499

NA

NA

NA

0

32

0%

1,500 - 2,499

$939,000

3

3

44

325

14%

2,500 - 3,499

$1,014,500

3

3

28

241

12%

3,500 - 4,499

$1,140,000

4

5

5

78

6%

4,500 - 5,499

NA

NA

NA

0

27

0%

5,500+

NA

NA

NA

0

16

0%

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.

CHICAGO

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$1,015,000

$975,000

866

735

608

83

$977,500

53

Dec-18

Jan-19

$892,000

$932,500

959

985

60

88

Feb-19

Mar-19

Inventory

$919,000

1,050

157 Apr-19

Solds

$1,025,000

$1,050,000

$1,092,500

1,126

1,111

1,066

152

133

May-19

Jun-19

$975,000

1,069

1,055

147

137 Jul-19

$1,016,255

Aug-19

$1,005,700

939

117

110

Sep-19

Oct-19

$950,000

810

76

87

Nov-19

Dec-19

MEDIAN DATA INVENTORY November

December

939

SOLDS November

December

810 VARIANCE: -14 %

87 VARIANCE: 14 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

November

December

456

406 VARIANCE: -11 %

$

$

76

November

December

97.66% 96.50% VARIANCE: -1 %

SALES PRICE November

1.01m

$

December

950k VARIANCE: -6 % $

DAYS ON MARKET November

December

40

80 VARIANCE: 100 %

CHICAGO MARKET SUMMARY | DECEMBER 2019 • The Chicago attached luxury market is a Buyer's Market with an 11% Sales Ratio.

• Homes sold for a median of 96.50% of list price in December 2019.

• The most active price band is $800,000-$849,999, where the sales ratio is 27%.

• The median luxury sales price for attached homes has decreased to $950,000.

• The median days on market for December 2019 was 80 days, up from 40 in November 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

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 773.383.7689.

- Patrick Ryan

PATRICK RYAN

773.383.7689 | patrick@genuinere.com