Renee Kraft Luxury Market Report FEB 2022

Page 1

HAWAI’I ISLAND LUXURY MARKET REPORT RENÉE H. KRAFT | FEBRUARY 2022


RENÉE H. KRAFT

Broker, CLHMS, LUXBHGRE, BA, GRI, RSPS, SRS, ABR HAWAII RB Lic. #23004

808.345.2108

Renee@SearchHawaiiProperty.com www.SearchHawaiiProperty.com As a luxury expert on the Big Island of Hawai’i Renée H. Kraft offers a wealth of knowledge and expertise that is unsurpassed. You can always trust her service, commitment, and confidentiality in all facets of the real estate transaction. Renée H. Kraft acquired her Hawai’i real estate license in 1992 while attending college at the University of Hawaii at Manoa. She started in property management in Honolulu then after graduating moved into the practice of general real estate and relocated to her home in KailuaKona in 2003. The luxury benchmark on Hawai’i island typically starts at $1.2M with luxury median residential pricing in the resorts, private estates, villas, and condo markets varying between $2M-$5M. Several high end properties on an annual basis exceed the $5M-$20M benchmarks. She is a Broker representing the Distinctive Collection the luxury branch of Better Homes and Gardens Real Estate Island Lifestyle. Born and raised on Oahu she brings an intimate lifetime of knowledge to the table having lived between Hawai’i Island and Oahu all her life. She enjoys serving her community as a longtime member of the Rotary Club of Kona and the Kona-Kohala Chamber of Commerce. • LUXBHGRE Certified Luxury Property Specialist • Member Institute for Luxury Home Marketing • Bachelor of Arts & Sciences Psychology & Economics • Resort & Second Home Property Specialist • Investment and Vacation Home Specialist • Graduate of the Graduate Realtors Institute • Accredited Buyers Representative • Sellers Representation Specialist


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 © 2022 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 Is Luxury Real Estate Turning Over a New Leaf? The end of each December always seems to bring a feeling that the tolling of midnight on December 31st will bring about a change in the New Year — better fortunes, better resolve, and better luck. However, isn’t the reality that trends tend to slip seamlessly from one month or one year to another; with some holding their patterns for longer than others, while others create larger or smaller impacts than expected? Can 2022 really be that different from 2021? Certainly, most years in real estate see ups and downs with respect to sales, prices, and inventory levels, with 2021 being a beyond exceptional year for the luxury market. The National Real Estate Association (NAR) stated in a recent report that there was a historic rise of properties sold in the $1-5 million range between January to August 2021, by 142% for single-family homes and 129% for attached homes, compared to sales in 2019 for the same period. So how is it possible to predict that 2022 will be a calmer year for the luxury real estate market? Are trusted trends really expected to return, including a spring real estate market with increased inventory levels, which, in turn, may help to create of a plateau for price increases? Past and current trends combined with analytics are often our best guides. For instance, the month of January has always reported a quieter month for real estate transactions, specifically for singlefamily homes, except for sunshine destinations such as Florida and Arizona as snowbirds head south to avoid the colder weather patterns of the north. In fact, trends are showing that a price plateau is more than likely for at least the first quarter for 2022, as both single-family and attached property median prices have remained fairly consistent


since October 2021. Inventory levels, which tend to fall in the last quarter of each year and not pick up until March of the following year are also following normal trends, although at a much lower level, as the number of luxury homes for sale has hit a 20-year low. It is also possible to predict that affluent buyers will continue to create a strong demand for luxury homes in 2022. The data for January 2022 already shows this strength of demand with singlefamily home sales increasing 29% and inventory decreasing 28% over January 2021. On the luxury attached side of the market, inventory is down 42% and sales are up 30%, year over year. This level of demand continues a trend started in June 2020, created initially by pandemic. However, the spring 2021 buying frenzy trend is not expected to continue because of the escalation of luxury prices, increasing levels of homes anticipated to enter the market, and importantly the change in buyer priorities. Instead, 2022 should see affluent buyers take a more considered approach and make more discerning decisions about property values, which will naturally slow the pace. While the demand for luxury real estate market is not turning over a new leaf, there is certainly an appreciation that a leaf has been turned when we look at the other ongoing trends; including a greater diversity in location choice, property types, ownership levels and what amenities have become major priorities for affluent homeowners. For luxury real estate professionals, more importance will be need placed on fulfilling their client’s future “must-haves”, which were once “wants,” and recognition that, due to inventory constraints, this will often entail a longer search because their buyers are now focused on making longer-term real estate decisions These decisions are also no longer only about buying or living full-time in their larger metropolitan cities and having a second home as a vacation property.Expectations are that the affluent will continue purchasing homes in multiple destinations, or changing their primary residence


locations, or even choosing to co-live between two or three full-time properties in diametrically opposite locations. That being said, the claim that people are all leaving the city has been a little overblown, and there has been a substantial move back by those not ready to give up their metropolitan lifestyle. However, there has been a shift - with those returning to the city wanting much larger residences offering space as well more sophisticated amenities and technology that addresses their health and wellness requirements. Other affluent homeowners are keeping their options open, keeping one foot in the city with a purchase of a pied-à-terre and their larger residence in different location, but one that allows them to travel easily back and forth to their metropolis. Interestingly, the luxury terminology of “owning a vacation property” is gradually being replaced by “we can work from anywhere, so will be at our other home for the next few days.” 2022 is also anticipated to be a big year where we will see the affluent look carefully at diversifying their asset portfolios, both for financial reasons such as tax advantages or moving their wealth from the stock market or cryptocurrency, as it will be to find properties that fulfill their need for well-being, family unity, and lifestyle requirements. This desire to own multiple homes will be one of the factors that will keep driving the sales of luxury real estate market well into 2022. Another will be entrance of millennial buyers, who are


either self-made, or are now gaining wealth from their family; either through a direct inheritance or because of their parents’ relocation, to a less expensive home, will free up the sold property’s realized equity. Today’s affluent buyers who are looking to diversify say that their desire stems from wanting to own a second home in a remote or resort-style location or to capitalize on an opportunity to move from one metropolis to another. Growth in secondary city markets throughout North America has seen a huge jump over the last few years – due to major corporations moving in or expanding, a surge in technology company growth, and due to affordability of owning in the more luxurious locations within these cities. The opportunity to own a home that offers five-star amenities whether it’s a fully appointed home with luxury features that include environmentally and sustainability focused attributes or a property with a larger yard, close to their lifestyle preferences with extraordinary views, these are all far more financially achievable in these new city locations. Luxury and sustainability amenities will be the key drivers of the decision process for affluent buyers in 2022, together with a property being turnkey. Plenty will still be ready to pay a premium not to have to deal with renovations or even decorating, and in some cases, especially resort purchases, buyers are more than willing to buy all the furnishings too. 2022 will still prove to be an interesting year in the luxury real estate market as we have yet to see the return of international buyers and investors. Still, the word “home” remains a top priority for many, and the world is finally ready to recognize the need for substantial social and environmental change. The art of selling and buying in this market needs a critical and analytical approach, understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to buy or sell in today’s market, we recommend working with a realtor who can capitalize on the preferences, trends, and demands in this dynamic and evolving environment.


– 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.

36

18 20

21

11 11

10

13

JAN

FEB

MAR

APR

16

10 12

12

MAY

JUN

14

12

15

13

JUL

AUG

14

OCT

16

16

14

12

SEP

17

17

14

NOV

DEC

JAN

$414

$530

$546 $414

$396

$398

$500

$508

$533 $393

$482 $386

$482 $372

$387

$495 $381

$478

$513 $383

$300

$377

$387

$400

$494

$500

$520

$600

$487

PRICE PER SQUARE FOOT

35

33

0

$200

$100

$0

SALES PRICE VS. LIST PRICE

37

$363

DAYS ON MARKET

40

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

$2,100,000 $1,900,000 $1,700,000 $1,500,000 $1,300,000 $1,100,000 $900,000 $700,000 $500,000

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

Discrepancies in previous month statistics between the January 2022 and February 2022 reports are due to the addition of Mississauga, ON; Westmount, QC; Greater Chattanooga, TN; El Paso, TX; Lubbock, TX; and Spokane, WA.


– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Year over Year January 2021 | January 2022

SINGLE-FAMILY HOMES January 2021

January 2022

January 2021

Median List Price

$1,725,000 $1,885,750

Total Inventory

Median Sale Price

$1,358,000

$1,335,750

Median SP/LP Ratio

97.67%

100.00%

Total Sales Ratio

33.46%

60.10%

$363

$414

Median Price per Sq. Ft.

January 2022

25,321

18,261

New Listings

7,627

6,979

Total Sold

8,472

10,975

37

17

3,754

3,335

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.

648

2,503

New Listings

Total Sold

20

26.64%

Med. Sale Price

Days on Market

Sales Ratio

22,250

$

SINGLE-FAMILY HOMES MARKET SUMMARY | JANUARY 2022 •

Official Market Type: Seller's Market with a 60.1% Sales Ratio.1

Homes are selling for an average of 100.00% of list price.

The median luxury threshold2 price is $900,000, and the median luxury home sales price is $1,335,000.

Markets with the Highest Median Sales Price: Telluride ($6,995,000), Los Angeles Beach Cities ($4,250,000), Westmount ($4,125,000), and Vail ($4,087,500).

Markets with the Highest Sales Ratio: Waterloo Region (1142%), East Bay (535%), GTADurham (395%) and Salt Lake City (217%). 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 January 2021 | January 2022

ATTACHED HOMES January 2021

January 2022

Median List Price

$1,038,440

$1,199,950

Median Sale Price

$858,750

$874,250

Median SP/LP Ratio

98.61%

100.00%

Total Sales Ratio

23.51%

54.21%

$487

$530

Median Price per Sq. Ft.

January 2021

Total Inventory

January 2022

13,037

7,716

New Listings

3,970

3,351

Total Sold

3,065

4,183

33

16

2,031

1,831

Median Days on Market Average Home Size

Median prices represent properties priced above respective city benchmark prices.

619

1,118

New Listings

Total Sold

15,500

$

Med. Sale Price

17

30.70%

Days on Market

Sales Ratio

ATTACHED HOMES MARKET SUMMARY | JANUARY 2022 •

Official Market Type: Seller's Market with a 54.21% Sales Ratio.1

Attached homes are selling for an average of 100.00% of list price.

The median luxury threshold2 price is $700,000, and the median attached luxury sale price is $874,250.

Markets with the Highest Median Sales Price: Vail ($2,900,000), Greater Boston ($2,550,000), San Francisco ($2,262,500), and Maui ($1,925,000).

Markets with the Highest Sales Ratio: Waterloo Region (5100%), GTA-Durham (1333%), Mississauga (506%) and Summit County (400%). 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

$1,296,500

$938,000

206

169

171

13

Seller's

AZ

Paradise Valley

$5,995,000

$4,000,000

79

24

31

79

Seller's

AZ

Phoenix

$887,000

$751,331

212

122

312

34

Seller's

AZ

Scottsdale

$3,000,000

$1,682,500

217

88

180

31

Seller's

AZ

Tucson

$835,000

$653,000

355

151

244

11

Seller's

BC

Mid Vancouver Island

$1,800,000

$1,352,000

67

43

29

8

Seller's

BC

Okanagan Valley

$1,998,840

$1,500,000

314

105

76

56

Seller's

BC

Vancouver

$4,580,000

$3,398,300

822

284

114

14

Buyer's

BC

Victoria

$2,650,000

$2,192,500

37

36

24

6

Seller's

CA

Central Coast

$4,099,500

$2,575,000

68

40

67

12

Seller's

CA

East Bay

$2,825,000

$1,910,000

52

47

278

8

Seller's

CA

Greater Palm Springs

$2,724,000

$1,950,000

114

46

91

34

Seller's

CA

Lake Tahoe

$3,150,000

$1,850,000

55

12

27

15

Seller's

CA

Los Angeles Beach Cities

$6,995,000

$4,250,000

189

68

77

38

Seller's

CA

Los Angeles City

$6,097,000

$3,600,000

442

170

129

27

Seller's

CA

Los Angeles The Valley

$2,999,475

$2,025,000

198

93

141

20

Seller's

CA

Marin County

$4,490,000

$3,255,322

30

10

24

53

Seller's

CA

Napa County

$4,472,500

$2,442,000

58

10

12

28

Balanced

CA

Orange County

$3,710,000

$2,257,444

396

209

316

10

Seller's

CA

Placer County

$1,325,000

$1,090,000

96

30

43

10

Seller's

CA

Sacramento

$975,000

$894,925

238

81

140

12

Seller's

CA

San Diego

$2,995,000

$1,842,535

376

217

300

8

Seller's

CA

San Francisco

$5,550,000

$3,325,000

56

21

37

11

Seller's

CA

San Luis Obispo County

$2,074,950

$1,321,500

72

16

48

N/A

Seller's

CA

Santa Barbara

$7,995,000

$3,632,500

67

25

38

12

Seller's

CA

Silicon Valley

$5,559,000

$3,310,000

121

70

169

7

Seller's

CA

Sonoma County

$2,500,000

$1,797,500

92

33

34

81

Seller's

CA

Ventura County

$3,300,000

$1,680,000

101

41

79

30

Seller's

CO

Boulder

$2,640,000

$1,750,000

70

35

47

47

Seller's

CO

Colorado Springs

$999,000

$849,900

119

36

77

13

Seller's

CO

Denver

$2,100,000

$1,303,500

154

61

130

9

Seller's

CO

Douglas County

$2,300,000

$1,275,000

75

27

57

17

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

Durango

$1,872,500

$1,447,250

42

10

8

71

Balanced

CO

Summit County

$3,822,500

$2,468,500

18

7

14

23

Seller's

CO

Telluride

$9,572,500

$6,995,000

40

2

5

146

Buyer's

CO

Vail

$5,547,500

$4,087,500

34

6

7

3

Balanced

DC

Washington D.C.

$4,995,000

$2,394,000

39

12

8

19

Balanced

DE

Sussex County Coastal

$1,399,995

$1,302,500

70

30

26

46

Seller's

FL

Boca Raton/Delray Beach

$4,625,000

$1,898,000

144

46

62

17

Seller's

FL

Coastal Pinellas County

$2,387,500

$2,155,000

36

8

17

26

Seller's

FL

Greater Fort Lauderdale

$2,400,000

$1,136,250

414

156

232

21

Seller's

FL

Jacksonville Beaches

$1,500,000

$1,160,000

119

41

69

25

Seller's

FL

Lee County

$1,590,000

$1,450,000

215

94

109

11

Seller's

FL

Marco Island

$3,500,000

$1,900,000

43

16

19

57

Seller's

FL

Miami

$2,200,000

$1,550,000

485

142

123

60

Seller's

FL

Naples

$4,762,500

$2,750,000

176

68

67

23

Seller's

FL

Orlando

$1,495,000

$1,150,000

241

76

119

21

Seller's

FL

Palm Beach Towns

$7,725,000

$2,125,000

90

30

28

21

Seller's

FL

Sarasota & Beaches

$3,097,500

$2,000,000

130

41

69

9

Seller's

FL

South Pinellas County

$1,798,900

$1,257,500

71

27

54

21

Seller's

FL

South Walton

$2,999,990

$1,975,000

107

29

67

27

Seller's

FL

Tampa

$999,250

$661,500

290

111

279

9

Seller's

FL

Weston

$1,375,000

$1,000,000

21

10

32

8

Seller's

GA

Atlanta

$1,797,495

$1,150,000

328

113

129

12

Seller's

GA

Duluth

$1,492,500

$1,600,000

6

2

7

11

Seller's

HI

Island of Hawaii

$2,500,000

$1,750,000

63

21

27

29

Seller's

HI

Kauai

$4,047,500

$1,735,000

44

7

15

10

Seller's

HI

Maui

$3,837,500

$2,225,000

112

35

35

74

Seller's

HI

Oahu

$3,300,000

$2,374,000

143

36

40

16

Seller's

ID

Ada County

$825,073

$750,000

172

111

253

16

Seller's

ID

Northern

$1,305,000

$800,000

112

39

103

108

Seller's

IL

Chicago

$1,599,000

$1,310,000

341

115

189

43

Seller's

IL

DuPage County

$1,200,000

$915,000

176

57

73

29

Seller's

IL

Lake County

$1,167,500

$1,075,000

154

43

73

36

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

IL

Will County

$749,900

$634,500

120

33

56

18

Seller's

IN

Hamilton County

$982,500

$905,900

42

14

44

5

Seller's

KS

Johnson County

$786,022

$864,250

146

32

80

9

Seller's

MA

Greater Boston

$3,675,000

$3,122,500

61

23

32

34

Seller's

MD

Anne Arundel County

$1,100,000

$929,900

75

23

53

7

Seller's

MD

Frederick County

$912,495

$825,000

26

4

15

3

Seller's

MD

Howard County

$1,230,970

$951,000

51

13

23

7

Seller's

MD

Montgomery County

$2,495,000

$1,627,370

67

23

46

15

Seller's

MD

Talbot County

$3,185,000

$1,495,000

18

1

7

57

Seller's

MD

Worcester County

$1,173,000

$1,100,000

28

6

5

107

Balanced

MI

Livingston County

$782,500

$695,500

50

21

14

35

Seller's

MI

Monroe County

$820,000

$853,000

7

1

1

5

Buyer's

MI

Oakland County

$839,990

$648,250

401

147

170

26

Seller's

MI

Washtenaw County

$912,500

$689,000

80

17

24

30

Seller's

MI

Wayne County

$859,990

$599,500

105

37

48

27

Seller's

MN

Olmsted County

$840,000

$700,360

35

11

17

25

Seller's

MN

Twin Cities

$1,250,000

$1,038,077

332

95

105

16

Seller's

MO

Kansas City

$664,900

$657,145

493

115

238

10

Seller's

MO

St. Louis

$1,021,000

$645,000

51

13

47

7

Seller's

NC

Charlotte

$1,373,640

$910,000

186

67

174

6

Seller's

NC

Lake Norman

$1,199,000

$972,500

73

18

56

18

Seller's

NC

Raleigh-Durham

$1,444,500

$927,903

86

32

133

0

Seller's

NJ

Ocean County

$935,000

$834,500

183

66

118

25

Seller's

NV

Lake Tahoe

$4,200,000

$3,147,500

64

11

14

76

Seller's

NV

Las Vegas

$1,950,000

$1,475,000

336

117

111

34

Seller's

NV

Reno

$2,369,500

$1,550,000

38

9

21

103

Seller's

NY

Brooklyn

$1,795,000

$1,487,500

195

41

22

78

Buyer's

NY

Nassau County

$1,950,000

$1,487,500

527

141

130

65

Seller's

NY

Staten Island

$1,375,000

$1,160,000

107

31

35

51

Seller's

NY

Suffolk County

$1,899,000

$1,275,000

568

115

127

40

Seller's

OH

Cincinnati

$812,450

$727,500

158

24

26

17

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

OH

Cleveland Suburbs

$822,682

$666,500

18

6

8

47

Seller's

ON

GTA - Durham

$1,999,950

$1,608,000

44

89

174

5

Seller's

ON

GTA - York

$3,193,444

$2,029,000

184

240

250

6

Seller's

ON

Mississauga

$3,994,000

$2,527,500

38

36

52

8

Seller's

ON

Oakville

$4,024,950

$2,432,500

26

41

40

7

Seller's

ON

Toronto

$3,989,444

$3,200,000

182

148

93

8

Seller's

ON

Waterloo Region

$1,775,000

$1,300,000

12

51

137

5

Seller's

QC

Westmount

$2,997,000

$4,125,000

62

18

2

75

Buyer's

TN

Greater Chattanooga

$1,020,532

$900,000

82

27

38

16

Seller's

TN

Nashville

$2,250,000

$1,350,000

111

54

137

3

Seller's

TX

Austin

$1,250,000

$899,500

137

58

218

12

Seller's

TX

Collin County

$850,000

$756,500

188

85

336

12

Seller's

TX

Dallas

$1,722,000

$990,000

98

51

89

8

Seller's

TX

Denton County

$878,544

$750,000

114

61

177

6

Seller's

TX

El Paso

$634,000

$580,000

64

14

17

10

Seller's

TX

Fort Worth

$1,025,000

$750,000

247

105

191

13

Seller's

TX

Houston

$982,500

$796,700

808

276

223

35

Seller's

TX

Lubbock

$699,000

$564,000

43

20

24

69

Seller's

TX

San Angelo

$749,500

$650,000

49

0

3

128

Buyer's

TX

San Antonio

$850,000

$759,900

173

27

95

33

Seller's

TX

The Woodlands & Spring

$941,464

$727,500

94

35

72

9

Seller's

UT

Park City

$5,432,500

$4,027,906

58

5

20

15

Seller's

UT

Salt Lake City

$1,350,000

$999,000

58

25

126

17

Seller's

VA

Arlington & Alexandria

$2,195,000

$2,236,000

47

16

19

11

Seller's

VA

Charlottesville

$1,695,000

$1,042,500

59

10

24

19

Seller's

VA

Fairfax County

$2,498,000

$1,687,500

139

50

84

24

Seller's

VA

McLean & Vienna

$3,063,950

$2,272,809

82

25

40

31

Seller's

VA

Richmond

$814,053

$790,018

102

31

85

8

Seller's

WA

Greater Seattle

$2,049,000

$1,685,000

119

67

225

5

Seller's

WA

Seattle

$3,150,000

$1,620,000

37

15

50

6

Seller's

WA

Spokane

$975,000

$830,000

53

31

34

9

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

$843,950

$710,000

98

41

29

69

Seller's

AZ

Paradise Valley

AZ

Phoenix

-

-

-

-

-

-

-

AZ

Scottsdale

$1,599,228

$792,500

71

32

66

36

Seller's

AZ

Tucson

-

-

-

-

-

-

-

BC

Mid Vancouver Island

$820,000

$826,450

24

18

22

17

Seller's

BC

Okanagan Valley

-

-

-

-

-

-

-

BC

Vancouver

$2,098,400

$1,688,500

610

342

160

8

Seller's

BC

Victoria

$1,399,500

$900,500

60

54

70

9

Seller's

CA

Central Coast

$937,500

$1,124,500

4

4

14

9

Seller's

CA

East Bay

$1,097,001

$1,070,000

24

25

79

8

Seller's

CA

Greater Palm Springs

-

-

-

-

-

-

-

CA

Lake Tahoe

$1,495,000

$1,468,745

9

6

12

27

Seller's

CA

Los Angeles Beach Cities

$2,250,000

$1,640,000

73

36

51

19

Seller's

CA

Los Angeles City

$1,797,000

$1,520,000

244

116

70

18

Seller's

CA

Los Angeles The Valley

$875,000

$788,440

32

20

62

16

Seller's

CA

Marin County

$1,110,000

$1,322,500

12

6

10

17

Seller's

CA

Napa County

-

-

-

-

-

-

-

CA

Orange County

$1,299,000

$1,100,000

101

94

188

7

Seller's

CA

Placer County

CA

Sacramento

-

-

-

-

-

-

-

CA

San Diego

$1,324,500

$1,123,500

112

84

138

9

Seller's

CA

San Francisco

$3,399,000

$2,262,500

63

21

16

76

Seller's

CA

San Luis Obispo County

-

-

-

-

-

-

-

CA

Santa Barbara

$1,599,500

$1,285,000

4

5

7

11

Seller's

CA

Silicon Valley

$1,868,995

$1,675,062

23

19

52

8

Seller's

CA

Sonoma County

$3,324,500

$709,736

4

1

3

39

Seller's

CA

Ventura County

$885,000

$715,000

25

11

40

13

Seller's

CO

Boulder

$1,187,296

$837,500

25

18

20

33

Seller's

CO

Colorado Springs

-

-

-

-

-

-

-

CO

Denver

$1,062,500

$825,000

84

23

49

45

Seller's

CO

Douglas County

$817,450

$583,000

4

7

14

4

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

CO

Durango

$637,500

$780,000

4

1

6

35

Seller's

CO

Summit County

$970,000

$1,065,000

1

1

4

7

Seller's

CO

Telluride

-

-

-

-

-

-

-

CO

Vail

$5,900,000

$2,900,000

41

9

12

29

Seller's

DC

Washington D.C.

$2,000,000

$1,612,602

126

42

56

29

Seller's

DE

Sussex County Coastal

$1,150,000

$1,442,500

9

1

4

7

Seller's

FL

Boca Raton/Delray Beach

$1,795,000

$770,000

104

33

65

14

Seller's

FL

Coastal Pinellas County

$1,675,000

$1,250,000

49

21

37

7

Seller's

FL

Greater Fort Lauderdale

$899,000

$830,000

505

152

143

42

Seller's

FL

Jacksonville Beaches

$1,674,500

$1,260,000

14

9

13

14

Seller's

FL

Lee County

$949,950

$775,000

54

30

64

6

Seller's

FL

Marco Island

$5,322,500

$1,870,000

4

2

6

2

Seller's

FL

Miami

$1,500,000

$1,250,000

1,063

220

158

77

Buyer's

FL

Naples

$2,272,000

$1,597,500

90

47

82

9

Seller's

FL

Orlando

$709,995

$580,000

58

16

24

9

Seller's

FL

Palm Beach Towns

$1,550,000

$1,900,000

77

35

37

34

Seller's

FL

Sarasota & Beaches

$2,294,300

$1,455,000

74

38

52

10

Seller's

FL

South Pinellas County

$1,662,500

$925,000

66

30

49

6

Seller's

FL

South Walton

$1,344,180

$1,200,000

115

18

28

56

Seller's

FL

Tampa

$1,667,450

$694,250

42

34

48

6

Seller's

FL

Weston

-

-

-

-

-

-

-

GA

Atlanta

$775,500

$639,000

243

81

115

35

Seller's

GA

Duluth

-

-

-

-

-

-

-

HI

Island of Hawaii

$2,450,000

$1,225,000

25

5

24

8

Seller's

HI

Kauai

$1,649,500

$1,200,000

28

9

5

69

Balanced

HI

Maui

$2,625,000

$1,925,000

47

21

30

61

Seller's

HI

Oahu

$1,250,000

$968,750

315

79

122

26

Seller's

ID

Ada County

$599,900

$657,350

17

5

12

16

Seller's

ID

Northern

-

-

-

-

-

-

-

IL

Chicago

$1,295,750

$971,250

546

215

120

79

Seller's

IL

DuPage County

$914,000

$619,000

14

6

11

54

Seller's

IL

Lake County

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

IL

Will County

IN

Hamilton County

KS

Johnson County

$629,348

$645,000

56

9

11

15

Balanced

MA

Greater Boston

$2,499,000

$2,550,000

158

67

62

43

Seller's

MD

Anne Arundel County

$545,990

$545,000

25

13

25

5

Seller's

MD

Frederick County

-

-

-

-

-

-

-

MD

Howard County

$651,995

$547,000

6

4

12

6

Seller's

MD

Montgomery County

$804,500

$725,000

46

20

57

15

Seller's

MD

Talbot County

-

-

-

-

-

-

-

MD

Worcester County

$739,900

$665,000

43

10

15

30

Seller's

MI

Livingston County

MI

Monroe County

-

-

-

-

-

-

-

MI

Oakland County

$794,500

$650,283

38

15

18

12

Seller's

MI

Washtenaw County

$650,000

$593,000

32

7

6

51

Balanced

MI

Wayne County

$665,000

$575,000

63

10

4

6

Buyer's

MN

Olmsted County

MN

Twin Cities

MO

Kansas City

MO

St. Louis

-

-

-

-

-

-

-

NC

Charlotte

$785,000

$625,000

91

28

63

27

Seller's

NC

Lake Norman

$522,900

$645,000

5

3

3

9

Seller's

NC

Raleigh-Durham

-

-

-

-

-

-

-

NJ

Ocean County

$949,000

$672,500

27

14

16

43

Seller's

NV

Lake Tahoe

$1,960,000

$1,080,000

6

0

7

65

Seller's

NV

Las Vegas

NV

Reno

-

-

-

-

-

-

-

NY

Brooklyn

$1,480,000

$1,238,000

383

76

91

58

Seller's

NY

Nassau County

$1,579,000

$1,449,000

103

23

14

91

Buyer's

NY

Staten Island

$649,900

$623,750

41

18

30

27

Seller's

NY

Suffolk County

$729,495

$619,000

76

32

35

35

Seller's

OH

Cincinnati

$759,900

N/A

35

2

0

N/A

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

-

-

-

-

-

-

-

$1,645,900

$885,000

3

10

40

5

Seller's

OH

Cleveland Suburbs

ON

GTA - Durham

ON

GTA - York

$829,000

$805,000

39

108

141

5

Seller's

ON

Mississauga

$1,149,000

$980,000

17

42

86

5

Seller's

ON

Oakville

$1,299,888

$1,400,000

19

27

25

6

Seller's

ON

Toronto

$1,349,900

$1,062,500

338

346

320

7

Seller's

ON

Waterloo Region

$750,000

$863,500

2

37

102

5

Seller's

QC

Westmount

$1,100,000

$657,000

37

7

1

97

Buyer's

TN

Greater Chattanooga

-

-

-

-

-

-

-

TN

Nashville

$2,491,500

$690,000

22

16

31

25

Seller's

TX

Austin

$1,284,558

$751,000

31

13

67

18

Seller's

TX

Collin County

-

-

-

-

-

-

-

TX

Dallas

$1,199,950

$635,000

76

32

39

67

Seller's

TX

Denton County

TX

El Paso

TX

Fort Worth

-

-

-

-

-

-

-

TX

Houston

$659,950

$597,500

104

46

24

44

Seller's

TX

Lubbock

TX

San Angelo

-

-

-

-

-

-

-

TX

San Antonio

$749,000

$645,000

21

3

2

316

Buyer's

TX

The Woodlands & Spring

-

-

-

-

-

-

-

UT

Park City

$2,575,000

$1,790,000

28

17

55

0

Seller's

UT

Salt Lake City

$1,159,000

$568,745

17

12

64

26

Seller's

VA

Arlington & Alexandria

$1,092,450

$1,088,750

48

23

38

15

Seller's

VA

Charlottesville

$1,065,000

$761,000

17

1

2

11

Buyer's

VA

Fairfax County

$839,990

$690,000

61

37

82

7

Seller's

VA

McLean & Vienna

$1,483,000

$836,000

22

13

7

1

Seller's

VA

Richmond

-

-

-

-

-

-

-

WA

Greater Seattle

$1,549,777

$1,080,000

81

39

69

7

Seller's

WA

Seattle

$1,774,750

$1,100,000

62

28

20

44

Seller's

WA

Spokane

-

-

-

-

-

-

-

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.


FEBRUARY

2022

ISLAND OF HAWAII HAWAI I


ISLAND OF HAWAII

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2022 Inventory

Sales

Luxury Benchmark Price 1: $1,100,000 $9,000,000+ $7,800,000 - $8,999,999 $6,800,000 - $7,799,999 $5,800,000 - $6,799,999

$5,000,000 - $5,799,999 $4,200,000 - $4,999,999

11

1 2

1 0

Total Inventory: 63

1

Total Sales: 27 Seller's Market

0 0

Total Sales Ratio2: 43%

2

0

3

0

$3,400,000 - $4,199,999

6

3

$2,800,000 - $3,399,999

6

2 1

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

2

$2,000,000 - $2,399,999

4

2

$1,700,000 - $1,999,999

6

4

$1,400,000 - $1,699,999

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

0

1

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

5

3

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

1

11

6

4

3

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$1,450,000

3

3

9

26

35%

3,000 - 3,999

NA

NA

NA

0

9

0%

4,000 - 4,999

$3,700,000

4

6

1

2

50%

5,000 - 5,999

$12,750,000

6

5

1

7

14%

6,000 - 6,999

NA

NA

NA

0

1

0%

7,000+

NA

NA

NA

0

3

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.


ISLAND OF HAWAII

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$2,400,000

$2,225,000

$2,001,500 $1,595,000

107

$1,632,500

93

31

Jan-21

$1,800,000

$1,760,000

77

72

67

36

43

Feb-21

Mar-21

42

Apr-21

63 40

May-21

$1,990,000 $1,775,000

57 27

Jun-21

$1,630,000

64

60

53 27

28

Aug-21

Sep-21

24

Jul-21

$1,502,500

$1,650,000

64 24

59 24

Oct-21

Nov-21

$1,750,000

63 41

27

Dec-21

Jan-22

MEDIAN DATA REVIEW | JANUARY TOTAL INVENTORY Jan. 2021

Jan. 2022

107

TOTAL SOLDS Jan. 2021

Jan. 2022

63 VARIANCE: -41 %

27 VARIANCE: -13 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Jan. 2021

$

Jan. 2022

655

855 VARIANCE: 31 % $

31

Jan. 2021

SALES PRICE Jan. 2021

$

Jan. 2022

97.28% 96.73% VARIANCE: -1 %

1.60m

Jan. 2022

1.75m VARIANCE: 10 % $

DAYS ON MARKET Jan. 2021

Jan. 2022

29

29 VARIANCE: 0 %

ISLAND OF HAWAII MARKET SUMMARY | JANUARY 2022 • The Island of Hawaii single-family luxury market is a Seller's Market with a 43% Sales Ratio. • Homes sold for a median of 96.73% of list price in January 2022. • The most active price band is $2,400,000-$2,799,999, where the sales ratio is 200%. • The median luxury sales price for single-family homes is $1,750,000. • The median days on market for January 2022 was 29 days, remaining the same from January 2021. 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


ISLAND OF HAWAII

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2022 Inventory

Sales

Luxury Benchmark Price 1: $950,000 $4,500,000+ $4,000,000 - $4,499,999 $3,500,000 - $3,999,999 $3,100,000 - $3,499,999

1 0

1

6

0 0 0 1 1

$2,700,000 - $3,099,999 $2,400,000 - $2,699,999 $2,100,000 - $2,399,999

2

0

5

1 0

1

$1,400,000 - $1,599,999

1

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

1 1

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

1

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

1

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

0

$950,000 - $999,999

0

1

5

1

$1,800,000 - $2,099,999

$1,600,000 - $1,799,999

2

Total Inventory: 25 Total Sales: 24

2

Seller's Market Total Sales Ratio2: 96%

4 3 4 4

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

3

0%

1,000 - 1,499

$990,000

3

2

7

6

117%

1,500 - 1,999

$1,272,500

3

3

8

5

160%

2,000 - 2,499

$2,017,500

3

4

2

4

50%

2,500 - 2,999

$1,490,000

3

3

1

3

33%

3,000+

$2,625,000

4

4

1

2

50%

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.


ISLAND OF HAWAII

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

Inventory

Solds

$2,222,500

$1,625,000 $1,420,000

$1,427,500

$1,425,000

$1,340,000

41 24

Jan-21

26

22

22

Feb-21

28

26

31

29 17

Mar-21

Apr-21

May-21

$1,625,000

$1,595,000 $1,400,000

24

28 17

Jun-21

35 23

Jul-21

$1,300,000

34

32

16

18

Aug-21

Sep-21

$1,461,560

32

29

$1,225,000

$1,180,000

29

Oct-21

Nov-21

25

20

17

Dec-21

24

Jan-22

MEDIAN DATA REVIEW | JANUARY TOTAL INVENTORY Jan. 2021

Jan. 2022

41

25 VARIANCE: -39 % SALE PRICE PER SQFT. Jan. 2021

Jan. 2022

736 VARIANCE: -15 %

$

870

$

TOTAL SOLDS Jan. 2021

Jan. 2022

24

24 VARIANCE: 0 %

SALE TO LIST PRICE RATIO Jan. 2021

SALES PRICE

Jan. 2022

99.06% 100.00% VARIANCE: 1 %

Jan. 2021

$

2.22m

Jan. 2022

1.23m VARIANCE: -45 % $

DAYS ON MARKET Jan. 2021

Jan. 2022

42

8 VARIANCE: -81 %

ISLAND OF HAWAII MARKET SUMMARY | JANUARY 2022 • The Island of Hawaii attached luxury market is a Seller's Market with a 96% Sales Ratio. • Homes sold for a median of 100.00% of list price in January 2022. • The most active price band is $1,200,000-$1,299,999, where the sales ratio is 400%. • The median luxury sales price for attached homes is $1,225,000. • The median days on market for January 2022 was 8 days, down from 42 in January 2021.

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 808.345.2108.

- Renée H, Kraft

RENÉE H. KRAFT

808.345.2108 | Renee@SearchHawaiiProperty.com | www.SearchHawaiiProperty.com