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Jenna Ralston Luxury Market Report August 2019

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JENNA RALSTON LUXURY MARKET REPORTPLACER COUNTY AUGUST 2019JENNA RALSTONBroker Associate | DRE #02002601 | CLHMS Realy ONE Group…
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JENNA RALSTON LUXURY MARKET REPORTPLACER COUNTY AUGUST 2019JENNA RALSTONBroker Associate | DRE #02002601 | CLHMS Realy ONE Group Complete916.343.3202Jenna@JennaRalston.com www.JennaRalston.comJenna is a licensed real estate broker and a full-time Realtor® active in the California real estate market. As a local real estate expert, she is available to assist with all of your real estate needs. Certified as a Negotiations Expert through the National Association of Realtors, Jenna has over 10 years of experience in sales, and also holds a Bachelor of Science Degree in Education, with her background as a former educator. She has produced over $31,000,000 in real estate sales since June of 2016, and has also been recognized as a member of the Masters’ Club of top producers, through the Placer and Sacramento County Associations of Realtors. Native to the Rocklin area, Jenna is a local market expert. Meeting her clients’ needs is of utmost importance to her, and she works meticulously to make sure her clients have the support, expertise, and attention they need at all times. As a full-time professional real estate agent, she prides herself in offering superior personal service before, during and after your transaction. Knowledge, commitment, honesty, expertise, and professionalism are the cornerstone of her business. Expertise & SpecialtiesEducationNegotiations, Client Relations, Luxury HomeAwards & Performance Recognitions:Sales, Seller’s Agent, Company Sales, New AgentPCAR Master’s Club: 2017, 2018Training/Education, System Developments,SAR Master’s Club,:2017, 2018Remodel/Design Consulting, New HomeRealty ONE Group Million Dollar ClubConstruction, First Time Home BuyersRealty World - Great Sacramento Properties Top Sales of 2016Education & Professional CertificationsProfessional Affiliations:Licensed Real Estate Broker, CaliforniaNational Association of Realtors (NAR)Department of Real EstatePlacer County Association of Realtors (PCAR)Luxury Home Marketing Specialist, Institute forInstitute for Luxury Home MarketingLuxury Home MarketingReal Estate Business Institute (REBI)Certified Real Estate Negotiations Expert, RealCenter for Realtor DevelopmentEstate Business Institute (REBI) Pricing Strategy Advisor & Specialist, NAR CenterSkills & Interestsfor Realtor DevelopmentGardening, Staging, Interior Design, GraphicBachelor of Science, Education, BYUDesign, Creative MarketingTeaching License, USOE -Utah State Office ofTABLE OF CONTENTS PAGE 4 LUXURY REPORT EXPLAINEDPAGE 5 WELCOME MESSAGEPAGE 6-8NORTH AMERICAN LUXURY MARKET REVIEWPAGE 9 13 MONTH MARKET TRENDSPAGE 10 SINGLE FAMILY HOMES MONTHLY OVERVIEWPAGE 11 ATTACHED HOMES MONTHLY OVERVIEWPAGE 12-14MONTHLY STATISTICS BY CITY - Single Family HomesPAGE 15-17 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 19 LOCAL LUXURY MARKET REVIEWPAGE 20-21 SINGLE FAMILY HOMES - Monthly Statistics PAGE 22THANK YOU– LUXURY REPORT EXPLAINED – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.THIS IS YOURLUXURY MARKET REPORT                                MAP OF LUXURY RESIDENTIAL MARKETSWelcome 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 reportprovides 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 Buying a home is an Escalator to Wealth David Bach, author of “The Automatic Millionaire” that spent 31 weeks on the New York Times bestseller list, states on his website “The fact is, you aren’t really in the game of building wealth until you own some real estate.” This advice from a well-respected millionaire has been a commonly held belief for decades though the reason for sharing this advice now is because there seems to be a growing slowdown in the demand for luxury homes, which is having people question the value of homeownership. As demand decreases, this is putting pressure on the value of homes. For the 4th consecutive month, there has been a decline in the average sales price of detached homes throughout North America. Certainly these shifts are not dramatic, but with speculation of a slowing global economy, there will be even more stresses on the upper-tier market. Bach further states in his book that “buying a home is an escalator to wealth.” How is this possible in a slowing market? The answer lies in understanding the niches of opportunity that exist within the market at any time. In this month’s report, we investigate some of the niches that are currently in favor with real estate investors. According to the National Association of Realtors (NAR), the traditional market is seeing an increase in demand. Their recent report indicates that there are more interested buyers than active sellers, meaning that inventory may be increasing but there is still a shortage of supply. In most cases, the increase in demand ultimately drives home prices higher. The decrease in demand for luxury homes coupled with the increase for traditional homes creates opportunity in the niche market between these two price points. Homeowners from the traditionalmarket now have the ability to move into the home of their dreams with prices no longer ouside their reach. Increasing taxes in major cities are also an added burden for those looking to purchase a luxury home. However, following the trend of owning in a state-of-the-art, amenity driven building or complex or a home with smart, space-saving architecture, translates into a savvy buyer purchashing a smaller contemporary living space at a lower price. Choosing to live in this niche helps avoid the heavy taxes of the very high-end price point. But more importantly, it affords a lifestyle that offers luxury amenities, easy access to travel, and time to relax or partake in a favorite adventure or activity. As well as the opportunity of owning multiple homes â&#x20AC;&#x201C; in other parts of the country or abroad. Another niche experiencing growth are the luxury markets in locations outside the major metropolitan areas such as Sacramento, Boise, Colorado Springs, and Spokane, but close enough to travel to a metropolis, if and when necessary. This growth is being driven by those who can telecommute and seeking more affordable markets to maximize the value of their money. Also increasing in popularity are towns that are in the midst of revitalization â&#x20AC;&#x201C; often home to cottage industries and entrepreneurial online businesses that actually benefit from being positioned as a drivable distance from an expensive city. A major draw for these towns is the sense of community, safety, and enjoyment of a slower-paced lifestyle. On the opposite spectrum, is the niche market of high-end developments within larger and emerging cities that are attracting luxury investors. Immediately recognizable in this niche are the redevelopment of industrial, dockyards, and warehouse locations that developers are redesigning or gentrifying. San Francisco is truly representative of this movement with 7 sections of their city seeing a blend of luxury apartments to low rental units, commercial space, parks, and restaurants. These developments are attracting many young, wealthy homeowners who want buy turnkey residences.Developers who build with an eye towards environmental responsibility have been rewarded with high demand. Buyers are paying top dollar for properties that properly utilize green building technology and carbon neutral energy programs, incorporating outdoor elements within the design, and implementing cleaner air systems and paint. Many developers and architects are not seeing LEED (Leadership in Energy and Environmental Design - the gold standard of environmentally conscious and energy efficient design) as a plateau to reach. Instead, it is their starting off point for a new way of thinking as well as making economic sense for future generations. Developers have also recognize the opportunity that lies in the decline of demand for mega mansions. 10-20,000 square foot homes are struggling to maintain their huge price tickets especially as many need a huge investment in renovations to bring them up to modern standards. But in locations such as Vancouver, BC developers are keeping these homesâ&#x20AC;&#x2122; beautiful facades while sub-dividing and modernizing their interiors in to luxurious 2-3 bedroom apartments. The most lucrative real estate niches largely depend on market trends and shifting buying interests, but some are long time money makers. For homeowners looking to sell their luxury home in todayâ&#x20AC;&#x2122;s market, we recommend working with a Realtor who can capitalize on the preferences of current investors. By carefully focusing on the lifestyle-specific niche your property offers, in line with trends, it can be marketed effectively to connect with the right potential buyers.– 13 - MONTH MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKETSingle-Family HomesAttached HomesSingle-Family List PriceAttached List PriceAll data is based off median values. Median prices represent properties priced above respective city benchmark prices.605654544847 4040383833456359 56474641454242383734 353143320JULAUGSEPOCTNOVDECJANFEB$49320$483DAYS ON MARKET80MARAPRMAYJUNJUL$501 $356$498 $385$369$474$541 $393$470 $384$381$373$488 $356$386$458$486 $347$465$495 $323$300$317$400$472$500$329PRICE PER SQUARE FOOT$600$200$100$0JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNJULJUNJULSALES 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 $0JULAUGSEPOCTNOVDECJANFEBMARAPRMAYDiscrepancies between statistics published between the July 2019 and August 2019 Luxury Market Reports are due to the addition of Knox County, TN.– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month June 2019 | July 2019SINGLE-FAMILY HOMES JuneJulyJuneJuly49,07846,949Median List Price$1,670,000 $1,667,750Total InventoryMedian Sale Price$1,361,000$1,355,313New Listings12,87311,48697.49%97.32%Total Sold8,4588,14117.23%17.34%Median Days on Market3742$385$3563,6063,614Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.Average Home SizeMedian prices represent properties priced above respective city benchmark prices.1,387317New ListingsTotal Sold50.11%Med. Sale PriceDays on MarketSales Ratio5,688$SINGLE-FAMILY HOMES MARKET SUMMARY | JULY 2019 • Official Market Type: Balanced Market with a 17.23% Sales Ratio.1• Homes are selling for an average of 97.48% of list price.• The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,372,000.• Markets with the Highest Median Sales Price: Vail ($3,999,000), LA Beach Cities ($3,850,000), Vancouver ($3,350,000), and San Francisco ($3,330,000).• Markets with the Highest Sales Ratio: San Francisco (71%), Silicon Valley (46%), Sacramento (40%), and Greater Boston (40%). 1Sales 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 June 2019 | July 2019ATTACHED HOMES JuneJulyMedian List Price$1,018,500$1,019,394Median Sale Price$898,750$950,67098.54%Median SP/LP Ratio Total Sales Ratio Median Price per Sq. Ft.JuneJulyTotal Inventory17,12016,777New Listings4,2704,19298.35%Total Sold2,6662,50215.57%14.91%Median Days on Market3243$498$5011,9602,014Average Home SizeMedian prices represent properties priced above respective city benchmark prices.78164New ListingsTotal SoldMed. Sale PriceDays on Market51,920$110.66% Sales RatioATTACHED HOMES MARKET SUMMARY | JULY 2019 • Official Market Type: Balanced Market with a 14.91% Sales Ratio.1• Attached homes are selling for an average of 98.35% of list price.• The median luxury threshold2 price is $702,450, and the median attached luxury sale price is $950,670.• Markets with the Highest Median Sales Price: Vail ($2,850,000), San Francisco ($2,200,000), Greater Boston ($1,995,000), and Orlando ($1,872,500).• Markets with the Highest Sales Ratio: Silicon Valley (88%), Arlington & Alexandria (75%), LA The Valley (50%), and Montgomery County (47%). 1Sales 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 NameMedian List PriceMedian Sold PriceInventoryNew ListingsSoldDays on MarketMarket StatusABCalgary$1,166,450$990,0007742488444Buyer'sAZParadise Valley$2,750,000$2,800,0001811816142Buyer'sAZPhoenix$733,625$634,75073216121660Seller'sAZScottsdale$1,698,500$1,365,320694859585Buyer'sAZTucson$749,000$659,50064813212448BalancedBCOkanagan Valley$1,650,000$1,350,000311511961Buyer'sBCVancouver$3,998,400$3,350,0001,1662604528Buyer'sBCVictoria$1,799,000$1,410,0004911325337Buyer'sCALos Angeles Beach Cities$4,925,000$3,850,0005081326436Buyer'sCALos Angeles City$3,895,000$3,000,0001,07032212836Buyer'sCALos Angeles The Valley$1,999,999$1,812,50073626417031Seller'sCAMarin County$3,547,500$2,762,500162223046BalancedCANapa County$2,995,000$2,262,500168181245Buyer'sCAOrange County$2,349,000$1,925,0002,02447430440BalancedCAPalm Springs & Palm Desert$1,695,000$1,400,000396414775Buyer'sCAPlacer County$1,049,495$860,000294917826Seller'sCASacramento$799,000$705,00093736437819Seller'sCASan Diego$1,999,000$1,635,5001,54048826429BalancedCASan Francisco$3,990,000$3,330,0005293718Seller'sCASanta Barbara$3,800,000$3,312,500340612963Buyer'sCASilicon Valley$3,982,500$3,150,0002588312115Seller'sCAVentura County$1,790,000$1,490,0004431237762BalancedCOBoulder$1,775,000$1,360,625275666257Seller'sCODenver$965,000$840,0001,35342352814Seller'sMedian 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 NameMedian List PriceMedian Sold PriceInventoryNew ListingsSoldDays on MarketMarket StatusCODouglas County$1,266,000$1,040,000353869326Seller'sCOVail$3,997,000$3,999,00014416393Buyer'sDCWashington D.C.$2,995,900$2,958,28552111128Seller's$2,250,000$1,700,0005497035151Buyer's$1,650,000$1,340,000811016102BalancedFL FLBoca Raton & Delray Beach Coastal Pinellas County TownsFLGreater Fort Lauderdale$1,275,000$927,5001,58728518661Buyer'sFLJacksonville Beaches$1,250,000$1,025,000355573570Buyer'sFLMiami$1,299,950$931,6501,484208107154Buyer'sFLNaples$2,195,000$1,800,0006677661143Buyer'sFLOrlando$1,595,000$1,300,000520584664Buyer'sFLPalm Beach Towns$3,200,000$2,743,9753693832131Buyer'sFLSarasota & Beaches$1,685,500$1,363,0005496341105Buyer'sFLTampa$775,000$681,00085718419544Seller'sGAAtlanta$1,150,000$955,0001,38336822831BalancedHIKauai$2,447,500$1,442,500120141033Buyer'sHIMaui$3,347,500$2,110,000202247125Buyer'sHIOahu$3,349,500$2,240,000262582021Buyer'sILChicago$1,199,700$1,072,5002,35266936850BalancedMAGreater Boston$3,300,000$2,500,000153306132Seller'sMDMontgomery County$1,749,000$1,430,500363849027Seller'sMDTalbot County$1,870,000$1,250,00011910774Buyer'sMDWorcester County$949,950$992,5007413843Buyer'sMIOakland County$724,900$618,3801,39649324922BalancedMOSt. Louis$775,000$642,500255746933Seller'sMedian 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 NameMedian List PriceMedian Sold PriceInventoryNew ListingsSoldDays on MarketMarket StatusNCCharlotte$894,300$785,0001,07622527829Seller'sNCRaleigh-Durham$706,000$690,0001,0792172794Seller'sNJOcean County$875,000$732,5008011736261Buyer'sNVLas Vegas$738,444$625,0001,75645928432BalancedNVReno$1,375,000$1,201,767159352673BalancedNY
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