MADISON, N.J. (February 13, 2018) Today, Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury® program released “The Report,” which profiles nearly 50 “Power Markets” where affluent buyers are flocking for lifestyle and culture.
See the full list of Power Markets at blog.coldwellbankerluxury.com/TheReport2018.
“Power Markets” include both well-established and unexpected luxury markets based on indicators such as airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity. Beyond providing a behind-the-scenes look into the nation’s leading luxury real estate markets, insights collected from The Report’s Power Markets list have uncovered the stories behind certain standout markets, and why a few unexpected markets might become the next up and coming hot spots for luxury real estate.
To narrow down the top five Power Markets to Watch for Buyers and Sellers, as well as other key trends for affluent investors, the Coldwell Banker Global Luxury® program collaborated with The Institute for Luxury Home Marketing to analyze the top 5 percent and 10 percent of active and sold listings in 2017.*
Top 5 Luxury Buyer “Power Markets” to Watch in 2018
● Boca Raton, Fla.
● Miami, Fla.
● Park City, Utah
● Santa Barbara, Calif.
● Scottsdale, Ariz.
Top 5 Luxury Seller “Power Markets” to Watch in 2018
● Denver, Colo.
● Nashville, Tenn.
● San Francisco, Calif.
● Seattle, Wash.
● Silicon Valley, Calif.
Based on the median prices for the top 10 percent of homes sold in the Power Markets, key findings include:
● Shortest Days on Market: Seattle boasted the shortest median days on market – nine days – for single family homes. Silicon Valley and Washington, D.C. were tied for first place for condos, both with a median of nine days on market. Seattle came in third for condos at 14 median days on market.
● Most Affordable (Price per Square Foot): The most affordable luxury market for single family homes is tech center Raleigh-Durham, N.C., where the median price per square foot is $171. For condos, Detroit suburbs in Oakland County, Mich. have the lowest median price per square foot at $196.
● Most Expensive (Price per Square Foot): On the other end of the spectrum, the most expensive market is the Los Angeles-Beach area, which includes neighboring towns such as Santa Monica and Malibu, where the median price per square foot for the top five percent of single family homes is $2,044. Aspen and Vail, Colo. took the top spot for condos at $1,497 median price per square foot.**
● On Amazon’s HQ2 Radar: Amazon has launched a high-profile quest to find its second corporate headquarters, which is likely to bring an influx of investment and new residents to the selected market. A staggering 14 out of 20 Amazon HQ2 finalists are also in The Report’s Power Markets, including Atlanta, Austin, Boston, Chicago, Dallas, Denver, Fairfax, Va. (NOVA), Los Angeles, Miami, Montgomery County, Md., Nashville, New York City, Raleigh and Washington, D.C, signaling enormous potential for growth in these already burgeoning markets over the coming years.
QUOTES:
“The gold mine of insights derived from The Report provide us with a comprehensive birds-eye view of what’s happening in luxury real estate. Prices leveled off from the record-breaking increases we saw from 2014 to 2016, with inventory of single-family-detached luxury homes rising 30 percent last year. And while luxury real estate in the United States has always been a tale of two coasts, we were pleased to uncover many up-and-coming luxury hubs across the country, including tech towns like Raleigh-Durham and cultural capitals like Nashville, shaking things up in the luxury market.”
Charlie Young, president and CEO of Coldwell Banker Real Estate LLC
“Coldwell Banker is proud to unveil The Report, a one-of-a-kind report that blends industry data with insights from our greatest resource, our Luxury Property Specialists across the country. We found that luxury real estate was strong, stable and consistent in 2017. This market intelligence is critical for agents based in both established and unexpected luxury hubs, especially as they gear up for what is expected to be another strong year in luxury real estate in 2018.”
Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC
About The Report
Designed to be a definitive guide for international high-end property buying and selling, The Report adds insider intelligence to strong industry research by combining anecdotal insights from local market experts affiliated with the Coldwell Banker® brand, as well as The Institute for Luxury Home Marketing, Wealth-X, Unique Homes and other leading luxury insiders. More information on the following can be found in the full report.
● Significant trends from the Power Markets
● 2017 landmark listings and sales
● Growth drivers among ultra-high-net-worth growth
● Top luxury property must haves
● Domestic and internationals spotlights
Methodology
*The Coldwell Banker Global Luxury® program collaborated with The Institute for Luxury Home Marketing to analyze median list prices of sold properties, median sold prices, median sales-price-to-list-price ratios, median price-per-square foot, median days on market, as well as the highest list and sold prices for the top 5 percent and 10 percent of 47 U.S. luxury metros between the periods of December 16, 2016 to December 31, 2017, as gathered from various Multiple Listing Services (MLS), local Real Estate Boards and the Coldwell Banker® brand co-operating brokerage firms. Data is based on closed and recorded transaction sides of homes sold in the top 10 percent of luxury metro markets between the periods of December, 16 2016 to December 31, 2017, as gathered from multiple sources including but not limited to various Multiple Listing Services, local Real Estate Boards and and the Coldwell Banker brand co-operating brokerage firms. Data is deemed reliable not guaranteed for accuracy as it may not reflect all of the real estate activity in the area. This report was compiled by The Institute for Luxury Home Marketing. For more information on how data was collected and defined, please refer to the full methodology on page 83 of The Report.
**To maintain data integrity, comparisons do not include data from Manhattan, NY, which uses a unique multiple listing service (MLS) that reports on data differently than most MLS databases.
About Coldwell Banker Global Luxury®
Launched in early 2017, the Coldwell Banker Global Luxury® program legacy traces its roots to Coldwell Banker Previews International® and the Previews® program, a world leader in luxury real estate since 1933. Coldwell Banker Global Luxury Property Specialists are an exclusive group within the Coldwell Banker organization, making up under ten percent of independent sales associates affiliated with the brand worldwide. Coldwell Banker Global Luxury Property Specialists conducted approximately 25,000 transactions of homes priced at $1 million or more in 2016. On average, the Coldwell Banker brand handles approximately $130 million in luxury home sales every day. Coldwell Banker and the Coldwell Banker logo are registered mark owned by Coldwell Banker Real Estate LLC. Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks owned by Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
