MADISON, N.J. (February 12, 2019) Today, Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury® program released “The Report: State of Luxury 2019,” which profiles 65 “Power Markets” where the wealthiest and most powerful players tend to own property.
See the full list of Power Markets at blog.coldwellbankerluxury.com/TheReport2019.
“Power Markets” include both well-established and unexpected luxury markets offering a range of lifestyle amenities, cultural experiences and educational opportunities. Key indicators of “power” status include airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity.
To narrow down the top ten Power Markets for Buyers and Sellers in 2018, 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 2018.*
2018 Top 5 Luxury Buyer “Power Markets” in Review
● Maui, Hawaii
● Palm Beach, Fla.
● Washington, D.C.
● Kauai, Hawaii
● Brooklyn, N.Y.
2018 Top 5 Luxury Seller “Power Markets” in Review
● LA Valley, Calif.
● Detroit, Mich.
● Las Vegas, Nev.
● Boulder, Colo.
● Raleigh, N.C.
Based on the median prices for the top 10 percent of homes sold in the Power Markets, key findings include:
● Shortest Days on Market: Raleigh-Durham, N.C. boasted the shortest median days on market – three days – for single family homes. For condos, Silicon Valley had the shortest median days on market at nine days.
● Most Affordable (Price per Square Foot): Collin County, Texas and Ft. Worth, Texas were tied for the most affordable luxury markets for single family homes, where the median price per square foot was $165. For condos, Orlando, Fla. had the lowest median price per square foot at $156.
● Most Expensive (Price per Square Foot): On the flip side, the most expensive market is the Los Angeles-Beach area, which includes coastal cities such as Santa Monica, Malibu and Manhattan Beach, where the median price per square foot was $1,398. Vail, Colo. took the top spot for condos at $1,629 median price per square foot.
● Evolving Market: Staten Island, N.Y. stands out as an Evolving Market for its striking value compared to the other four boroughs of New York City, as the proximity to Manhattan and Brooklyn appeals to many buyers who work or own businesses in these surrounding boroughs. 2018 saw impressive sold prices of single-family homes – 134 of the 139 homes closed above $1 million, four of which closed above $2 million.
QUOTES:
“There are hotbeds of luxury home sales at the million-dollar price point and higher across the North American luxury market, and The Report provides high-level data on the markets to watch. While there was a moderation in the pace of luxury home sales in 2018, luxury market prices have held their ground since the housing boom began in 2013. When you take the long view, the luxury real estate picture is steady and stable.”
– Charlie Young, president and CEO of Coldwell Banker Real Estate LLC
“Now in its second year, The Report is an all-encompassing, timely resource for Coldwell Banker Global Luxury Property Specialists to prepare for the year ahead in luxury real estate. Our data confirms that wealthy individuals’ preferences are shifting, but demand for high-end properties remains high. Luxury home prices fluctuated month to month in 2018, but from a long-term perspective, sales were strong and stable.”
– 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
● 2018 landmark listings and sales
● Trends driving the ultra-high-net-worth population
● Top luxury property must-haves
● Domestic and global 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 65 U.S. luxury metros between the periods of December 16, 2017 to December 31, 2018, 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, 2017 to December 31, 2018, as gathered from multiple sources including but not limited to various Multiple Listing Services, local Real Estate Boards 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 104 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 30,700 transactions of homes priced at $1 million or more in 2018, with an average sales price of $1.9 million. On average in 2018, the Coldwell Banker brand sells approximately $161.8 million in $1 million or more luxury homes every day. Coldwell Banker®, the Coldwell Banker logo, Coldwell Banker Global Luxury® and the Coldwell Banker Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
