Coldwell Banker Real Estate LLC and Coldwell Banker Global Luxury® have announced “The Report”: An Annual Review of Luxury Real Estate in 2017. “The Report” profiles approximately 50 luxury “Power Markets”:
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.
“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,” says Craig Hogan, vice president of Luxury for Coldwell Banker Real Estate LLC. “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.”
“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,” says Charlie Young, president and CEO of Coldwell Banker Real Estate LLC. “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.”
“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.
Based on the median prices for the top 10 percent of homes sold in the Power Markets, key findings include:
- Shortest Days on Market: Seattleboasted 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, Detroitsuburbs 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-Long Beach area, which includes neighboring towns such as Santa Monicaand Malibu, where the median price per square foot for the top 5 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.
For more information, please visit blog.coldwellbankerluxury.com/thereport2018/.
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