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April showings sluggish as market sees ninth straight month of diminished YOY activity
Upper End Hit Hardest as Luxury Buyers Stay Home Key Points: April saw a 6.5 percent year-over-year decrease in showing activity across the U.S. despite a drop in mortgage rates; the West Region, down 11.1 percent, again recorded the largest year-over-year decline of all four regions For the seventh consecutive month, showing activity also fell in the South (-8.1 percent), the Midwest (-7.1 percent) and the Northeast (-3.8 percent) May 29, 2019 – Real estate agents throughout the U.S. may have to brace for a more sluggish market than anticipated based on last month's decline in home showing activity, the ninth consecutive month of a nationwide year-over-year decrease according to the ShowingTime Showing Index®. Buyer traffic was down 6.5 percent across the U.S. compared to the same time last year. The diminished showing activity was felt in every region throughout the country, most notably in the West, where for the 13th consecutive month showings declined on a year over year basis. "Showing activity stabilized and is holding steady, but it is still slightly off from the higher levels registered in 2018," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The slowdown in showing traffic continues to be concentrated in the upper price quartiles across the U.S., with less expensive homes registering the same or slightly higher levels of showing traffic than at the same time last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/index. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
Volatility on Wall Street and global economic uncertainty may have contributed to a decline in high-priced home sales SEATTLE, Feb. 6, 2019 -- The average sale price for luxury homes nationwide rose 4.7 percent annually to an average of $1,772,000 in the fourth quarter of 2018, according to a report released by Redfin, the next-generation real estate brokerage. That's on par with the annual growth seen in the second quarter of last year and up from a 3.2 percent growth rate in the third quarter. For this analysis, Redfin tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, prices grew 4.3 percent to an average of $341,000 in the fourth quarter. The typical luxury home that sold in the fourth quarter went under contract in 74 days, down from 78 days during the same period in 2017. Compare that with non-luxury homes: Homes that sold in the final quarter of 2018 took 56 days to go under contract, down from 63 days in the fourth quarter the year before. Sales and Supply of $2 Million-plus Homes Decline Sales of homes priced at or above $2 million dropped 3.9 percent annually in the fourth quarter. That's the first time in more than two years sales of luxury homes have fallen on a year-over-year basis. The fact that sales of high-priced homes declined as their prices grew at a relatively strong rate can be explained in part by the basics of supply and demand. Compared with a year earlier, there were 6.5 percent fewer $2 million-plus homes on the market last quarter, the seventh quarter in a row inventory of luxury homes has dropped annually. Supply of homes priced under $2 million, meanwhile, has been on a steady upward trend since the beginning of 2018. While domestic and global economic uncertainty may have put a bit of a damper on demand for luxury homes, the decreased supply was enough to continue to push prices up at a strong but sustainable rate just below 5 percent annually. "In the fourth quarter of 2018 there was a lot of economic uncertainty—mortgage interest rates peaked in November, and the stock market was all over the place. This may have encouraged luxury sellers to hold on to their real estate assets and also caused luxury buyers to be reluctant to make major home purchases," said Redfin chief economist Daryl Fairweather. "There's also economic uncertainty abroad. For example, China's economy slowed down at the end of 2018, which may be affecting a segment of U.S. luxury sellers and buyers whose wealth is invested overseas." Fairweather continued, "Finally, it's worth noting that when we're examining the most expensive segment of the housing market nationwide, a disproportionate amount of the movement seen in prices and sales is driven by activity--or lack thereof-- in major expensive coastal markets like San Francisco and San Jose, where sales fell by double digits while price growth slowed or reversed at the end of the year." Biggest Price Gains Cities in Florida experienced some of the biggest increases in luxury home prices. In West Palm Beach, the average sale price for the top 5 percent of homes sold in the fourth quarter was $1,628,000, up 35 percent from the year before, and in St. Petersburg luxury prices shot up 30.7 percent to $1,427,000. "When I moved to St. Petersburg in 2006, it had a quiet downtown with one block of shops and restaurants and a very short list of luxury condo buildings—most of which were built before 1980," said Redfin agent Brian Walsh. "As the town has grown, it has become known for its walkability, an exploding restaurant and nightlife scene and a beautiful waterfront, all of which makes it uniquely positioned to become the jewel of the Gulf Coast." "Now that the secret's out, folks who have money to burn are flocking to St. Petersburg," Walsh continued. "A few new luxury buildings have recently gone up, and spec builders are tearing down older, smaller homes and building large, modern properties that fit in beautifully with the aesthetic of the city." Biggest Price Declines Florida cities also dominate the list of places where luxury home prices have dropped the most. Sarasota clocks in at number one with an average luxury price of $1,760,000, down 30.7 percent annually. That's followed by Fort Lauderdale, where the average luxury home went for $2,689,000, down 26 percent from the year before. To read the full report, complete with additional data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the fourth quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the #1 brokerage website in the United States and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Luxury Market Picks Up Speed
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Luxury Housing Sets New Records
Nineteen markets see double-digit luxury price growth for the first time since 2014 SANTA CLARA, Calif., Aug. 9, 2018 -- Luxury home sales continued their record-breaking pace in July, as prices hit double digit gains in 19 major markets, according to the realtor.com® 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 13 percent over last year. The Index analyzes the entry-level luxury price tier, defined as the top 5 percent of all residential sales, in 91 U.S. counties. Luxury housing performs strongly nationwideThe pace of sales in the luxury segment continues to break records. The combined median age of inventory in the 91 luxury markets surveyed was 108 days, down eleven days or 9.3 percent year-over-year, moving faster than any July since realtor.com® started tracking the metric in 2012. Additionally, two thirds of luxury markets are seeing inventory move faster than last year. In 49 of the 91 markets analyzed, the luxury tier currently has an entry point of at least $1 million. The number of sales at or above the $1 million mark in the 91 markets is up 12 percent over last year. "The strong economy is bolstering demand for luxury homes," said Danielle Hale, chief economist for realtor.com®. "They are selling fast and demand for these homes has pushed the entry level price point to more than $1 million in half of the markets studied. Although there are some pockets of weaker performance, we've seen double-digit price growth in 19 markets for the first time in four years." Sarasota tops fastest-growing luxury markets Sarasota, Fla. remained the fastest-growing luxury market, with sale prices up 21.2 percent since last May. Half of all luxury homes in Sarasota sold within 157 days, 21 percent faster than the previous year. Queens, N.Y.; Maui, Hawaii; Santa Clara, Calif.; and Boulder, Colo. rounded out the top five, each seeing yearly growth of 13 to 16 percent. Northern California continues to draw high-end home buyers Northern California now has seven of the top 20 fastest-growing luxury markets in the country, thanks to the booming tech sector and strong foreign interest, which are continuing to drive the demand for luxury properties. Bay Area markets of Santa Cruz, Calif.; San Mateo, Calif.; Santa Clara; Sonoma, Calif.; and Marin, Calif. have all been growing at an accelerating pace, with entry-level luxury prices now up between 9 and 14 percent year-over-year. This trend is in contrast to northern California's mid-market price deceleration of recent months. Colorado luxury housing on upswing In Colorado, Boulder, Douglas, and Denver counties all saw double-digit growth in May. Luxury homes in Boulder and Denver typically sell in under 95 days, putting them among the faster-selling luxury markets in the country. This rise is a second wind for Colorado's luxury markets, which saw substantial growth in 2015 and 2016 but stagnated in early 2017. Prices have been growing, and homes have been selling more quickly ever since. Northeast hotspots Jersey City and Queens may be losing momentum While luxury prices in most New York and New Jersey markets have stalled, Queens, N.Y. and Jersey City (Hudson County, N.J.), continue to see price growth and high demand. In Queens, luxury sales prices have grown 15.8 percent since January 2017, and the luxury entry point is currently $1.3 million, a record for the borough. Jersey City now has a luxury entry point of $1.3 million, up 11.5 percent since last year. In both places, however, price growth has stopped increasing, which indicates that they could be losing momentum. Methodology The realtor.com® Luxury Home Index analyzes 91 luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market in May 2018. The following markets were excluded from rankings this month as we review their data: Washoe, Nev.; Delaware, Penn.; Fairfield, Conn; and Dallas, Texas. Age of inventory figures are median days on market for the top 5 percent of inventory based on asking prices in July 2018. *As measured by the cost to purchase a home in the top 5 percent in one of the 91 luxury markets studied. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com
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Luxury Housing is Hot, Hot, Hot
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Buyers from the North Drive Florida to Top of Fastest-Growing Luxury Markets
Realtor.com® data reveals luxury prices in Chicago, Boston, Brooklyn, and Manhattan, N.Y. stall SANTA CLARA, Calif., June 14, 2018 -- Interest from prospective home buyers in Northern states have propelled two Florida counties -- Sarasota and Collier -- to the top of the nation's fastest-growing luxury housing markets, according to the May 2018 Luxury Home Index from realtor.com®, The Home of Home Search. In May, the top 5 percent most expensive home prices in Sarasota (North Port) and Collier (East Naples) counties grew 19 and 14 percent, respectively. Additionally, Broward County, Fla. -- home to Fort Lauderdale and ranked No. 19 on the list -- grew 9 percent year-over-year. Much of this growth is attributed to increased interest from buyers located in New York, Boston and Chicago – markets where, in many cases, luxury prices have stalled, according to realtor.com® search data. "Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston, and Chicago get wind that there is a better bang for their buck available down South," said Javier Vivas, director of economic research for realtor.com®. "Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors." May 2018 Top 10 Fastest Growing Luxury Markets Source: Realtor.com® Luxury Home Index with data as of March 2018. The realtor.com® luxury home index is based on a 12-month moving average of sales prices and measures price growth using January 2011 as the base. Luxury Home Prices in Boston, Chicago, and New York Continue to Slow While buyers in New York, Boston, and Chicago may be driving growth in places like Florida, luxury prices within those markets themselves have stalled. In Boston's Suffolk County, Chicago's Cook County, and New York's Manhattan and Suffolk counties, for instance, over the past year luxury home prices decreased 2.7, 2.2, and 2.1 and 1.3 percent, respectively. In Middlesex County (Cambridge, Mass.) and Kings County (Brooklyn, N.Y.), prices decreased 1.4 and 2.4 percent, respectively, in just the past month alone. In New York, in particular, realtor.com® search data shows demand for luxury homes in Manhattan and Brooklyn, where luxury prices have stalled at $4.6 and $2.2 million, respectively, also appears to be spilling rapidly into the lower-priced adjacent markets of Queens, N.Y. and Hudson County (Jersey City, N.J.). Luxury prices in those counties have grown at 15 and 12 percent in the past year, respectively, reaching $1.2 and $1.3 million. Western Luxury Markets Continue to Grow In addition to the rising interest in Florida, Northern California, Colorado, and Washington continue to dominate the top 20 fastest growing luxury markets, with double-digit yearly growth in luxury prices. Three California Bay Area markets -- San Mateo County (Redwood City), Marin County (San Rafael), and Santa Clara County (San Jose) -- remain among the top five most expensive luxury markets in the country, with entry points between $2.7 and 3.5 million. Most notably, these three markets are also among top 10 fastest-growing markets, with luxury prices continuing to accelerate and now rising at 12-13 percent year-over-year. Primary and secondary luxury markets in Colorado continue to attract buyers and grow faster than the rest of the country, with entry-level luxury prices in Douglas County (Castle Rock, Colo.); Jefferson County (Golden, Colo.); Denver County and Boulder County all posting double-digit yearly growth. Similarly, the Seattle area continues to see strong demand for luxury homes, with entry-level luxury prices in Seattle and Snohomish, Wash., growing at 12 to 13 percent year-over-year. Luxury homes in these Northwest markets remain relatively affordable for West Coast standards, making them an attractive option for upscale buyers in Southern states. Methodology Realtor.com analyzed 89 primary and secondary luxury counties, looking at yearly movement in the entry level luxury price boundary, defined as the top 5 percent of all residential home sales in a given market per the realtor.com sales database with full data up until March 2018. The following markets were excluded from rankings this month as we review their data: Honolulu, Hawaii; Fairfield, Conn.; Nassau, N.Y.; Washoe, Nev.; St. Louis; and Dallas. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Redfin Report: Shrinking Supply Sends Prices for Luxury Homes Up Nearly 8 Percent in First Quarter
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Coldwell Banker Global Luxury Releases Annual Review of Luxury Real Estate in 2017
"The Report" Profiles Nearly 50 Power Markets in Luxury Real Estate and Highlights Markets to Watch MADISON, N.J., Feb. 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. "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. "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," said 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." "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," said 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." 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 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.
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Gabriels Technology Solutions Emerges as Leading Tech Provider to World's Most Prestigious Luxury Real Estate Brands
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Demand for Luxury Homes Weakened in 2017
High-end inventory glut contributes to slow down SANTA CLARA, Calif., Jan. 5, 2018 -- The pace of sales for U.S. luxury homes weakened slightly in 2017, with the overall housing market outperforming the still-strong upper tier -- according to new data from realtor.com®. Despite these signs of a national slowdown, the luxury market remained red-hot in states like Hawaii, Colorado and California, which saw double-digit price gains in several local markets. The entry-level luxury price – defined as the top 5 percent of transactions based on sales price – rose by 5.1 percent in 2017, compared to a 6.9 percent overall housing market price gain. Luxury properties also took 5.4 percent longer to sell in 2017 than they did in 2016, spending 116 days on market on average. This slow down is likely attributed to a growing number of luxury homes in the market. In 2017, the number of million dollar listings grew on average by 3.9 percent year-over-year and represented more than 7 percent of all homes listed in 2017. "Although 2017 was another strong year for the luxury housing market, it was once again outperformed by the U.S. market overall," said Javier Vivas, director of economic research for realtor.com®. "Age of inventory in the top 5 percent of the market slowed significantly over last year -- a tell tale sign that the supply in the luxury sector continues to outpace demand. Much of this slowing can be attributed to a wider selection of luxury homes for buyers and increased uncertainty over the last 12 months." Entry-level luxury home prices in a dozen counties, including four counties in Hawaii, grew by more than 10 percent in 2017. Prices also rose more than 30 percent in Maui, Hawaii; Eagle, Colo. (near ski resorts Vail, Colo. and Beaver Creek, Colo.); and Brooklyn, N.Y., during that time.* Luxury Stats Fastest Growing Luxury Markets Primary-Home Luxury Markets: Seattle; Marin, Calif. (San Francisco Bay Area), and Brooklyn, N.Y., top the list with 12-30 percent growth year-over-year. Second-Home Luxury Markets: The Hawaiian Islands of Maui and Kauai; ski towns of Eagle, Colo., and Summit, Utah; and the coastal luxury area of Walton, Fla. dominate the list with 15-33 percent growth year-over-year. Most Expensive Markets Primary Luxury Markets: Manhattan and Brooklyn in New York City, San Francisco Bay Area markets of Marin and San Mateo, and Los Angeles continue to top the list. Notably, prices in all markets are also growing faster than the overall national luxury market. Second-Home Luxury Markets: Eagle, Colo., Maui and Kauai top the list, with prices in all three markets growing 5-6 times faster than the overall national luxury market. Fastest Growing Luxury Markets Most Expensive Luxury Markets * Some portion of the price gain could be due to a mix of homes where more than usual numbers of very expensive homes were sold over the period. Methodology Realtor.com® defines a luxury market as the top 5 percent of all transactions nationally and within a given market based on sales prices from the realtor.com® residential home sales database. A total of 74 counties were analyzed as luxury markets with 100 or more $1 million transactions during the January to August 2017 period. All figures reflect yearly averages for that analyzed period. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Inventory Shortage Hits the Luxury Market, Sending Prices up 4.9 Percent in the Third Quarter
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Redfin Report: Luxury Home Prices Up 7.5 Percent in the Second Quarter, Outpacing the Rest of the Market for the First Time Since Late 2014
SEATTLE — Luxury home prices rose 7.5 percent in the second quarter of 2017 compared to last year, to an average of $1.79 million, according to the latest luxury housing market report by Redfin, the next-generation real estate brokerage. Redfin's analysis tracks home sales in more than 1,000 cities across the country and defines the luxury market as the top 5 percent most expensive homes sold in the city in each quarter. The average price for non-luxury homes was $336,000, up 7 percent compared to a year earlier. This is the first time since the fourth quarter of 2014 that luxury homes had stronger price growth than homes in the bottom 95 percent of the market. The luxury price increase may have been driven by a drop in the number of luxury homes on the market. The number of homes for sale priced at or above $1 million fell 9.4 percent compared to the same period last year. The number of homes priced at or above $5 million saw a similar decline at 9.5 percent. "The housing shortage is now affecting the top of the housing market," said Redfin chief economist Nela Richardson. "After five consecutive quarters of double-digit inventory growth, the number of million dollar-plus homes for sale dropped by 9.4 percent. Yet despite the strong uptick in prices, the luxury market is not nearly as competitive as the rest of the market. Only one in 50 luxury homes sold above list price in the second quarter, compared to more than one in four homes in the bottom 95 percent." The city of Irvine, Calif., led the nation with the strongest year-over-year price growth in the luxury segment in the second quarter. The average price of a luxury property increased 37.4 percent compared to last year to $3.5 million. Reno, Nev., Long Beach, Calif., and Clearwater, Fla., also saw average luxury home price gains of over 25 percent. Inventory of high-end homes did not decline in every city. In Miami, Fla., the number of homes for sale priced at or above $5 million was up 166.7 percent compared to last year. A saturation of luxury properties sent the average price for a luxury home down 23 percent from a year ago, the steepest decline in the luxury cities we cover. Luxury home prices also fell steeply in Delray Beach, Fla., (-17.3%) and Alpharetta, Ga. (-10.5%). To read the full report, complete with city-specific data and charts, as well as a listing of the five highest priced home sales in the second quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Report Reveals Insights from the Emerging Luxury Consumer
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Coldwell Banker Real Estate Reimagines Global Luxury Program
Madison, N.J. 04-11-2017 — The world is more interconnected than ever before, and luxury real estate is evolving to remain ahead of the curve. Today Coldwell Banker Real Estate LLC unveils the Coldwell Banker Global LuxurySM program, reflecting the globalization of modern luxury. With a footprint spanning 49 countries and territories, the Coldwell Banker® brand has been a leading name in global luxury real estate. Every day, affiliated Coldwell Banker luxury property specialists handle approximately $130 million in luxury home sales, more than any other real estate brand. In 2016, Coldwell Banker affiliated sales associates represented home buyers and sellers in more than 25,000 plus luxury home sale transactions priced at $1 million or more. According to the National Association of Realtors®, $100 billion in U.S. property sales each year can be attributed to international buyers. As part of the launch of the Coldwell Banker Global Luxury program, the Coldwell Banker brand is unveiling a logo, signage and website. The rebranding of the program to Coldwell Banker Global Luxury means that the Coldwell Banker Previews International name will be retired. The new site will connect 750,000 luxury agents across multiple international brands and syndicate listings globally to real estate portals around the world. The new logo is a simple and sleek take on the classic Coldwell Banker brand imagery, featuring an elegant black and white color scheme. The new Coldwell Banker Global Luxury website can be viewed at coldwellbankerluxury.com. "Business is more globalized than ever and luxury real estate is no exception," said Charlie Young, President and Chief Executive Officer, Coldwell Banker Real Estate LLC. "Foreign influence on the luxury market was once minimal, but today more than $100 billion in sales are attributed to foreign buyers. This shift inspired our move to Coldwell Banker Global Luxury; we know it's crucial for our luxury property specialists to have global expertise and channels through which they can reach other real estate professionals and affluent clientele worldwide." "The Coldwell Banker brand is synonymous with luxury and our unmatched track record of selling some of the world's most recognized homes makes us an iconic leader in the industry," said Sean Blankenship, Chief Marketing Officer, Coldwell Banker Real Estate LLC. "The Coldwell Banker Global Luxury name is a testament to the dedication of our luxury property specialists worldwide who operate globally to meet the needs of their clients. Each enhancement made to our luxury program has demonstrated our commitment to a seamless experience for our international clients." The evolution of the Coldwell Banker Global Luxury program includes enhancements to the brand's luxury certification program, a new global luxury website, worldwide distribution of its Homes + Estates magazine and global networking opportunities for luxury property specialists. About Coldwell Banker Real Estate LLCSince 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of 3,000 independently owned and operated franchised broker offices in 49 countries and territories with more than 88,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by taking a leadership role in the smart home space, being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create an iPhone application with international listings, the first to develop an iPad application (CBx) to easily bring big data into home listing presentations, and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location YouTube channel. 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.
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Redfin Report: Luxury Home Prices Inched Up 0.7 Percent in Fourth Quarter as the Rest of the Market Showed Substantial Gains
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Howard Hanna Releases 2016 Luxury Home Magazine
Pittsburgh, PA (December 8th, 2016) – Each year, Howard Hanna Real Estate Services creates a captivating magazine for its Homes of Distinction program. The yearly magazine brings together buyers and sellers in a unique way, featuring listings of $675,000 and above. We are honored again in 2016 to share some of the best luxury homes on the market. This year's Homes of Distinction Magazine highlights exceptional characteristics of high-end homes in Pennsylvania and Ohio, Michigan. Each page of the magazine provides an appealing insight into the world of luxury real estate. Helen Hanna Casey, President of Howard Hanna Real Estate Services, is excited that the magazine has also been released as an online publication. "It's important that we showcase our ability to provide these kinds of exclusive services to those in the high-end real estate market," said Hanna. "We are a leader for a reason and have always been on the cutting edge of multi-generational marketing. This program and this magazine, specifically, speak to our ability to be agile in the industry, and we know our customers will love it as much as we do." Howard Hanna Real Estate Services is the third largest real estate company in the nation and the leading brokerage in luxury home listings in Pennsylvania, Ohio, and Michigan. The company launched its exclusive Homes of Distinction program to best serve buyers and sellers with high-end needs, helping set the company apart from other luxury brokers. With nearly sixty years of experience, an impressive market share, and an international affiliation with Luxury Portfolio International, it's easy to see why many discerning buyers and sellers choose the Howard Hanna Homes of Distinction program. Searches for high-end homes on the Howard Hanna website number nearly 30,000 annually, allowing us to bring our Homes of Distinction to a wide and diverse audience. The exclusive program provides tailored services reaching affluent audiences nationally and internationally. Included in the program are benefits such as coordination of a customized marketing plan, a URL tailored to the property, direct mail, email outreach, plus more. Additionally, participants qualify through our exclusive relationships for other benefits, allowing clients to reach a broad audience for their properties. Every day, new houses are being listed or sold with Howard Hanna. See why by visiting our new Homes of Distinction Magazine online: ebrochure.howardhanna.com Howard Hanna Real Estate Services is the third largest real estate company in America, the #1 privately owned broker in the nation, and the largest home seller in Pennsylvania, Ohio, and New York. The family-owned and operated real estate company specializes in residential and commercial brokerage service, mortgages, closing and title insurance, land development, appraisal services, insurance services, corporate relocation and property management. With 270 offices across PA, OH, NY, VA, MI, WV, NC and MD, our more than 9,000 sales associates and staff are guided by a spirit of integrity in all aspects of the real estate process. For more information, please visit: www.howardhanna.com or facebook.com/howardhanna.
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Sotheby's International Realty Brand Launches Apple TV App
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Coldwell Banker Enhances Its Luxury Real Estate Program
MADISON, N.J. 10-17-2016 — Coldwell Banker Real Estate LLC, a global leader in luxury home sales, has enriched its Coldwell Banker Previews International® luxury program by elevating its Previews® agent certification program, expanding global marketing offerings and cultivating growth in its digital and print content. Coldwell Banker®, a leader in global luxury real estate with over 25,000 sales of homes worth $1 million or more last year, is renowned for selling some of the worlds most distinguished properties. The new Previews luxury program is designed for the ever-expanding global reach of luxury real estate sales."Coldwell Banker has been a leader in luxury real estate for more than 80 years," said Sean Blankenship, chief marketing officer of Coldwell Banker Real Estate LLC. "That's not by luck, rather it's by continually improving our program to ensure it serves the next generation of luxury customers all over the world.  Each enhancement we make ensures that agents are prepared to succeed in the luxury real estate market and can effectively collaborate with their peers in our global network." Coldwell Banker is enhancing its Previews certification course for agents that include an immersive and exclusive approach to learning how to operate in the luxury real estate market. Led by top agents in the luxury space including Jade Mills, Jennifer Ames and Wendy Walker, this multi-day experience brings the Previews International program a real-world application. Jade Mills, a leader in luxury real estate based in Beverly Hills, has closed more than $4 billion in real estate transactions throughout her career and was named the #1 real estate agent in the world for Coldwell Banker in 2012. Jennifer Ames is a 20-year real estate veteran with more than $1.5 billion in career sales based in Chicago. The Wall Street Journal named Jennifer one of the top 50 real estate agents in the United States. Wendy Walker is a luxury agent based in Phoenix who was named among the top 1% of Coldwell Banker agents nationally and internationally, winning countless other industry accolades as well. The fortified Previews certification course pairs the experience and first-hand knowledge of successful luxury agents with industry-leading resources to help agents meet and exceed the expectations of their most affluent clients. The new Previews program provides learning, networking, marketing resources and mentorship to the newest generation of up-and-coming luxury agents. A completely redesigned luxury website, ColdwellBankerPreviews.com, makes it easy for agents to collaborate and share marketing materials for listings with their peers around the world. The platform will power the Previews® website in multiple languages, underscoring the global appeal of luxury real estate and the strengthening the Coldwell Banker global network. The all-new platform engages luxury real estate agents in over 75 countries globally. Building off of past years' successes, Coldwell Banker® recently unveiled its quarterly Homes and Estates magazine. For the first time ever, the magazine, which features top listings from around the world alongside luxury lifestyle content, will be available globally on newsstands and at Barnes and Noble. The magazine will also be distributed to subscribers of Unique Homes and will be available for download on the Previews Inside Out blog. About Coldwell Banker Real Estate LLC Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of 3,000 independently owned and operated franchised broker offices in 47 countries and territories with more than 84,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by taking a leadership role in the smart home space, being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create an iPhone application with international listings, the first to develop an iPad application (CBx) to easily bring big data into home listing presentations, and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. Coldwell Banker is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served. About Coldwell Banker Previews International® The Coldwell Banker Previews International program has been a world leader in the marketing of luxury homes since 1933. The Previews® program was acquired by Coldwell Banker Real Estate LLC in 1980 and launched as Coldwell Banker Previews International®, the brand's luxury homes program.  The exclusive group of certified Previews Property Specialists make up approximately 8.5 percent of the independent sales associates affiliated with the Coldwell Banker brand worldwide.  Coldwell Banker Previews International participated in more than 25,000 transaction sides of homes priced at $1 million or more in 2015. On average, Previews handles $133.5 million in luxury homes sales every day. Coldwell Banker, Previews and Coldwell Banker Previews International are registered marks licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
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Coldwell Banker Previews International Enhances Luxury Digital and Social Platform
Madison, N.J. 03-23-2016 — Coldwell Banker Real Estate LLC, a leader in luxury home sales, has enhanced its Coldwell Banker Previews International® program with a new digital platform fueled by global content, exclusive videos and social media channels focused on the luxury real estate consumer. Last year, Coldwell Banker® affiliated agents closed over 25,000 transaction sides on U.S. properties sold for $1 million or greater. "The evolution of our Coldwell Banker Previews International digital platform allows affluent consumers to experience luxury homes like never before," said Craig Hogan, vice president of luxury at Coldwell Banker Real Estate. "We know that consumers in the luxury market want authentic, meaningful connections, and our content allows them to truly experience the luxury lifestyle." Many enhancements have been made on Previews Inside Out, the Coldwell Banker Previews International blog, where visitors can experience magnificent imagery, videos and content focused on regional, national and international luxury trends, as well as exclusive profiles on affluent visionaries and brands, property tours and more. Coldwell Banker®affiliated sales associates across the globe are now able to contribute compelling stories and lifestyle content. On social media, Coldwell Banker Previews International expanded its reach from Facebookand Twitter to include Pinterest and Instagram, platforms that thrive on luxury content. The  "Home of the Week" video series, which spotlights ultra-luxury properties, has now found a permanent home on Previews® channels and recently reached more than 540,000 video views on Facebook since the digital push was launched in early 2016. Coldwell Banker Previews, founded in 1933 by Henderson Talbot in New York City, has long defined the unique qualities of luxury home sales. Talbot was known for capturing prized estates on film and holding exclusive gatherings for affluent buyers to preview them as cinema. The enhancements announced today build upon his legacy. "These integrated digital enhancements are just the first of many exciting updates for our global luxury program," said Hogan. "This further demonstrates our commitment to creating exceptional luxury experiences globally, with an emphasis on engaging luxury consumers in new, meaningful ways." About Coldwell Banker Previews InternationalThe Coldwell Banker Previews International program has been a world leader in the marketing of luxury homes since 1933. The Previews® program was acquired by Coldwell Banker Real Estate LLC in 1980 and launched as Coldwell Banker Previews International®, the brand's luxury homes program.  The exclusive group of certified Previews Property Specialists make up approximately 8.5 percent of the independent sales associates affiliated with the Coldwell Banker brand worldwide.  Coldwell Banker Previews International participated in more than 25,000 transaction sides of homes priced at $1 million or more in 2015. On average, Previews handles $133.5 million in luxury homes sales every day. Coldwell Banker, Previews and Coldwell Banker Previews International are registered marks licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated. About Coldwell Banker Real Estate LLCSince 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,000 independently owned and operated franchised broker offices in 46 countries and territories with almost 85,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by taking a leadership role in the smart home space, being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create an iPhone application with international listings, the first to develop an iPad application (CBx) to easily bring big data into home listing presentations, and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location YouTube channel. Coldwell Banker is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served.
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Howard Hanna Luxury Home Magazine
Cleveland, OH, August 7th, 2014 – There's a reason why Howard Hanna has more luxury home listings than any other real estate company in Pennsylvania, Ohio or Michigan. With more than fifty years of experience, staggering market share, a Christie's International Real Estate relationship, and the exclusive Homes of Distinction program it's easy to understand why. To serve those buyers and sellers with high-end needs, the company launched its Homes of Distinction program and most recently, completely redesigned the magazine. As the 4th largest real estate company in the nation, the company strives to provide an appealing insight into the world of luxury real estate by highlighting special properties. Many of the homes that are featured are award-winning and have unique features. Helen Hanna Casey, President of Howard Hanna Real Estate Services, is excited to be re-launching the brochure. "It's important that we showcase our ability to provide these kinds of exclusive services to those in the high-end real estate market," said Hanna. "We are a leader for a reason and have always been on the cutting edge of multi-generational marketing. This program and this magazine, specifically, speak to our ability to be agile in the industry and we know our customers will love it as much as we do." The unique Homes of Distinction program provides services tailored to reach affluent audiences not only in our market areas, but also worldwide. Included in the program are benefits such as; coordination of a customized marketing plan, a URL tailored to the property, direct mail, email outreach plus more. Additionally, participants may also qualify for benefits through the exclusive Christie's International Real Estate relationship that allows our discerning clients to reach an even wider audience. The newly redesigned magazine will help bring together buyers and sellers, ultimately helping reach a broader audience. It gives a complete view of the homes and their exceptional qualities in a visually stunning layout. Every day new houses are being listed or sold with Howard Hanna. See why by visiting our new Homes of Distinction brochure. Howard Hanna Real Estate Services is the top real estate company in Pennsylvania and Ohio, and ranks nationally as one of the four largest real estate companies. The family-owned and operated real estate company specializes in residential and commercial brokerage service, mortgages, closing and title insurance, land development, appraisal services, insurance services, corporate relocation and property management. With 170 offices across PA, OH, VA, MI, NY, WV, NC and MD our more than 5,700 sales associates and staff are guided by a spirit of integrity in all aspects of the real estate process. To learn more please visit www.howardhanna.com or www.facebook.com/howardhanna
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