Detailed report that covers the top 40 luxury real estate markets in the United States. Detailed analysis of the top 10 transactions in respective markets showing the true days on market and sale to original list price.
2. That’s the question many homeowners have, but the answer can
be complicated. The Concierge Auctions team has researched
the most expensive homes sold in the United States in the last
three years in order to provide clarity for agents and sellers.
The second-annual Concierge “Luxury Homes Days On Market Index” is
based on an analysis of the 10 highest property sales1
in 40 markets across
the United States. This year, we provide 2017 comparison data to the
original 27 markets we analyzed in 2015 and 2016—plus an additional 13
markets to add increased insights into Days On Market impact.
Our research continues to show that luxury properties either sell
quickly or remain on the market for a substantial period of time.
The data detailed in the following pages shows that longer Days On Market
statistically lead to a sale price that is farther away from the original list price
when compared to properties which sell in under 180 days. This former
situation presents unique challenges for both the seller and the listing agent.
This report reviews sales data to illustrate the impact of the number of days a
high-end property is marketed for sale and which markets are seeing a surplus
inventory of luxury properties.
There is no such thing as a uniform real estate market. Markets vary
dramatically not just by location, but also by segment. The average price
points in many cities across the U.S. has been marked by low inventory and
sharp price increases for the last several years. The luxury market has been
less consistent, with some markets seeing a stall-out at the uppermost levels.
Comparing the 2017 data to the 27 markets featured in last year’s report,
it appears that even as the economy has remained strong, overall, the average
total Days On Market of 522 in 2017 remained fairly consistent with 2016
and 2015, at 534 and 590 days, respectively. Moreover, luxury properties in
the top tier of the market tend to stay on market significantly longer than
properties closer to median sale prices. According to data from the National
CHAD ROFFERS
CHAIRMAN
INTRODUCTION
How long will it take for my luxury property to sell?
COVER:
2140 South Highway A1A
Vero Beach, Florida
Sold for $10.304M
03
3. Methodology:
All sales data was compiled
by the Concierge Auctions
team using MLS data
and public property records.
All analysis is proprietary to
Concierge Auctions.
By comparison, the median existing home price for all housing types in
December 2017, according to the National Association of Realtors®, was
$246,800, up 5.8% from the previous year.
THE NEWCOMERS
This year’s report welcomes 13 new markets for evaluation. These
new additions represent popular resort markets as well as urban
areas that have benefited from the luxury boom of the past few years
such as Denver, Colorado. For the top 101
properties sold in these
markets, the average sale price was $8,461,126 and the average
Days On Market was 550. In most of these markets, the majority of
properties, or nearly 70%, remained on the market for over 180 days.
For example, in Westchester County, New York, only three of the top 101
properties sold within 180 days for an average of 101% of their sale price,
while the homes that failed to sell within that time frame sold for an average
of just 62% of their original asking price and were listed for an average of
more than 1,100 days.
Footnote: 1. In the following markets and years, the top nine sales of the year were analyzed: Malibu (2015), Miami (2015),
Aspen (2015), Dallas (2015), Greenwich (2015 & 2016), and Telluride (2017). 2. Fairfield County, CT excludes Greenwich, CT.
See Greenwich, CT market for stats.
Association of Realtors®
, the overall market for existing home sales showed that
as of December 2017, properties typically stayed on the market for 40 days,
down from 52 days in December of 2016.
In 2017, 72% took longer than 180 days to sell, an increase from years prior,
at 59% in 2015 and 65% in 2016.
The average sold price for these top 101
properties remained mostly flat, slightly
increasing from both 2015 and 2016. The sold price in 2015 was $12,124,696.
In 2016, it dropped to $11,490,695, but in 2017 it was up to $12,399,663.
While prices at the top of the market increased in some locales, some markets
saw either a flattening or a large drop in average sale prices.
Comparative to each of the average sale prices in 2015 and 2016, 16 of the
27 markets were lower in 2017 than those achieved in either year prior. The
average percent of original list price achieved to the sale price was mostly lower
than that achieved in 2015 or 2016. More specifically, those properties that
sold in less than 180 days, were 87% in 2015, 93% in 2016, and 92% in 2017.
Those that took more than 180 days to sell, were 76% in 2015, 77% in 2016,
and 74% in 2017.
LUXURY
PROPERTIES
EITHER SELL
QUICKLY OR
REMAIN ON
THE MARKET
FOR A
SUBSTANTIAL
PERIOD
OF TIME.”
“
2150 South Highway A1A | Vero Beach, FL
Sold for $10.304M
4. 04
THE LANDSCAPE
OF LUXURY
In today’s real estate market, there is limited liquidity for luxury.
Properties in the luxury category are difficult
to value and sell. Price has little bearing on
demand, and multiple buyers don’t often
arrive at once.
There’s a point of inflection where real estate
turns from necessary to discretionary. Similar
to other luxury consumption, once a home
has been enjoyed and highly customized to
its owner, it is worth significantly less to the
next buyer.
High-end real estate acts the same way; plus,
it’s static is location.
Individual luxury real estate markets are also
subject to variables that may be independent
of the national real estate landscape — the
amount of competitive properties also listed,
the absorption rate in the specific market,
seasonality, and local economic factors.
These all can help determine how quickly a
property will sell.
62-3916 Lanikeha Place | Big Island, Hawaii
Sold for $6.608MPRICE
REDUCTIONS
UNDERMINE
VALUE.
In the ultra-luxury realm, the buyer pool is limited. Price reductions are proven to
undermine the value of a property and may cause buyers to sit back and wait.
05
5. 07
Days On Market are expensive and directly correlate with perceived value
in the eyes of potential buyers.
THE COST OF
DAYS ON MARKET
Our research continues to show that the
largest factor in determing the price of a luxury
property is the number of days that it has been
marketed for sale.
Every day a luxury property is on the market,
it depreciates in value. When a property
has been on the market for a prolonged
period of time, not only does it suffer from
negative perception, but there’s an inherent
cost associated with the accumulated days.
This is especially true in markets with a high
level of second homes.
Today, information about your property’s
history is more readily available than ever.
Buyers can clearly see the full history of a
property, including total Days On Market
(any time it’s been de-listed and re-listed),
price reductions, and every listing agent
hired. A home that has been on the market
for a significant amount of time and has seen
06
multiple price reductions will often sell for a
fraction of original list price.
All of these factors impact the perception
of value.
In our analysis of the top 101
sales from 2017,
we found that luxury properties in the top tier of
the market tend to stay on market significantly
longer than properties closer to the median sale
prices. The total average Days On Market in
2017 was 531 days, with an average sale price
to list price of 84%.
Of the 29% that sold in less than 180 days,
the average Days On Market was 80 days,
with properties selling for 93% of the original
list price.
Of the 71% that sold in over 180 days, the
average Days On Market was 708 days, with
properties selling for 71% of the original list price.
0
%VALUEACHIEVED
DAYS ON MARKET
365+
100
RETAIL MARKET WHOLESALE
DANGER
ZONE
6. 09
This year’s trendsetters.
VS.
HOT NOT
2017
08
This year’s highlights.
> 730 AVG DAYS ON MARKET: 12/40 MARKETS
> 365 AVG DAYS ON MARKET: 36/40 MARKETS
> 180 AVG DAYS ON MARKET: 38/40 MARKETS
AT A GLANCE
2017
$11,131,447
AVERAGE SOLD PRICE
531
AVERAGE DAYS ON MARKET
1,062
LONGEST AVERAGE DAYS ON MARKET
Nashville, TN
55
SHORTEST AVERAGE DAYS ON MARKET
San Francisco, CA
BRENTWOOD, CA
80% SOLD IN UNDER 180 DAYS
In the elite Brentwood area of Los Angeles,
the average Days On Market (DOM) for the
top 10 homes was just 154 days, and the
average sold price was $15,200,000. In this
hot market, 80% of the top 10 homes sold in
under 180 days for 86% of their original list
price.
SEATTLE, WA
AVERAGE PRICE UP 49%; DOM DOWN 37%
The average sold price of a top 10 home in Seattle
was $7,744,743 in 2016 and $11,516,850 in
2017, and, DOM dropped from 569 to 358.
OAHU, HI
DAYS ON MARKET ROSE 150% IN 2 YEARS
Oahu saw both a reduction in price as well as
increased DOM. In 2015, the average sale price
was $12,037,600 with 293 average DOM,
while in 2017, the average sale price dropped
to $8,082,800, or nearly 33%, with an average
DOM increase to 737.
SAN DIEGO, CA
67% REDUCTION IN AVERAGE SALE PRICE
San Diego County has seen a more than 67%
reduction in the average sale price for the top
10 sales in 2017 compared to 2016, and an
increase of 113% more DOM, from 288 to 614.
ATLANTA, GA
953 AVERAGE DAYS ON MARKET
The average DOM in Atlanta in 2017 was 953
days and just one of the top 10 properties sold in
under 180 days. The remaining nine properties,
stayed on the market for 1,044 days, and sold for
an average of only 65% of their list price.
VERO BEACH, FL
OVER 180 DOM = 65% SALE VS. LIST PRICE
The Vero market has seen the DOM over 180
days go up dramatically. In 2017, DOM for
properties over 180 days averaged 1,115 days.
In 2017, two of the properties sold in under 180
days for an average of 86% of their list price. By
contrast, the other eight properties only brought
in 65% of their original list price at the time of
7. THE AMOUNT
OF HOMES THAT SELL
QUICKLY HAS DROPPED
11% SINCE 2015.
The amount of homes that sell quickly
has dropped 11% since 2015.
28%
SOLD IN
AN AVERAGE
OF 89 DAYS
FOR 92%
OF LIST PRICE.
72%
SOLD IN
AN AVERAGE
OF 680 DAYS
FOR 74%
OF LIST PRICE.
35%
SOLD IN
AN AVERAGE
OF 80 DAYS
FOR 93%
OF LIST PRICE.
65%
SOLD IN
AN AVERAGE
OF 774 DAYS
FOR 77%
OF LIST PRICE.
39%
SOLD IN
AN AVERAGE
OF 85 DAYS
FOR 87%
OF LIST PRICE.
59%
SOLD IN
AN AVERAGE
OF 927 DAYS
FOR 76%
OF LIST PRICE.
201720162015
PROPERTIES SOLD IN
UNDER 180 DAYS
PROPERTIES SOLD IN
OVER 180 DAYS
TOTALS
YEAR-OVER-YEAR
011010
8. 2017:
TOP SALES AVERAGES
ASPEN, CO
ATLANTA, GA
BEVERLY HILLS, CA
BOSTON, MA
BRENTWOOD, CA
DALLAS, TX
GREENWICH, CT
HOLMBY/BEL AIR, CA
LAS VEGAS, NV
MALIBU, CA
MAUI, HI
MIAMI, FL
NASHVILLE, TN
OAHU, HI
ORANGE COUNTY, CA
PACIFIC PALISADES, CA
PALM BEACH (PROPER), FL
PHOENIX (GREATER AREA) AZ
RANCHO SANTA FE, CA
SAN DIEGO COUNTY, CA
SAN FRANCISCO COUNTY, CA
SEATTLE, WA
SONOMA COUNTY, CA
TELLURIDE, CO
VAIL, CO
VERO BEACH, FL
WESTLAKE VILLAGE, CA
AVERAGES
$21,991,100
$5,557,582
$24,352,500
$5,861,000
$15,200,000
$8,459,500
$16,629,200
$24,418,500
$4,938,900
$19,120,095
$10,985,000
$22,871,100
$5,312,364
$8,082,800
$20,981,200
$15,199,500
$28,362,528
$6,212,650
$6,585,000
$4,499,700
$12,892,500
$11,516,850
$5,923,150
$4,802,182
$12,466,000
$6,222,600
$5,347,400
$12,399,663
630
953
347
241
154
416
478
251
489
480
698
608
1,062
737
589
398
476
701
481
614
55
358
368
563
472
926
537
522
77
133
139
90
114
121
91
73
52
89
30
N/A
97
60
102
77
128
6
151
137
55
45
48
64
79
169
84
89
692
1,044
436
392
317
490
644
296
676
647
773
608
1,704
906
711
536
563
701
518
667
N/A
567
581
812
570
1,115
732
681
10%
10%
30%
50%
80%
20%
30%
20%
30%
30%
10%
0%
40%
20%
20%
30%
20%
10%
10%
10%
100%
40%
40%
30%
20%
20%
30%
28%
98%
91%
80%
95%
86%
82%
88%
80%
94%
96%
100%
N/A
94%
95%
94%
100%
83%
97%
86%
93%
100%
97%
95%
94%
100%
86%
86%
92%
90%
90%
70%
50%
20%
80%
70%
80%
70%
70%
90%
100%
60%
80%
80%
70%
80%
90%
90%
90%
0%
60%
60%
70%
80%
80%
70%
72%
85%
65%
75%
84%
73%
80%
69%
70%
78%
75%
75%
68%
72%
71%
72%
79%
70%
80%
74%
68%
N/A
79%
72%
87%
80%
65%
66%
74%
SALE PRICE DOM
DOM UNDER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
DOM OVER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
HIGHEST SALE PRICE:
Palm Beach (Proper), FL
CAPE COD, MA
CHICAGO, IL
DENVER, CO
FAIRFIELD COUNTY, CT2
HOUSTON, TX
KAUAI, HI
KONA, HI
NAPLES, FL
PALO ALTO, CA
PARK CITY, UT
PHILADELPHIA, PA
TAMPA, FL
WESTCHESTER, NY
AVERAGES
$9,840,900
$6,555,800
$5,152,500
$7,573,500
$8,503,500
$7,887,000
$11,650,000
$14,045,000
$9,796,900
$9,630,300
$4,958,977
$5,698,925
$8,701,335
$8,461,126
982
322
371
757
394
357
315
409
180
1,039
771
457
798
550
87
44
67
48
77
102
66
79
63
N/A
N/A
64
80
71
1,206
441
573
1,229
606
612
422
493
355
1,039
771
719
1,106
736
20%
30%
40%
40%
40%
50%
30%
20%
60%
0%
0%
40%
30%
31%
103%
97%
93%
96%
96%
84%
95%
80%
96%
N/A
N/A
94%
101%
94%
80%
70%
60%
60%
60%
50%
70%
80%
40%
100%
100%
60%
70%
69%
75%
90%
87%
72%
66%
75%
77%
73%
92%
85%
77%
77%
62%
78%
SALE PRICE DOM
DOM UNDER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
DOM OVER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
LOWEST DOM:
San Francisco, CA
MOST SOLD UNDER 180 DOM:
San Francisco, CA
LOWEST SALE PRICE:
San Diego, CA
HIGHEST DOM:
Nashville, TN
LEAST SOLD UNDER 180 DOM:
Miami, FL | Park Cit, UT |
Philadelphia, PA
2017:
TOP SALES AVERAGES | NEW MARKETS
013012
93 Clapboard Ridge | Greenwich, CT
Sold. Listed for $7.195M.
9. ASPEN, CO
ATLANTA, GA
BEVERLY HILLS, CA
BOSTON, MA
BRENTWOOD, CA
DALLAS, TX
GREENWICH, CT
HOLMBY/BEL AIR, CA
LAS VEGAS, NV
MALIBU, CA
MAUI, HI
MIAMI, FL
NASHVILLE, TN
OAHU, HI
ORANGE COUNTY, CA
PACIFIC PALISADES, CA
PALM BEACH (PROPER), FL
PHOENIX (GREATER AREA), AZ
RANCHO SANTA FE, CA
SAN DIEGO COUNTY, CA
SAN FRANCISCO COUNTY, CA
SEATTLE, WA
SONOMA COUNTY, CA
TELLURIDE, CO
VAIL, CO
VERO BEACH, FL
WESTLAKE VILLAGE, CA
AVERAGES
$13,774,000
$5,832,800
$19,730,000
$5,108,000
$12,349,600
$8,090,200
$11,447,888
$32,741,600
$5,262,000
$17,205,400
$10,472,000
$14,998,960
$3,388,400
$8,076,969
$19,182,258
$12,779,406
$24,894,801
$7,393,000
$6,215,000
$13,910,000
$14,544,250
$7,744,743
$10,320,700
$5,963,750
$7,867,388
$6,412,000
$4,543,650
$11,490,695
307
532
375
287
345
672
665
860
398
489
438
497
585
428
525
256
451
690
434
288
372
569
811
1,057
702
807
572
534
81
115
88
99
87
63
131
1
150
81
41
66
47
64
132
85
76
97
95
11
49
78
85
76
85
97
77
80
645
811
805
413
603
797
818
955
564
664
537
794
944
520
623
427
827
838
661
705
856
1,060
992
1,303
967
984
784
774
60%
40%
60%
40%
50%
10%
20%
10%
40%
30%
20%
40%
40%
20%
20%
50%
50%
20%
40%
50%
60%
50%
20%
20%
30%
20%
30%
35%
95%
91%
94%
96%
95%
98%
97%
100%
92%
95%
100%
85%
98%
90%
83%
89%
89%
85%
92%
90%
111%
94%
87%
98%
85%
95%
96%
93%
40%
60%
40%
60%
50%
90%
80%
90%
60%
70%
80%
60%
60%
80%
80%
50%
50%
80%
60%
50%
40%
50%
80%
80%
70%
80%
70%
65%
84%
70%
67%
86%
79%
75%
66%
76%
73%
85%
72%
65%
87%
79%
72%
79%
80%
84%
73%
85%
79%
90%
70%
78%
80%
73%
81%
77%
SALE PRICE DOM
DOM UNDER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
DOM OVER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
ASPEN, CO
ATLANTA, GA
BEVERLY HILLS, CA
BOSTON, MA
BRENTWOOD, CA
DALLAS, TX
GREENWICH, CT
HOLMBY/BEL AIR, CA
LAS VEGAS, NV
MALIBU, CA
MAUI, HI
MIAMI, FL
NASHVILLE, TN
OAHU, HI
ORANGE COUNTY, CA
PACIFIC PALISADES, CA
PALM BEACH (PROPER), FL
PHOENIX (GREATER AREA), AZ
RANCHO SANTA FE, CA
SAN DIEGO COUNTY, CA
SAN FRANCISCO COUNTY, CA
SEATTLE, WA
SONOMA COUNTY, CA
TELLURIDE, CO
VAIL, CO
VERO BEACH, FL
WESTLAKE VILLAGE, CA
AVERAGES
$22,450,981
$4,248,160
$25,117,000
$8,244,500
$13,381,166
$9,122,222
$9,976,667
$24,536,155
$6,081,000
$14,413,750
$10,899,500
$20,820,011
$3,662,400
$12,037,600
$16,730,489
$12,383,946
$20,235,410
$7,344,769
$7,525,500
$12,032,000
$16,082,500
$8,552,500
$10,814,800
$6,137,195
$11,609,250
$7,241,375
$5,685,944
$12,124,696
667
467
188
412
173
550
940
683
606
471
522
497
852
293
348
494
428
604
1,040
795
579
739
432
977
735
571
875
590
57
106
86
76
82
150
0
123
103
57
113
40
53
88
43
86
122
69
86
114
62
84
106
59
86
112
124
85
972
828
598
917
310
742
940
922
1,778
719
795
725
1,194
499
478
767
559
738
1,675
965
1,353
1,395
922
1,370
909
767
1,197
927
30%
50%
80%
60%
60%
40%
0%
30%
70%
30%
40%
0%
30%
50%
30%
40%
30%
20%
40%
20%
60%
50%
60%
30%
30%
30%
30%
39%
95%
91%
88%
93%
95%
81%
0%
83%
87%
95%
91%
92%
98%
89%
85%
95%
89%
88%
92%
91%
92%
95%
94%
93%
88%
86%
93%
87%
60%
50%
20%
40%
40%
50%
100%
70%
30%
60%
60%
60%
70%
50%
70%
60%
70%
80%
60%
80%
40%
50%
40%
70%
70%
70%
70%
59%
76%
78%
64%
86%
85%
83%
81%
76%
53%
80%
82%
78%
72%
69%
78%
77%
80%
83%
63%
72%
72%
73%
72%
81%
87%
77%
71%
76%
SALE PRICE DOM
% OLP
TO SP
%
SALES
AVG
DOM
DOM OVER 180 DAYS
% OLP
TO SP
%
SALES
AVG
DOM
DOM UNDER 180 DAYS
HIGHEST SALE PRICE:
Holmby/Bel Air, CA
LOWEST DOM:
Pacific Palisades, CA
MOST SOLD UNDER 180 DOM:
Aspen, CO | Beverly Hills, CA
San Francisco, CA
LOWEST SALE PRICE:
Nashville, TN
HIGHEST DOM:
Telluride, CO
LEAST SOLD UNDER 180 DOM:
Holmby/Bel Air, CA | Dallas, TX
2016:
TOP SALES AVERAGES
2015:
TOP SALES AVERAGES
HIGHEST SALE PRICE:
Beverly Hills, CA
LOWEST DOM:
Brentwood, CA
MOST SOLD UNDER 180 DOM:
Beverly Hills, CA
LOWEST SALE PRICE:
Nashville, TN
HIGHEST DOM:
Las Vegas, NV
LEAST SOLD UNDER 180 DOM:
Greenwich, CT | Miami, FL
015014
10. ASPEN, CO
ATLANTA, GA
BEVERLY HILLS, CA
BOSTON, MA
BRENTWOOD, CA
DALLAS, TX
GREENWICH, CT
HOLMBY/BEL AIR, CA
LAS VEGAS, NV
MALIBU, CA
MAUI, HI
MIAMI, FL
NASHVILLE, TN
OAHU, HI
ORANGE COUNTY, CA
PACIFIC PALISADES, CA
PALM BEACH (PROPER), FL
PHOENIX (GREATER AREA), AZ
RANCHO SANTA FE, CA
SAN DIEGO COUNTY, CA
SAN FRANCISCO COUNTY, CA
SEATTLE, WA
SONOMA COUNTY, CA
TELLURIDE, CO
VAIL, CO
VERO BEACH, FL
WESTLAKE VILLAGE, CA
AVERAGES
60%
-5%
23%
15%
23%
5%
45%
-25%
-6%
11%
5%
52%
57%
0.07%
9%
19%
14%
-16%
6%
-68%
-11%
49%
-43%
-19%
58%
-3%
18%
8%
-39%
37%
-21%
-38%
-8%
-11%
15%
33%
-13%
19%
-4%
-28%
-7%
-33%
15%
3%
23%
1%
-17%
16%
-10%
-9%
-5%
-3%
-32%
-11%
-20%
-5%
-2%
31%
-3%
-29%
14%
-7%
67%
-0.5%
-19%
33%
1%
10%
45%
-33%
25%
23%
40%
-15%
-13%
-63%
-20%
35%
-45%
-22%
7%
-14%
-6%
2%
AVG SALE PRICE
2015-2016 2016-2017 2015-2017
105%
79%
-7%
-16%
-55%
-38%
-28%
-71%
23%
-2%
59%
22%
82%
72%
12%
55%
6%
2%
11%
113%
-85%
-37%
-55%
-47%
-33%
15%
-6%
7%
-54%
14%
99%
-30%
99%
22%
-29%
26%
-34%
4%
-16%
0%
-31%
46%
51%
-48%
5%
14%
-58%
-64%
-36%
-23%
88%
8%
-4%
41%
-35%
2%
-6%
104%
85%
-42%
-11%
-24%
-49%
-63%
-19%
2%
34%
22%
25%
152%
69%
-19%
11%
16%
-54%
-23%
-91%
-52%
-15%
-42%
-36%
62%
-39%
-12%
AVG DOM
2015-2016 2016-2017 2015-2017
RISE IN SALE PRICE:
Greenwich, CT | Nashville, TN | Seattle, WA
FALL IN DOM:
San Francisco, CA | Holmby/Bel Air, CA
Rancho Santa Fe, CA
FALL IN SALE PRICE:
San Diego, CA | Sonoma County, CA
Oahu, HI
RISE IN DOM:
Oahu, HI | Atlanta, GA | Beverly Hills, CA
2015-2017:
ANNUAL CHANGE
018
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