{"id":57892,"date":"2017-04-27T04:45:02","date_gmt":"2017-04-27T11:45:02","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=57892"},"modified":"2020-10-06T13:44:35","modified_gmt":"2020-10-06T20:44:35","slug":"luxury-market-off-to-a-strong-start-in-2017","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/luxury-market-off-to-a-strong-start-in-2017\/","title":{"rendered":"Luxury Housing Market Off to a Strong Start in 2017"},"content":{"rendered":"

Luxury home prices rose 4.2 percent in the first quarter of 2017 compared to last year, to an average of $1.65 million. The Redfin analysis tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it is among the top 5 percent most expensive homes sold in the city in each quarter.<\/span><\/p>\n

Prices in the bottom 95 percent of the market outperformed the luxury market for the ninth consecutive quarter. The average price for non-luxury homes was $307,000, up 7 percent compared to a year earlier. <\/span><\/p>\n

While the number of homes for sale remains <\/span>stubbornly low<\/span><\/a> in many cities around the country, luxury buyers had more to choose from. The supply of homes for sale priced at or above $1 million ticked up 1 percent in the first quarter, compared to a year earlier, while the number of homes priced at or above $5 million jumped 15 percent. <\/span><\/p>\n\n\n\n\n\n\n\n\n\n
Q1 Market Summary<\/b><\/td>\nLuxury Market (Top 5%)<\/b><\/td>\nRest of Market (Bottom 95%)<\/b><\/td>\n<\/tr>\n
Average Sale Price<\/span><\/td>\n$1.65 million<\/span><\/td>\n$307,000<\/span><\/td>\n<\/tr>\n
Average Sale Price YoY<\/span><\/td>\n+4.2%<\/span><\/td>\n+7.0%<\/span><\/td>\n<\/tr>\n
Average Sale Price QoQ<\/span><\/td>\n+2.4%<\/span><\/td>\n-1.6%<\/span><\/td>\n<\/tr>\n
Average Days on Market<\/span><\/td>\n91<\/span><\/td>\n69<\/span><\/td>\n<\/tr>\n
Days on Market YoY<\/span><\/td>\n2 more days than last year<\/span><\/td>\n6 fewer days than last year<\/span><\/td>\n<\/tr>\n
Percent of Homes that Sold Above List Price<\/span><\/td>\n1.2%<\/span><\/td>\n20.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Biggest Winners<\/b><\/h3>\n

The luxury market in Washington, D.C. had a strong start to the year. The average price of a luxury property increased 32.6 percent compared to last year, reversing a year-long trend of declining prices in the luxury segment. \u00a0<\/span><\/p>\n

Could the incoming Trump administration be leading a surge of interest in Washington\u2019s high-end homes? Trump appointees were the purchasers of the two most expensive homes sold in the district in the first quarter. Treasury Secretary Steve Mnuchin shelled out $12.6 million in February for <\/span>this estate<\/span><\/a> in Massachusetts Avenue Heights, one of Washington\u2019s ritziest enclaves. He\u2019s a literal stone\u2019s throw from the new secretary of commerce, billionaire Wilbur Ross. Ross purchased this <\/span>Beaux Arts mansion<\/span><\/a> for $10.75 million in late January. Secretary of State Rex Tillerson reportedly bought <\/span>this stately Colonial<\/span><\/a> in the Kalorama neighborhood for $5.5 million in February. He counts the Obamas and the Trump\/Kushner family among his neighbors–though both those families are renting.<\/span><\/p>\n

\u201cTrump\u2019s cabinet has been billed as the <\/span>wealthiest in history<\/span><\/a> and they\u2019ve certainly made a mark on the high-end real estate market here,\u201d said Michael Alderfer, a Redfin agent in Washington, D.C. \u201cWe don\u2019t typically see many home sales over $10 million in a year. To have two back-to-back is significant. We may see some additional eye-popping purchases from Trump administration officials in the coming months.\u201d <\/span><\/p>\n

Trump advisor Kellyanne Conway is <\/span>rumored<\/span><\/a> to be under contract on this <\/span>$8 million villa<\/span><\/a>. \u00a0<\/span><\/p>\n

\u201cWhile the new administration is making its mark on the luxury market, large cuts in staff at government agencies or a government shutdown could have a more lasting impact on the housing market for the average D.C. homebuyer,\u201d Alderfer added.<\/span><\/p>\n

List of Biggest Winners<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nLuxury Market (Top 5%)<\/b><\/td>\nRest of Market (Bottom 95%)<\/b><\/td>\n<\/tr>\n
City<\/b><\/td>\nAverage Sale Price<\/b><\/td>\nYoY Change<\/b><\/td>\nAverage Sale Price<\/b><\/td>\nYoY Change<\/b><\/td>\n<\/tr>\n
Washington, D.C.<\/span><\/td>\n$2,708,000<\/span><\/td>\n32.6%<\/span><\/td>\n$570,000<\/span><\/td>\n6.3%<\/span><\/td>\n<\/tr>\n
St. Petersburg, FL<\/span><\/td>\n$1,227,000<\/span><\/td>\n28.5%<\/span><\/td>\n$212,000<\/span><\/td>\n19.1%<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n$1,339,000<\/span><\/td>\n23.5%<\/span><\/td>\n$422,000<\/span><\/td>\n12.2%<\/span><\/td>\n<\/tr>\n
Paradise, NV<\/span><\/td>\n$1,147,000<\/span><\/td>\n22.4%<\/span><\/td>\n$202,000<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n$1,556,000<\/span><\/td>\n21.4%<\/span><\/td>\n$208,000<\/span><\/td>\n13.0%<\/span><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/td>\n$5,286,000<\/span><\/td>\n19.9%<\/span><\/td>\n$1,270,000<\/span><\/td>\n4.6%<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/td>\n$1,747,000<\/span><\/td>\n16.2%<\/span><\/td>\n$368,000<\/span><\/td>\n4.8%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n$1,010,000<\/span><\/td>\n15.3%<\/span><\/td>\n$189,000<\/span><\/td>\n9.9%<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/td>\n$3,540,000<\/span><\/td>\n14.1%<\/span><\/td>\n$675,000<\/span><\/td>\n11.8%<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n$1,963,000<\/span><\/td>\n13.1%<\/span><\/td>\n$615,000<\/span><\/td>\n13.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Biggest Losers<\/b><\/h3>\n

The average price for a luxury home fell furthest in Delray Beach, Florida. An unusually high average luxury sale price in the first quarter of 2016 meant prices in the most recent quarter appeared to have fallen steeply by comparison. Redfin agent Delray Valle believes her local market is solid. <\/span><\/p>\n

\u201cLuxury homes are selling at a normal pace; the average high-end home is on the market about five to six months before finding a buyer. It\u2019s not a super heated market, but there is steady demand for updated, waterfront properties.\u201d <\/span><\/p>\n

Prices for high-end properties also fell in Clearwater, Florida (-11.3 percent) and Alexandria, Virginia (-9.7 percent).<\/span><\/p>\n

List of Biggest Losers<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nLuxury Market (Top 5%)<\/b><\/td>\nRest of Market (Bottom 95%)<\/b><\/td>\n<\/tr>\n
City<\/b><\/td>\nAverage Sale Price<\/b><\/td>\nYoY Change<\/b><\/td>\nAverage Sale Price<\/b><\/td>\nYoY Change<\/b><\/td>\n<\/tr>\n
Delray Beach, FL<\/span><\/td>\n$2,452,000<\/span><\/td>\n-26.4%<\/span><\/td>\n$261,000<\/span><\/td>\n11.5%<\/span><\/td>\n<\/tr>\n
Clearwater, FL<\/span><\/td>\n$1,051,000<\/span><\/td>\n-11.3%<\/span><\/td>\n$192,000<\/span><\/td>\n7.9%<\/span><\/td>\n<\/tr>\n
Alexandria, VA<\/span><\/td>\n$1,236,000<\/span><\/td>\n-9.7%<\/span><\/td>\n$442,000<\/span><\/td>\n1.8%<\/span><\/td>\n<\/tr>\n
Alpharetta, GA<\/span><\/td>\n$1,097,000<\/span><\/td>\n-5.2%<\/span><\/td>\n$370,000<\/span><\/td>\n8.5%<\/span><\/td>\n<\/tr>\n
Spring, TX<\/span><\/td>\n$1,080,000<\/span><\/td>\n-3.7%<\/span><\/td>\n$243,000<\/span><\/td>\n6.6%<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n$2,380,000<\/span><\/td>\n-3.6%<\/span><\/td>\n$578,000<\/span><\/td>\n9.5%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/span><\/td>\n$2,646,000<\/span><\/td>\n-2.8%<\/span><\/td>\n$336,000<\/span><\/td>\n5.3%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n$1,461,000<\/span><\/td>\n-2.4%<\/span><\/td>\n$296,000<\/span><\/td>\n11.3%<\/span><\/td>\n<\/tr>\n
Boynton Beach, FL<\/span><\/td>\n$1,043,000<\/span><\/td>\n-2.0%<\/span><\/td>\n$233,000<\/span><\/td>\n6.9%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Most Expensive Sales<\/b><\/h3>\n

Curious about the most expensive homes sold last quarter? Take a peek at the top-10 most expensive sales and live vicariously through these new luxury owners:<\/span><\/p>\n

    \n
  1. This <\/span>oceanfront Palm Beach, Florida, compound<\/span><\/a> has everything – movie theater, gym, sauna, wine cellar and more. It sold for $49 million. <\/span><\/li>\n
  2. The <\/span>Coral Gables, Florida, estate<\/span><\/a>, featuring views of the ocean and Miami skyline, sold for $43.7 million. <\/span><\/li>\n
  3. Casa Brisas<\/span><\/a> is situated on 300 feet of direct oceanfront in <\/span>Manalapan, Florida,<\/span><\/a> and features an underground exotic car garage. It sold for $40 million.<\/span><\/li>\n
  4. Manny Mashouf<\/span><\/a>, the founder of the Bebe retail brand, sold this <\/span>Bel Air Mediterranean mansion<\/span><\/a> for a cool $30 million.<\/span><\/li>\n
  5. This <\/span>$28 million new-construction home<\/span><\/a> is on a prime parcel of land between the Atlantic and the intracoastal waterway in Manalapan, Florida. <\/span><\/li>\n
  6. The value was in the land in this <\/span>$26 million Santa Barbara transaction<\/span><\/a>. The sale included three parcels and a house and barn. <\/span><\/li>\n
  7. This <\/span>gated Beverly Hills estate<\/span><\/a> steeped in Hollywood history<\/span><\/a> sold for $28.5 million. <\/span><\/li>\n
  8. Designed by Frank Gehry, this <\/span>beachfront modern gem in Malibu<\/span><\/a> sold for $24.2 million at auction. <\/span><\/li>\n
  9. You don\u2019t want to miss the waterslide in this <\/span>resort-like Miami Beach home<\/span><\/a> that sold for $22.6 million.<\/span><\/li>\n
  10. Sold for $22 million, this <\/span>modern, glass Miami Beach home<\/span><\/a> features water and skyline views from every room. <\/span><\/li>\n<\/ol>\n

    Visit the <\/span>Redfin Data Center<\/span><\/a> to find more housing market data for metro areas around the country.<\/span><\/p>\n

    Methodology: <\/b>Redfin tracks the most expensive 5 percent of homes sold in more than 1,000 U.S. cities and compares price changes to the bottom 95 percent of homes in those cities. Analysis is based on multiple-listing and county recorder sales data in markets served by Redfin. To determine luxury market winners and losers, we looked at cities with at least 40 luxury sales in the quarter and an average luxury sale price of $1 million or higher. <\/span><\/p>\n

    Search for Homes by City:<\/p>\n\n<\/thead>\n\n\n\n\n\n\n\n\n\n
    Atlanta Real Estate<\/a><\/span><\/td>\nAustin Real Estate<\/a><\/span><\/td>\nBaltimore Real Estate<\/a><\/span><\/td>\nBoston Real Estate<\/a><\/span><\/td>\nCharleston Real Estate<\/a><\/span><\/td>\nCharlotte Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Chicago Real Estate<\/a><\/span><\/td>\nCincinnati Real Estate<\/a><\/span><\/td>\nCleveland Real Estate<\/a><\/span><\/td>\nColumbus Real Estate<\/a><\/span><\/td>\nDallas Real Estate<\/a><\/span><\/td>\nDenver Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Detroit Real Estate<\/a><\/span><\/td>\nEl Paso Real Estate<\/a><\/span><\/td>\nFort Lauderdale Real Estate<\/a><\/span><\/td>\nFort Worth Real Estate<\/a><\/span><\/td>\nHouston Real Estate<\/a><\/span><\/td>\nIndianapolis Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Jacksonville Real Estate<\/a><\/span><\/td>\nLas Vegas Real Estate<\/a><\/span><\/td>\nLos Angeles Real Estate<\/a><\/span><\/td>\nLouisville Real Estate<\/a><\/span><\/td>\nManhattan Real Estate<\/a><\/span><\/td>\nMiami Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Milwaukee Real Estate<\/a><\/span><\/td>\nMinneapolis Real Estate<\/a><\/span><\/td>\nNashville Real Estate<\/a><\/span><\/td>\nNew Orleans Real Estate<\/a><\/span><\/td>\nOakland Real Estate<\/a><\/span><\/td>\nOrlando Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Philadelphia Real Estate<\/a><\/span><\/td>\nPhoenix Real Estate<\/a><\/span><\/td>\nPittsburgh Real Estate<\/a><\/span><\/td>\nPortland Real Estate<\/a><\/span><\/td>\nProvidence Real Estate<\/a><\/span><\/td>\nRaleigh Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    Richmond Real Estate<\/a><\/span><\/td>\nSacramento Real Estate<\/a><\/span><\/td>\nSalt Lake City Real Estate<\/a><\/span><\/td>\nSan Antonio Real Estate<\/a><\/span><\/td>\nSan Diego Real Estate<\/a><\/span><\/td>\nSan Francisco Real Estate<\/a><\/span><\/td>\n<\/tr>\n
    San Jose Real Estate<\/a><\/span><\/td>\nScottsdale Real Estate<\/a><\/span><\/td>\nSeattle Real Estate<\/a><\/span><\/td>\nSt. Louis Real Estate<\/a><\/span><\/td>\nTampa Real Estate<\/a><\/span><\/td>\nWashington, DC Real Estate<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

    Trump appointee home purchases contribute to 33 percent price surge in D.C.\u2019s luxury market.<\/p>\n","protected":false},"author":13060,"featured_media":44940,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,24],"tags":[71,68,18],"dashboard":[],"coauthors":[],"class_list":["post-57892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-luxury-market","tag-celebrity","tag-local","tag-luxury-report"],"acf":[],"yoast_head":"\nLuxury Housing Market Off to a Strong Start in 2017 - 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