When it comes to luxury real estate, the wealthiest and most influential players tend to reside in what Coldwell Banker calls “power markets.” These are the luxury markets that feature a range of lifestyle amenities, cultural experiences, and educational opportunities, some being well established and others more obscure. “Power Markets” go a step further, offering the best of both worlds, with airport accessibility, ease of doing business, prestige, and exclusive real estate that provides privacy and views.
Coldwell Banker Global Luxury Program has teamed up with The Institute for Luxury Home Marketing to provide a snapshot of the top 10 Power Markets for Buyers and Sellers in 2018. The report began by analyzing their top 5 percent and 10 percent of active and sold listings in 2018. They broke it down to compare the top five luxury “power markets” for both sellers and buyers, based on the median prices for the top 10 percent of homes sold in these markets.
In order, the top five buyer power markets were Maui, Hawaii; Palm Beach, Florida; Washington, D.C.; Kauai, Hawaii; and Brooklyn, New York. The top five sellers were: LA Valley, California; Detroit, Michigan; Las Vegas, Nevada; Boulder, Colorado; and Raleigh, North Carolina.
To break it down a bit more: Raleigh-Durham, North Carolina, had the shortest time on the market for single-family homes at a mere three days. For condos, Silicon Valley had the shortest median days on the market at nine days. The most expensive markets were in the Los Angeles-Beach area (Santa Monica, Malibu, and Manhattan Beach) where the median price per square foot was $1,398. Vail, Colorado, took the top spot for condos at $1,629 median price per square foot. Texas reigned for luxury single-family home affordability—Collin County and Fort Worth, Texas, were tied with median prices per square foot at $165. For condos, Orlando, Florida, had the lowest median price per square foot at $156.
The most evolving luxury market was in Staten Island, New York, drawing buyers who work or own businesses in the surrounding boroughs of New York City, Manhattan, and Brooklyn. In 2018, Staten Island saw impressive sale prices of single-family homes: 134 of the 139 homes closed above $1 million, four of which closed above $2 million.
Click here to see the full report and learn more.