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West Hawaii Real Estate | July 6, 2018 15
Realtor.com reveals top price-boosting summer home features
typically went
three weeks.
home
clear the
true test for
encouraging
increase in new
Wyear high,”
be buyers
the market
affordability
healthy economy
should keep
looking
inventory
them find
for
2018
percent to
from 5.51
national
price is
around
existing
percent and
Northeast
to 92.4
percent
the Midwest
2.9 percent
still 2.5
May 2017.
in the
percent
May
year ago.
inched
May to
below a
ith summer heating up, a
new analysis from realtor.
com shows homes with
amenities geared toward summer activities
have major appeal for buyers.
In fact, homes with summer features
are often listed with at least 10 percent
higher prices than similar homes
in the same state.
In rank order, the summer features
correlated with highest price per
square foot boost when compared to
similar homes without it include: outdoor
showers with a 97 percent price
per square foot premium, barbecues
with a 26 percent premium, entertainers
pool or spa with a 26 percent
boost, fire pits or outdoor fireplaces
with a 25 percent jump, and zoned
sprinklers that offer a 21 percent lift.
“Buyers love special features that
enable them to get the most out of
the summer months, and are willing
to pay more for a home that has
them, according to our analysis,”
Javier Vivas, director of economic
research for realtor.com, said.
Realtor.com looked for common
summer-related terms in listings
of single-family homes listed for
$150,000+ that appeared on realtor.
com in May 2018.
Outdoor showers power prices
Outdoor showers are highly
desirable when it comes to summer
features. Mentions of them are associated
with the largest listing-price
premiums of any feature analyzed.
This is probably, in part, because they
typically indicate waterfront property
or extra amenities.
Homes with outdoor showers tend
to list for nearly double the asking
price per square foot of other homes.
In some states, the added value is
even more pronounced: In New York,
homes with an outdoor shower list
for 256 percent more per square foot
than other for-sale homes. Massachusetts
has by far the largest proportion
of active listings featuring outdoor
showers, at 8.9 percent.
Barbecues, fireplaces and fire pits
all heat up listing prices
The most popular summer-fun
listing feature is a barbecue grill.
Barbecues are mentioned in nearly
9.6 percent of U.S. listings, and are
most popular in Arizona and California
where they appear in 15.8 and 9.5
percent of listings, respectively.
Homes with barbecues are 26
percent more expensive than similar
homes without them. Buyers in just
about every state can expect to pay
more for homes with this feature,
with Utah homes mentioning barbecues
listing for 58 percent
more per square
foot than the typical
home in the state.
On average homes
that offer fireplaces
and fire pits are priced
25 percent higher than
similar listed homes
in their area. They’re
most popular in Indiana where 7.2
percent of all listings mention them.
Following closely behind are North
Carolina, Idaho and California, each
with proportions above 5 percent.
Entertainer’s pool or spa keeping
partygoers cool in Florida, California,
Arizona and Hawaii
Homes that offer pools with
space for friends and family to hang
out nearby — known as an “entertainer’s
pool” — are listed 26 percent
higher than similar homes without
the feature. New York sees the largest
gains in price per square foot, at 224
percent, effectively tripling the price
of homes associated with this major
backyard feature.
Entertainer pools are most popular
in Florida, where they were mentioned
in more than 3 percent of listings.
California, Arizona, and Hawaii
follow closely, with mentions in just
over 2 percent of listings.
For the full report, with full top 10
lists by amenity please visit: https://
www.realtor.com/research/top-priceboosting
summer-fun-home-features/
“Buyers love special features that enable them to get the most out of the summer
months, and are willing to pay more for a home that has them, according to our
analysis,” Javier Vivas, director of economic research for realtor.com, said.
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