31 Oct Luxury Home Market Picks Up Steam
You’ve heard the saying: location, location, location. When it comes to real estate, market conditions can vary from one neighborhood to the next. But there is another factor besides location that is affecting the conditions you will encounter when shopping for a house. Your price range will also be a factor. The National Association of Realtors’ consumer website recently released its 2018 Luxury Home Index and the results show luxury home buyers face a very different market than buyers who are looking for real estate that is more affordable. Even though overall home price increases are showing signs of slowing down, in the luxury market they are actually gaining momentum. In fact, according to the index, there are a growing number of areas with double-digit price growth from last fall.
In Sarasota Florida, the nation’s fastest-growing luxury market, prices are up twenty-one percent from the previous year. Recent trends in Miami’s luxury housing segment suggest that the luxury entry point could break the one million dollar mark for the first time this fall. Miami luxury prices have now reached the highest price gains since July 2015, and are currently growing at 2.2% year-over-year.
Other surrounding South Florida counties, including Broward, Palm Beach, Collier, and Lee county saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent.
The luxury markets are also seeing inventory moving faster than this time last year.
If you are looking to buy or sell a luxury home in South Florida, check out www.showhousetv.com