- Of the 78 luxury markets tracked by com, half of them recorded an uptick in $M sales
- Number of sales price at or +$1M across the US jumped 10%
- “…low rate environment is providing a visible boost to demand in the luxury market,” com
What’s going on with the current upswing in luxury home sales? November 2019 (December 2019 data has not yet been released) was the third consecutive month of increasing high-end sales and saw the biggest bump in luxury home sales throughout all of 2019, according to realtor.com.
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Of the 78 luxury markets tracked by realtor.com, more than 50% of those markets experienced an increase in the number of $1M sales. The fastest growing markets with luxury sales transactions, according to realtor.com, included:
- Morris County NJ – +171.4%
- Plymouth County MA – +92.9%
- Riverside County CA – +64.3%
Realtor.com reported, “Compared to this time last year, which had the highest mortgage rates since 2011, mortgage rates dropped 128 basis points down to 3.66%. Luxury home buyers, wary of rates rising again, were incentivized to lock in their rates with a home purchase.”
According to Daryl Fairweather, economist with Redfin, 21% of luxury houses sold above list during Q4. West Palm Beach had the largest luxury price gain, +104.5%, with an average price of $3M and St. Petersburg FL had the biggest luxury price decline, – 13/3%, with an average price of $1.21M in Q4 2019. Luxury apartment sales in Manhattan sank -38% for units coming in at $5M and above.
Back at realtor.com, California’s coast saw some of the greatest luxury price appreciation in November 2019. Average prices in Santa Barbara rose the most to $2.9M and the number of million-dollar sales increased +48%. Monterey followed in close second with average luxury prices increasing +26% to $2.37M and million-dollar sales increasing +31%.
Thanks to MansionGlobal’s Liz Lucking and HousingWire’s Julia Falcon for source data.