Wealthy buyers continued to want second homes in warm climates during January.
Strong Demand Drove Luxury Second Home Markets in January
According to the latest data from Douglas Elliman Realty and Miller Samuel Appraisers, signed contracts increased year-over-year for luxury properties in Aspen and Miami, prime top-tier second home markets, during January.
In Aspen, January saw eight signed contracts for vacation homes with price tags over $4M. (There were “only” five such signed contracts for such homes during January 2020.) Five of those eight signed contracts were for homes in the price range of $10M – $19,999M. More of these top-tier Aspen properties could have been sold if there had been more of them to sell in January 2022.
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In Miami, there were 195 signed contracts for single-family homes priced at $1M+ in January. Contracts for houses with price tags between $3M – $4.99M doubled. Signed contracts for homes priced at $10M+ jumped an eye-popping +140% in January. Likewise, trophy condominiums priced at $5M+ quadrupled.
Signed contracts in Palm Beach for homes priced between $1M and $9.99M increased y/y during January BUT there was a -20% decrease for contracts for homes priced at $10M+.
Miller, president and CEO of Miller Samuel and author of this latest Douglas Elliman report, said, “Single-family newly signed contracts have declined year over year in six of the past seven months, held back by the sharp declines in new inventory over the same period.”
Dearth of Inventory in Hamptons
The general trend of declining signed contracts in the Hamptons, as well as in other top-tier second home markets, is a direct result of having no inventory to sell.
During January 2022, Hamptons trophy-home action for homes priced between $1M and $4.99M plummeted. Inventory for homes priced at $10M+ was much better. The result? Signed contracts increased for homes priced at $10M+ in the Hamptons jumped during January.
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