The sales of prime properties dropped to their lowest level since the beginning of the COVID pandemic.
Luxury Property Sales Plunged -17.8% Y/Y
Buyers of prime properties retreated in the three months ending April 30, according to a report by Redfin. Sales of luxury properties plunged -17.8% during this three-month period due to the same fears of typical homebuyers – inflation concerns, rising interest rates, stock market volatility and global uncertainty.
There have only been two other times during the last ten years when sales have dropped more…the three months ending May 31, 2020, when sales fell -21.6% and the three months ending June 30, 2020, when sales declined -23.6%.
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“High End Homes Coming Back to Earth”
This slowdown in sales of luxury properties indicates, according to the Redfin report, that “high-end homes (are) coming back to earth following a nearly +80% surge in sales a year ago.”
Lux buyers have lapped up homes in less populated areas of the country during these two pandemic years and supply was minimal in accordance with a record decline of -24.6% as of last summer 2021. More currently, the supply of luxury homes dropped another -12.4% y/y during the three months ending April 30.
Prices of Lux Properties Up +19.8%
With inventory being quite scarce in the three months ending April 30, prime property prices jumped +19.8%.
Non-prime properties estimated to be in the 35th to 65th percentile based on market value saw its median prices jump +20% in the three months ending April 30. Sales volume within the non-luxury sector fell -5.4% and inventory fell -8.4%.
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Thanks to Redfin and MansionGlobal.