LUXURY DEMAND continues to rapidly rise.
Orange County's demand for homes at all price points is exceeding last year's market at all levels. And the luxury homes sales, priced above $1.5M, has surged in the last two weeks. Pending sales are up 11% with only forty three. Since tracking began in 2004, this is the hottest market ever! Inventory is actually down 2% and demand is rising so the overall expected average market time for the luxury home priced above $1.5 is 65 days.
As Steven Thomas writes...."Year over year, luxury demand is up by 151 pending sales, or 55%, and the active luxury listing inventory is down by 362 homes, or 28%. The Expected Market Time last year was at 140 days, more than double where it stands today. Expect the luxury market to continue to improve over the next couple of months, peaking from mid-April to mid-May during the Spring Market." All this being said, just as in the lower sale pricing market; all properties must be priced competitively or the educated Buyer will pass them by and days on market (DOM) will increase substantially.
Those luxury homes priced above $4 million are selling briskly as well and show a decreased in Expected Market Time from 166 to 147 days. At 147 days, a Seller would be looking at placing their home into escrow around July 2021.
Bottom line is the luxury arm of the real estate market in Orange County is thriving and setting the stage for an unbelievable 2021 Spring Market.
The Report Annually the luxury end of Coldwell Banker publishes The Report, an in-depth look at the high net worth trends in housing and what is driving them. More importantly, the data has been collected from over 70 Luxury Property Specialists from 65 markets worldwide; a remarkable collection of information that is driving the affluent Buyer. The scope of the report is remarkable and clearly confirms that real estate is a sought commodity and will continue to play a major role in the portfolios of our Luxury clientele. I encourage you to take a look at the full report offered below.
Call me when you are ready to make a move, consider an investment property or request an in-depth complimentary Comparative Market Analyst of your current home. It does matter who you trust doing business with.
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