High-end and Luxury Market Homes Move Up

According to the August Luxury Home Index by realtor.com®, prices for high-end and luxury homes are strengthening.  In fact, double-digit growth in 20 of the largest markets in the nation – including two in Florida – is a contrast from the nation’s housing market overall.

“Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places,” says Danielle Hale, chief economist for realtor.com. “The conditions in the luxury segment are quite different from the market overall—it’s really a tale of two markets. For the second consecutive month, we’ve seen more markets with double-digit, entry-level luxury price growth than in the past four years.”

The Index, which analyzes 91 counties in the luxury segment—examining prices in the top 5 percent of all sales, specifically—the fastest-growing luxury markets are:

 

  1.   Sarasota County, Fla.
      Price (Top 5%): $1 million
  2.   Queens County, N.Y.
      Price (Top 5%): $1.29 million
  3.   Santa Clara, Calif.
      Price (Top 5%): $2.84 million
  4.   Boulder County, Colo.
      Price (Top 5%): $1.35 million
  5.   Collier County, Fla.
      Price (Top 5%): $1.71 million

While Charlotte County may not be one of the 91 “luxury segments” analyzed, there is evidence high-wealth individuals’ purchases of luxury properties in Punta Gorda and Charlotte County beach communities are increasing.

According to Trendgraphix®, between September 7 and October 7, homes sold have increased by 100 percent, homes for sale have increased 8.6 percent and new listings have increased 25 percent in Charlotte County.  As we enter “season,” now is an excellent time to list your property as demand for luxury properties will continue to increase.

 

Sources:  realtor.com®, Trendgraphix®

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