Blog

Dec
05
Outstanding Year For Luxury Home Market

Luxury home sales are exploding and taking over the real estate market! Compared to last year, homes priced over $1 million have increased by 16%, making this the biggest increase compared to any other price segment in the real estate market. The most significant growth in luxury markets mostly centered on big cities like Miami, Los Angeles, Riverside, and New York and many of these luxury buyers are international, coming from places as diverse and distant as China, Canada, Europe, Russia, and South America.

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Sales Of Luxury Homes Up 12%

While there is a continuous increase of buyers in the luxury market, statistics have shown that homes priced under 100,000 have dropped 6% in the past year while luxury homes priced between $750,000 to $1 million have increased by double that amount at 12%. Markets that are deemed affordable are seeing luxury take hold.

Confidence Returns At The Top End Of The Market

In many places the median home price has risen. According to the National Association of Realtors, Houston landed No. 6 on a survey by the real estate brokerage Redfin of markets with the most million-dollar sales, beating out Boston, Washington, D.C., and Seattle. There is a shift in the housing market as those in the top 10% of wealth are gaining more confidence due to the little volatility in the stock market.

Sales Of Sarasota Luxury Homes Already Top Last Year

Sarasota is certainly following the trend. As of the end of November the number of million-dollar properties sold in the county had already surpassed 2013 numbers by a fair margin—383 properties to last year's 365. And with a strong December expected, the final numbers for the year should be considerably higher. The highest price achieved for a Sarasota luxury home this year was $11.85 million for a property in the Sanderling Club on Siesta Key.

Team Coffey & Co. are Sarasota luxury property specialists and will be happy to show you the best of what the market has to offer. Get in touch today on 877.308.1163


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Contact Us

 Keller Williams Island Life Real Estate         The Coffey Group Fine Homes International                   Longboat Key Island Office               Coffey & Divald Property Management

 206 Harbor Drive S,                                                        646 S. Tamiami Trail                                5350 Gulf of Mexico Dr Suite #205                                       1491 2nd St, Suite B

Venice, FL 34285                                                             Osprey, FL 34229                                           Longboat Key, FL 34228                                                Sarasota, FL 34236

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