Here is what’s been happening in luxury real estate across the country.
Today I’m joined by Silvia Zepecki-France, my assistant and right hand in business, to give you a quick update on our luxury real estate market.
According to our latest study, we currently have 2.8 months of luxury inventory in our market. This means we are still in a great seller’s market.
What may surprise you is where people are moving to. For the luxury market, the top destination is California. For the last 18 months, all we’ve heard about is people from California and up north moving to Florida, so it’s interesting that California is the number one market. 12,783 units of luxury were sold in California from January 2021 to August 2021. Meanwhile, the number two, three, and four markets for luxury were Ontario, Texas, and Florida respectively.
“The pandemic has changed lives, and that’s changed how people view luxury properties.”
According to this study, there are five main reasons why people are moving to these areas:
- People want more access to recreational activities.
- Some of these areas have fewer legal and financial state restrictions.
- More charitable spending to fuel local economies.
- People want convenience and cost-sharing opportunities.
- A general shift from affordability to profitability.
Silvia, since downsizing and moving over to the Sawgrass Beach Club, has noticed a lot of these trends first hand. The pandemic has changed how people live their lives, and that’s changed how people view luxury properties. Having nice areas to go outside is becoming more important, and people are beginning to see luxury as an investment instead of an end in itself.
If you have questions about the luxury market or anything else, please give us a call. We’d love to hear from you and answer any questions.