We’re well into fall, and our market is still breaking records.
In the wake of COVID-19, our urban living has really taken a hit; these days, those luxury condos aren’t as sought after as they’ve always been. That’s primarily the result of people working from home and needing more than one office and/or a decently sized yard for the kids to play around in. They also want more space between themselves and their neighbors. These urban properties are logging more days on market as many folks migrate outward to the suburbs.
Consequently, the suburban luxury market has seen record-breaking sales, with homes selling over asking price and in no time flat. This thirst for more space has reversed many long-standing trends, but it’s also helped our whole market heat up; home sales are up 17.6% year over year, the sale price increased by 14.4%, and homes that sold above asking price accounted for 39.9% of our market share! That’s hardly the kind of performance you’d expect amid a global pandemic, but it seems the market hasn’t stopped running after getting back on its feet in spring.
“Luxury condos are out, and spacious suburban properties are in.”
Real estate experts predict that interest rates will remain low well into 2021, so we should continue to see high demand as more and more buyers take advantage of them. We’re forecasting a 3.7% increase in our overall market, which is a healthy and sustainable rate of growth.
Lately, we’ve been working with a ton of buyers in these ultra-hot suburban communities, so we want to highlight some great communities that we’ve been able to learn more about. We also want to explain the impact that this demand has had on our new construction market, so stay tuned for all that and more!
Until next time, feel free to reach out to us to start your home buying or selling journey, or just have your burning real estate questions answered. We’re always here to help, and we love hearing from you!
