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The Pulse! The Fall Luxury Real Estate Market Is Starting Off Strong!

The luxury market saw a dip this August due to seasonality and a weak market. With the Fall market just beginning and market activity has already picked up! Even with talk of a recession in the media, the economy and consumer spending are still strong. If you’re looking to buy, there’s a large amount of inventory out there and smart buyers are taking advantage of the deals the current market is offering. Sellers, realistic pricing and a smart marketing plan, including staging, photography and video are key!

Luxury Real Estate Data Insights for September

As you can see below the Starter Luxury market ($1M-$2M) saw the highest volume of contracts of all the luxury segment. The mid-range luxury segment ($2M-$5M) saw the highest number of contracts last month due to buyers rushing to close before the mansion tax rate rose. See the breakdown by segment below:

Starter Luxury                       

Prices $1M – $2M 180 Total Signed Contracts Down 9.9% from July   
Condos & Co-ops Median Price $1.53M /$1430 PSF Down 1.8% from July
  Median Size 1,100 sq. ft.   Remained The Same
  Avg. Days On Market – 86 Remained The Same

 Mid-Range Luxury

Prices $2M – $5M 102 Total  Signed Contracts Down 33.7% from July
Condos & Co-ops Median  Price $2.70M/$1975PSF Up 2.7% from July
  Median Size 1,421 Sq. Ft. Same As July
  Avg. Days On Market – 88 Up 5.2% from July

Ultra Luxury

$5M – $10M 39 Total Signed Contracts Up From 30 In July
Condos & Co-ops Median Price $6.35M/$2,353 PSF Remained The Same
  Median Size 2,942 Sq. Ft. Remained The Same
  Avg. Days On Market -159 159 Remained The Same

Mega Luxury 

$10M & Over   10 Total Signed Contracts Up From 1 In July
Condos & Co-ops Median Price – $17M /$2,950 Down From $17.75M In July
  Median Size  7,357 Sq. Ft. Up From 6,800 In July
  Avg Days On Market 125 Up From 121 In July

Townhouse Luxury

Single Family Townhouses 9 Total Signed Contracts Up From 4 In July
  Average Price $15.29M Up From $7.7M In July
  Median Size 8,602 Sq. Ft   Up From $8.95M In July
  Avg. Days On Market 129 Up From 101 Days In July

If you have any questions about how to navigate the current market, contact me any time for a consultation!