Collier County Rounds Out the Top 5 Fastest Growing Luxury Markets
Updated: Dec 27, 2018
As seen on Realtor.com
Luxury housing markets continue to climb, as 20 major counties post double-digit gains in home prices, according to realtor.com®’s 2018 Luxury Home Index, released today. The number of sales at or above $1 million climbed 6 percent over the last year. Realtor.com® defines the luxury price tier as the top 5 percent of residential sales.
Two-thirds of luxury housing markets are seeing inventory move faster than a year ago, according to the report.
“The conditions in the luxury segment are quite different from the market overall—it’s really a tale of two markets,” says Danielle Hale, realtor.com®’s chief economist. “Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we’ve seen more markets with double-digit, entry-level luxury price growth than in the past four years.”
Sarasota stays on top Since March, Sarasota, Fla. has remained the nation’s fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days, 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Collier, Fla. rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent.
Miami’s luxury market starts heating up Recent trends in Miami’s luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January, and have now reached the highest price gains since July 2015. Miami’s luxury market is currently growing at 2.2 percent year-over-year.
Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent.
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