The media has reported that the housing market is rebounding, right? Activity is up, sales are up, inventory is shrinking and prices are on the rise. Not so fast! As a Broker that focuses on the luxury home market I can tell you we have a ways to go. While closed sales overall are up about 10% over last year in Woodbury, home sales with a sales price of $369,000 or higher are only up 1.2% and the inventory of these higher priced homes is only down about 18% compared to the market average inventory that is down a total of 31%. An even closer look at what I consider to be the upper-bracket housing market in Woodbury shows that home sales of homes priced $500,000 and above have actually declined 14% compared to 2011 at this time and luxury home sales in Woodbury are down 20% this year compared to the same 9 months of 2010.
The good news is interest rates remain low and pending home sales are up 20% in the luxury market so I feel the 4th quarter will be a strong finish to 2012.