Luxury home prices continue to surge for the first half of the year according to realtor.com's latest report. Most notably, Naples has been named one of the top 20 fastest growing luxury real estate markets in the country. In all, realtor.com analyzed 91 luxury markets throughout the United States. Naples in particular, saw a 15.9 percent increase year-over-year in luxury home prices.
Nationwide Luxury Home Prices:
- Luxury home prices continue to see strong growth this year according to the latest data from the realtor.com Luxury Home Index.
- The entry-level price point for luxury homes increased on average 4.6% year-over-year (Based on the top five percent of all sales).
- The top five markets are Sarasota, FL; Naples, FL; Queens, NY; King County, WA; and Monterey, CA.
- The top five fastest growing markets are seeing a 13 percent to 20 percent price growth YOY.
- Southwest Florida, Northern California, Denver, Seattle and Nashville continue to see double-digit growth in entry level luxury prices.
- Million-dollar sales in the markets analyzed are up 25% over last year.
- Days on Market for Luxury properties decreased 7 percent year-over-year on average.
Nationally, luxury home prices show strong price increases
Growth in high paying jobs and the volatility of the stock market has led luxury home buyers back into the real estate market. Despite the increase in home ownership costs, demand for high-end homes continues to rise. The entry level price point for luxury homes increased 4.6 percent year-over-year on average. And, of the 91 luxury real estate markets analyzed, 17 of them showed prices grow a minimum of 10 percent compared to last year.
Additionally, just over half of the luxury markets analyzed now have an entry point of at least $1 million. Also, the average days on market for the luxury market were 105 days. This represents a 7 percent decrease. And, approximately 66 percent of the luxury markets are seeing inventory move faster. Overall, homes sold above $1 million increased 25 percent.
Naples continues to attract luxury buyers from northern states
Luxury home prices in multiple of Florida markets continue to grow. Florida does not have a state income tax and northern buyers continue to chose to move to the state for tax savings. This month, the state had two of the fastest growing luxury counties, reinforcing the demand for luxury properties is strong. In particular, Collier County and Sarasota County are growing quickly. Entry level home prices are 15-20 percent higher year-over-year. The median days on market of luxury properties in these two counties have decreased 22 percent over last year.
Top 20 Fastest Growing Luxury Markets with Percentage Change Year-Over-Year
Begin Your Own Property Search:
So, if you’re ready to begin your search for your own Southwest Florida Luxury dream home or condo, I encourage you to explore my website to find information about communities in the area. If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area. If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.
Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost to you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.
Lastly, I will handle all contract negotiations for your property from offer to close!
If you’re looking for a focused and goal-oriented Realtor in Naples, Bonita Springs or Estero who will help you achieve your Real Estate needs, please reach out to me directly.
Additionally, if you are looking for a golf community expert or your are considering buying or selling a home, a luxury home, luxury vacation home, luxury golf home or dream home, call me or text me on my mobile phone at 239-370-0892 or email me at Matt@NaplesGolfGuy.com
Contact Matt: Matt@NaplesGolfGuy.com
July 18, 2018 Posted by Matt