What's happening in the higher end markets?

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Market Trends

The preferences and lifestyle requirements of the folks who buy and home higher end properties is changing.  In fact, the last 6 months has seen a resurgence in the buying of mega mansions and estate size homes; specifically 
properties that offer space, both inside and outside, separate home offices, gyms and private amenities such as swimming pools, yoga studios and recreation rooms. His change represents a return to the preferences these buyers had 5 to 10 years ago. Up until the COVID-19 pandemic, the trend was toward owning smaller properties that offered access to quality life experiences. But as sometimes happens, outside influences that are outside of an individual's control cause a change in preferences. This appears to be the case in the higher end real estate market.

Another trend  being established in the higher end market that is at least partly the result of responses to the COVID pandemic is what have come to be known as ZOOM Towns. Luxury home buyers are trading in the buzz and vibe of urban environments for the quiet and safety of smaller towns and suburbs. Simply put, bigger homes that support a healthier lifestyle by providing indoor and outdoor spaces for work, study, and play can be purchased in a ZOOM Town for much less than those found in an urban area. And there is at least a perception of lower risk to the health of family members. 

The old adage, the only thing constant is change, certainly characterizes the higher end real estate market these days. If you want to take a deeper dive into luxury market trends around the country and in the Seattle area, ask for the latest Luxury Market Report. It is free and I will be happy to send it to you. Just send an email to me at davidwallace@pugetsoundhomes4u.info and put Luxury Report in the subject line. 

 

Here is a snapshot of the luxury home market (selling price > $1,150,000) in the greater Seattle area:

♦ Inventory: 258 homes

♦ Sales Ratio: 76%

♦ Most active price band: $4.0 million to $4,5 million

♦ Median Sales Price: $1.4 million

♦ Median Days on Market: 7