They don’t know what the future holds,” he said. “They want to get this stuff done and get it listed while the market is hot. Meyers says he has three sellers with property that will be priced at between $6 million and roughly $50 million that are pushing up the listing dates for their properties. “The high net worth are somewhat immune to this, but they’re looking at all these things and saying, ‘Do I want to wait or do this now?’”ĭrew Meyers, of the Los Angeles brokerage Westside Estate Agency, said the uncertainty has led some sellers to rush to list properties to try to catch the tail end of the hot market. “I expected more,” he said, but the timing coincided with the Federal Reserve’s interest-rate hike and skyrocketing gas prices. Carucci said he’s only had a handful of showings. In April, Boston real-estate agent Michael Carucci, of Gibson Sotheby’s International Realty, listed a condo owned by car-dealership mogul Herb Chambers for $18 million. Bokhari said.Īt the highest price points, that is no longer the case. Homes were just flying off the shelves,” Mr.
“We had unsustainable, huge demand last year. During the same period in Dallas and Austin, where values skyrocketed during the pandemic, sales slipped 33.9% and 33%, respectively, and West Palm Beach’s luxury sales were down 32.8%, Redfin data show. 1 and April 30, 2022, compared with the year-earlier period, followed by Oakland, Calif., with a 35.1% decline.
“You’re now starting to see buyers become a little hesitant to be caught at the top,” he said.Īccording to Redfin, the biggest drops in luxury sales took place in Nassau County, N.Y., where sales slid 43.5% for the three-month period between Feb. “There’s a sense that prices are frothy in many markets across the country,” said Ryan Serhant, CEO of real-estate brokerage Serhant, who says the market is normalizing after a period of rapid appreciation, fueled by heightened demand. Further, he said, deal volume is finding a new equilibrium after the number of sales surged 79.6% during a three-month period between March 1 and May 31, 2021, compared with the same period a year earlier. Prices are still holding, but they are unlikely to keep reaching new heights as buyers retreat, according to Sheharyar Bokhari, a Redfin senior economist. That is the biggest decline since the pandemic started, when the number of luxury sales plunged 23.6% during the three-month period between April 1 and June 30, 2020, compared with the same period in 2019. 1 to April 30, 2022, dropped 18% compared with the number of sales during the same period in 2021, according to a new report from the real-estate brokerage Redfin.
The number of luxury homes-defined as the top 5% of the market-that sold during a three-month period from Feb. More: For Luxury Buyers in California’s Bay Area, the Moment to Negotiate May Have Finally Arrived Gas prices and the war in Ukraine are adding to feelings of economic uncertainty, effectively throwing cold water on luxury sales. Meanwhile, buyers are grappling with inflation, this year’s interest-rate hike and the volatile stock market. Real-estate agents in places like New York, Los Angeles, and the Hamptons say the frenzied deal making and record-setting prices that characterized the past few years has eased, thanks to a growing disconnect between what sellers want and what buyers will pay. “The first movers committed and moved.”Īfter an epic two-year run-not just in Austin but in major cities around the country-the luxury real-estate market is finally cooling. “That big buyer pool has slowed down,” she said. Now, she might get one call every other week for showings in that price range. Two years ago, Austin real-estate agent Amy Deane, of Moreland Properties, was working with so many wealthy out-of-state buyers that she showed one $15 million house five times in 30 days.
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