I wanted to share insights from our recent luxury market analysis for October 2024. Here are a few highlights:
- Market Growth: The luxury threshold has seen significant growth, now at $2.6 million, marking a 14.3% increase from last month and a substantial 23.1% rise year-over-year.
- Price Trends: The median sale price for luxury properties stands at $3.25 million, up 14.6% from last year. However, price per square foot has experienced some softening, with a 13.4% decline in the median and an 8.2% drop in the average.
- Sales Volume & Negotiability: While the number of sales has decreased by 17.2% month-over-month, there is increased negotiability, with median listing discounts from the original ask rising by 47.5%. Pricing properties accurately is key to achieving faster sales.
-Frank Cogliano, Licensed Real Estate Salesperson