The luxury side of the housing market is getting strong again, according to a new report.
Potential homebuyers with big money have been sitting on the sidelines due to The China Virus quarantines and lockdowns. But as the country reopens, they are house hunting, according to a new report by Realtor.com released Thursday.
“After being cooped up in homes, luxury buyers and the rest of the market are looking for more space,” said the senior economist at Realtor.com, adding that secondary home markets outside of major metropolitan areas like the Hamptons are generating lots of interest because of changing preferences. The Hamptons saw listing views increase 72% in May from a year ago.
Demand for million-dollar homes in the US returned to pre-C-19 coronavirus chaos marks in May, according to Realtor.com.
Searches for million-dollar homes rose 7.3% in May, outpacing the 6.2% growth before March, when The China Virus hit the US. In April, searches for signature homes fell 9.5% from a year ago.
The report also shows luxury listing price entry point, defined by Realtor.com as the top 5% of homes listed, reached $2.97-M, up 0.5% from April and up 6.1% from the same frame a year ago.
Even the high-end market in New York City is seeing some sign of life. Just a month earlier. There were 7 contracts totaling $85.28-M signed for properties being sold for at least $4-M the week ending on 8 June, the highest number and total dollar volume in the past 12 wks according to the published data.
Have a healthy weekend, Keep the Faith!