TMCnet News
Redfin: Luxury Home Prices Exhibited Little Growth in First Quarter of 2015Sales of million-dollar-plus homes surged in the first three months of 2015. But the luxury market, defined as the priciest five percent of properties, grew at their slowest pace in three years, according to a report issued by Redfin (www.redfin.com), the next-generation real estate brokerage. Luxury home prices in the first quarter of 2015 grew less than one percent from the same period a year ago. For the bottom 95 percent of homes, values advanced at a steady 4.3 percent. Posh properties also took longer to sell, as the average luxury home sat on the market for 96 days, up from 92 days in the first quarter of 2014. Despite the overall slowdown in luxury home price growth, several cities posted large gains while others saw steep drops. Delray Beach, Florida, saw one of the largest increases in luxury home prices, with a 33 percent increase over the first quarter of last year, as well as Austin, Texas, with a 31.5 percent increase from the prior year. In Florida, a resurgence of downtown living and an influx of employers helped stoke luxury sales. "New offices, apartment buildings and lofts, paired with a big onslaught of urban amenities and proximity to the beach, has turned Delray from a place you didn't want to be to the place to be for high-end housing," said Robyn Jackson, Redfin agent in the Palm Beach area. The most extreme luxury home price drops in the first quarter occurred in Boston, where prices tumbled 19 percent, and Alexandria, Virginia, where prices fell 12.4 percent from the same period last year. To read the report, complete with a full rundown of the data, please visit: https://www.redfin.com/research/reports/special-reports/2015/luxury-home-prices-exhibit-little-growth-in-q1.html Connect with Redfin
Facebook About Redfin Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150521005317/en/ |
