Interest rates continue to rise, and the number of closed homes are trending downward from this time last year. However, the luxury real estate market maintains some bright spots along the way.
1. With the bidding wars of six months ago behind us, buyers can now make more informed purchasing decisions. This is good news for investors that prefer slower, more calculated decisions.
2. Cash investors are still eager to purchase along the Emerald Coast. Vacationers fall in love with the breathtaking beach views from Destin to 30A. Golf cart friendly resorts, bike paths, and resort living present a quality of life that many don’t want to pass up, even in today’s economy. Executives that have overworked for years now have the cash to spend, and they are ready for the lifestyle change our area offers.
3. Inventory remains low, while the demand for luxury homes is strong.
4. The price of homes remains strong despite current economic conditions. The average sales price increased by .6% in July 2022 compared to July 2021.
If you are interested in buying or selling, we’d love to talk more to see how you can move forward with your real estate goals.