The Institute for Luxury Home Marketing has released their July 2022 monthly trend report, CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing July 2022 Market Report:
"In short, despite increasing inventory levels and the slowing of sales transactions, experts are very clear that buyers waiting for prices to plummet to pre-COVID levels are unlikely to witness a nosedive any time soon.
Popular price points, especially in metropolitan areas, are still seeing a slight upward trajectory, with only the newer boomtowns that benefited from the mass exodus from cities starting to see impatient sellers decrease their listing prices.
Although interest rates and inflation are slowing the pace of real estate, there has been a significant influx of former and new residents entering many of the more established metropolitan markets over the last year. The rental market flooded, causing rental prices to soar. With the cooling of the residential resale market, many renters have started to buy despite rising interest rates, weighing up the costs in favor of homeownership.
Supply is still low for luxury properties comparatively, which also gives potential buyers the opportunity to see their new property appreciate in value, especially as more people continue to return and fuel the demand further in the months to come.
The summer and fall of 2022 are likely to see a very unsettled picture with regard to inventory levels, prices, and sales. Those looking at real estate as an investment expect a slower and bumpier ride compared to the last two years.
Homeowners looking for their next home then recognize that costs to purchase will be higher (mainly due to increased mortgage rates), but that over the long-term real estate offers one of the most consistent ways to see a good return, but more importantly, ownership provides security and a safe haven for your family."
See the 13 Month Market Trend below on Luxury Homes below:
Raleigh-Durham Single Family Home July 2022 Luxury Market Review stats are below:
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Per the June report from Triangle MLS:
"Record-high home prices and surging mortgage interest rates are taking their toll on America’s homebuilders, with builder confidence falling for the sixth consecutive month in June and dropping to its lowest level in two years, according to the National Association of Home Builders (NAHB). Buyer traffic is down, and as construction costs increase and housing affordability declines, construction on new homes is slowing, reflecting concerns among builders about current and future sales of new single-family homes in the months ahead.
Market-wide, inventory levels were up 58.7 percent. The property type that gained the most inventory was the Single Family segment, where it increased 61.3 percent. That amounts to 1.3 months supply for Single Family homes and 1.0 months supply for Townhouse-Condo."
In Chatham County, there was a 12% increase in new listings in June. The number of closed sales decreased between 2021 and 2022, dropping from 780 to 651. Median sales prices also increased by 8.5 percent. In June, Chatham County median sales price was higher than the median sales price for all MLS listings.
In Durham County, closed sales have decreased 3.9 percent year to date. Median sales price has increased 22.2 percent when compared to June last year, moving from $351,744 to $430,000. Average sales price increased by 20.1% year to date. In June, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has decreased by 14.3 percent, from 1,216 new listings year to date last year to 1,216 new listings this year. There was a year to date 8.2 percent decrease in closed sales. Additionally, median sales price increased by 12.3 percent, from $406,539 to $456,558. In June, Orange County median sales price were above the median sales price for all MLS listings.
The number of listings in Person County has increased by 7.7 percent, from 260 new listings year to date last year to 280 new listings this year. There was a 2.5 percent decrease in closed sales. Additionally, median sales price increased by 14.0 percent, from $215,000 to $245,000. In June, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.2 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.5 percent. Median sales prices increased by 24.2 percent year to date, rising to $466,713. Compared to the median sales price for all MLS listings, Wake County median sales price were slightly higher for June.
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As we use our mobile devices for more and more, it is important to take the time to make sure your information is safe. From looking at sources before you buy to using protected networks, you want to ensure that your personal info is safe from hackers. See our flyer below for information on Tips to Protect Your Smart Devices so you can relax while getting the best use out of your technology!
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The Institute for Luxury Home Marketing has released their June 2022 monthly trend report, CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing June 2022 Market Report:
According to our analysis of North America’s top 140 luxury markets, the new listings entering the market in May 2022 increased by 61.3%, resulting in the single-family home inventory level rising by 27.5% compared to May 2021.
Overall, the median price for properties in the Top 10% of the market rose approximately 16% year over year. Although this is still a substantial percentage increase, it is smaller than May 2021, which reported a 24% increase over May 2020.
Despite the rising inventory levels, the market remains extraordinarily strong; the sold price to list price percentage rose by 1% in May 2022, above an already unprecedented 100% ratio in May 2021, and days on market for sold properties fell by 30%.
Of the 140 markets researched, 129 remain seller’s markets – not surprisingly, the markets that are either balanced or become buyers’ markets are seasonal markets, such as ski resorts and winter sunshine destinations, whose main buying season has finished.
The current market has offered many a homeowner the opportunity to sell far above pre-covid expectations; however, it has also come with its own challenges. In the first four months of 2022, many homeowners were hesitant to put their property on the market, fearing that they would not find a new property because of the lack of inventory or that prices would continue to escalate, and they would find themselves priced out.
But as prices began to level out over the last two months, sellers started to feel more comfortable putting their homes on the market, and the level of inventory in many luxury locations throughout North America increased significantly in May.
This “sudden” upward shift of inventory has already started the rumor that the housing market is ready to burst its bubble – and indeed, some highly inflated markets and overpriced properties may well be impacted – but most experts acknowledge that this is simply the market finally starting to cool.
No one could expect the luxury housing market to continue accelerating at the velocity seen over the two years; the epic run had to end one day. Economic uncertainty, rising interest rates, volatile stocks, supply issues, and increased cost of living are all aspects that, even for the ultra-wealthy, could start to impact property purchase decision.
It is important to put everything into context as it will still take a lot more inventory to see a truly meaningful impact on the rate of price increases, especially in the low to mid-price luxury ranges. Homes are still selling quickly, spending four days less on the market than this time last year. Moreover, even with the current increases in supply, inventory remains nearly 50% below its pre-Covid levels, keeping competition tight for now.
"Nevertheless, a slow but steady increase in inventory could signal the start of market trends that will finally work in buyers’ favor. With more options, home shoppers may see a bit more negotiating room and time to make decisions, even as market conditions continue to favor sellers,” Realtor.com chief economist Danielle Hale stated in a report dated June 4.
See the 13 Month Market Trend below on Luxury Homes:
Raleigh-Durham Single Family Home June 2022 Luxury Market Review stat are below:
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Technology is always advancing, and it is hard to keep up with trends! More and more technology changes are taking place in the home, from smart refrigeration to pet productions! See below information on popular 2022 trends to keep your home smart and secure!
Want to learn more about Smart Home Technologies? Check out Carl's Original Content article on Whole Home Automation, CLICK HERE to read more!