The following is adapted from a blog post by Realtor Amy Harris. Read more of her blogs here.
Are we headed for a real estate market shift? Many analysts think that the price increases in the real estate market that have gone up year over year for the past 4-5 years may be waning and the real estate market may be slowing down. This can be the first sign of a what experts call a real estate market shift. But how do we know weather the luxury real estate market is just having a bump or if its more of a shift?
Because NYC real estate prices continue to set new high’s, I pretty much thought this “shift” was not happening in our particular area. So, I decided to take a closer look because my own luxury listing in Maplewood is in one of the best location, but is not experiencing the kind of traffic we expected. What I found was quite interesting.
Overall Market Update
Houses listed in the average or median price range within a town are continuing to sell quickly and sell well. There are no signs of a real estate market bump or shift.
Luxury Market Update
However, there is a real bump in the luxury market. The research shows that inventory is beginning to pile up. Higher inventory levels = lower prices. Out of the 7 towns I researched, only Montclair’s luxury listings are continuing to sell as briskly as they have in the past 12 months. In every other town luxury priced homes have been sitting on the market substantially longer.
If your home is currently on the market and the days are accumulating it may be comforting to know you are not alone. Alternatively, luxury home buyers – and those thinking of a move up – now is the time to splurge – you will have more leverage than you have had in a long time.
To read the rest of this blog, click here.
Amy Harris is a leading real estate agent at one of the top producing offices of Keller Williams nationwide. Specializing in markets along the Midtown Direct train line with a special emphasis on South Orange and Maplewood, she offers her clients true concierge service – from the start through completion of every real estate transaction she takes on. Harris donates a significant portion of the revenue she earns from each transaction to “Give Back Homes” a foundation that helps to build homes for families in need and is a Board of Trustee of The South Orange Maplewood Community Coalition on Race.
