From CNBC
Robert Frank@ROBTFRANK
Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.
The median price of luxury homes hit an all-time record of $1,225,000 during the period.
Real estate experts and brokers chalk up the divergence to interest rates and supply.
Real estate is increasingly a tale of two markets — a luxury sector that is booming, and the rest of the market that continues to struggle with higher rates and low inventory.
Overall real estate sales fell 4% nationwide in the first quarter, according to Redfin. Yet, luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.
Real estate experts and brokers chalk up the divergence to interest rates and supply. With mortgage rates now above 7% for a 30-year fixed loan, most homebuyers are finding prices out of reach. Affluent and wealthy buyers, however, are snapping up homes with cash, making them less vulnerable to high rates.
We're seeing some of the same issues, and at even more pronounced levels, here in the Catalina Foothills. Sales are down nearly 9% this year for homes sold under $1m while sales at $1m+ are up 47% over last year. And this year upper-end homes are selling 31% faster than last year and 43% faster than lower priced homes this year.
Here are the numbers;
Jan - April 2024 / in 85718
62 Sold at <1m / $700,000 MSP / 23 MDOM / 26 Cash
50 Sold at >$1m / $1,481,500 MSP / 13 MDOM / 26 Cash
Jan - April 2023 / in 85718
68 Sold at <1m / $727,500 MSP / 11 MDOM / 22 Cash
34 Sold at >1m / $1,606,608 MSP / 19 MDOM / 11 Cash
Catalina Foothills Single Family Homes
John Schneider, Realtor® | Tierra Antigua Realty
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The homes noted in this post are homes that have been listed and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ