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Luxury Home Market Continues to Climb


Dallas Luxury Home Sales Support This Trend

There are all kinds of segments to real estate.  Every locale has it’s own story and constant movement.  However, some national trends happen everywhere. Take the luxury housing market over $1 Million.  In 2012 luxury sales started to grow.  In fact, from 2 years ago sales of  $1 Million + homes have gone up another 6% in the South! 

Why?

One reason is financing. Jumbo loans have reappeared with favorable rates.  I also believe people are putting larger down payments.  Cash sales have also dominated the market the last few years.  People are investing money in real estate rather than the stock market or other financial tools.  Nothing wrong with not paying mortgage interest!

Less Inventory

When real estate went bust in 2008 inventory of luxury homes had skyrocketed to a 5 year supply or more.  So now it’s 6 years later and supply is meeting demand.  Remember, every market has it’s own story but this is true in Dallas. Luxury home market infographic below shows this nationwide trend.

Luxury Home Market

 

Dallas Luxury Home Market Over $1 Million

The interactive chart below is for single family homes in Dallas over $1 Million. Hover over the bars and see the change against last year.  Every month, except Dec. had a huge increase from 20% to over 100%.  In fact, last month a 117% increase was reported.  Units sales almost doubled!  And all sales are not reported yet.  Popular neighborhoods like Park Cities, Preston Hollow, Bluffview & North Dallas will continue to see strong activity as close in locations are in high demand.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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