August 2022 Boca Raton Area Luxury Market Report from Jean-Luc Andriot and The Institute for Luxury Home Marketing
Posted by Jean-Luc Andriot on Monday, August 22nd, 2022 at 10:18am.
As I am a member of The Institute for Luxury Marketing, I thought I would share with you their August 2022 report for Boca Raton - Delray Beach.
It is your guide to a general analysis on the trends and comparative data on the top-residential markets in the Boca Raton - Delray Beach area.
Statistics are separated between single family homes and condominiums / townhomes in Boca Raton - Delray Beach.
At the national level:
Summer Trends of 2022
This summer several trends are making waves in the luxury real estate market: from staycations and finding new luxury locales to collecting art, implementing high-tech innovations and the eco-friendly refurbishing of homes.
Although the market is showing definite signs of slowing down and returning to a more normalized level of inventory and sales, the appetite for luxury has certainly not diminished. The affluent are still buying and selling in the upper tier but they are enjoying the opportunity of time to decide what fulfils their requirements for the long-term.
LONGER TERM PLANS
One significant trend emerging is just that “the long-term”. The feeling that we will remain in an unsettled economy, real estate market prices have reached their peak, together with a change in attitude towards a property’s value being more intrinsic sees decisions and plans made for the long-term.
While statistics show the market has slowed, in terms of the number of sales, many real estate professionals believe given the uptick on real estate websites and requests for virtual tours over the last month that the affluent are taking the summer to formulate their plans.