October 2022 Boca Raton Area Luxury Market Report from Jean-Luc Andriot and The Institute for Luxury Home Marketing
Posted by Jean-Luc Andriot on Thursday, October 20th, 2022 at 9:27am.
As I am a member of The Institute for Luxury Marketing, I thought I would share with you their October 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:
Where is the Luxury Real Estate Market Headed?
It is hard to picture that less than 12 months ago, the luxury real estate market was on a strong upward trajectory, consistently seeing demand increase, prices soar, and inventory levels fall.
Even though we realized that this trend could not continue infinitely, the speed at which the market appeared to turn in May 2022 seemed almost as dramatic as the upswing in May 2020 at the start of the pandemic.
Although the tables changed earlier this summer, with the number of homes listed for sale climbing for the first time since the start of the pandemic, there was still a feeling that while there would be a transition, it would be more gradual, eventually settling into a traditionally paced market.
Instead, what we saw over the last few months was a turmoil of differing opinions about the current status, media hype of doom and gloom, and expert contradictions about the future of the luxury real estate market.