How is the Upper End of Our Market Faring?

How is the Upper End of Our Market Faring?

 
These latest stats from our luxury market are a promising sign.
 
A few weeks ago, I gave you some exciting news and numbers about the overall market here in Augusta, with the highlight being a 17% year-over-year increase in the average price range. However, in real estate, it’s impossible to paint with such a broad brush and still end up with an accurate picture of things; what applies to the $200,000 market doesn’t apply to the upper end of our market. So, how has Augusta’s luxury market been doing as of late?
 
Thankfully, the luxury market here is healthy—healthier, in fact, than I’ve seen it in many years. In Augusta, we classify luxury properties as those priced at $750,000 and up. This year in the executive markets of Richmond, Columbia, and Aiken counties, there were only 41 luxury home sales. At the moment, we have 43 luxury homes active on the market. By quickly applying the absorption rate, it’s easy to see that we have roughly a year’s worth of supply on the market, and while that would be a jarring figure for any of our lower price ranges, it’s important to keep the proper perspective; I remember when we had a 13-year supply of luxury homes on the market.
 
I remember when we had a 13-year supply of luxury homes on the market.
Given everything that’s happened this year, these latest luxury market stats are actually quite reassuring. It’s important to note that selling a home in the luxury price range is simultaneously a price war and a beauty contest. That said, we have a balanced market overall, making it a great time for downsizers and upgraders alike.
 
As always, I hope you found this update helpful; if you have further questions regarding the luxury market or want more information on any other real estate topic, don’t hesitate to give me a call. I look forward to hearing from you soon!

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