June 2018 Market Update
June gloom is here… NOT! It is HOT outside, and so is the Market.
It is looking like we may hit an extraordinary Sales number of $60 Million Listed and Sold this fiscal year. About everything I have listed this Season under the $1M price segment has sold, as well as many of our luxury listings. Simply put… the market is HOT, and HOT properties priced right Sell. There appears to be some die-hard buyers out looking in this 110-120-degree heat, though as usual, as we get deeper into Summer season, things will slow as many of those buyers are buying year around homes in the median home price segment, where inventory is very low. Most sellers of luxury homes and estate properties will hold till the Fall to list, as buyers for these properties arrive then to find a home. Those that haven’t sold, are now pulling off the market into pocket listings for the Summer while sellers re-evaluate their position. I believe we may have another strong sales season 2018-2019 ahead of us, although it is hard to foresee any further ahead knowing we are now 10 years into 7-10-year historical cycle, we could very well see flattening in the market ahead.
I continue to field calls from prospects and have worked with quite a few affluent buyers who have experienced significant profits in their stock market portfolios and are converting some of their upside profits into a tangible real estate asset. Not a bad strategy, recognizing that the stock market run-up can decline significantly, due to inflationary risks and global uncertainty. The best thing about Real Estate, it doesn’t disappear overnight. You can buy a property in our Desert Paradise for relaxation, or a rental that creates passive income additionally offering a good write-off and hold that property into the next Real Estate cycle.
Even with the above-mentioned improvement in the Market, unlike the past, most sellers today are listening and strategically evaluating their options as to how and where they are allocating their capital. They are paying attention to the data and market trend information we provide them, along with my advice based on many years of experience, thus cognizant of not only the current Market, but also market cycles enabling them to make an informed decision. By doing so, they not only improve the odds of selling their luxury home or fine estate, ultimately selling the property at the highest price the market will bear.
To get an idea of your home value and when is the right time to sell, please do not hesitate to reach out to me. Let’s find out what is important to you and help you make an informed decision based on your needs. You can view year over year sales numbers by Month, Quarter, and Semi-Annual by reviewing the spreadsheets below.
I hope you find this information useful. I look forward to speaking with you whenever you are ready.
Please click here to view specific sales numbers and values, per City and Price Segment.
Have an enjoyable Summer!