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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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Luxury Home Sales Lead Real Estate Recovery Nationwide

July 18th, 2013 | by The Update
Luxury Home Sales Lead Real Estate Recovery Nationwide-3507 Crescent Avenue

Luxury residences like this French Mediterranean at 3507 Crescent Avenue in Highland Park are leading the market. With more than 10,000 square feet and six bedrooms, this home is listed by Jonathan Rosen for $6,495,000.

Although sales of homes in the low- and medium-price tier helped bring the real estate market out of the slump, luxury home sales are sustaining the recovery, according to a new analysis by the National Association of Realtors.

Indeed, 2013 has seen a marked improvement in the luxury home market in Dallas-Fort Worth, agents with Briggs Freeman Sotheby’s International Realty have reported. Low inventory and high demand have led to fast-paced luxury home sales; properties that are priced well and in good condition aren’t spending much time on the market.

Here’s a look at the situation, from Real Estate Economy Watch:

Luxury sales have turned the real estate economy on its head. Just a few months ago, sales were shaped like a pyramid, with demand greatest for lower priced properties. Now sales of high priced homes are leading the recovery.

A new analysis of existing sales by an economist at the National Association of Realtors found that sales growth is highest in the $750,000 to $1 million price tier, and homes priced at $500,000 or more were 11.6 percent of sales in May.

“By price tier, sales were up from a year ago in all price categories in all regions except in the lowest price tier, although the Midwest was an exception to this categorization; sales were up slightly in the under $100,000 category in that region. Inventory is more plentiful in these price tiers, construction seems limited, and distressed sales are anticipated to continue to drop. Expect the share of higher priced homes among those sold to remain above the 10 percent level for the duration of the summer selling season, and possibly into the off-season,” wrote Research Economist Danielle Hale.

Just two weeks ago, the Institute for Luxury Home Marketing’s index for luxury sales moved from seller’s to buyer’s market on a national level for the first time in memory.

Click here to read the full article from Real Estate Economy Watch.

Click here to read more news about real estate and the economy in Dallas-Fort Worth.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

 

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