- Sales of high-end homes nationwide up +26% as of April 30, 2021
- Affordable sales up +17.8% y/y and mid-priced sales up +14.8% y/y
Top-Tier Sales Nearly Doubled Those of Mid-Priced Sales
High-end home sales Â jumped +26% y/y in the three-month period ending April 30 2021, according to new research by RedfinEstimates.
Â Due to the wealthiest Americans who have benefitted from the pandemicâ€™s shift to remote work and the pandemicâ€™s Herculean stock market plus their growing savings accounts, â€œâ€¦the economic recovery from the pandemic has disproportionately benefitted Americans with bigger bank accounts,â€ said Daryl Fairweather, Redfinâ€™sChief Economist.
Check Out This 3 Month Market Summary Ending April 30
High-EndÂ Â Â Â Â Â Mid-LevelÂ Â Â Â Â Affordable
Homes Sold y/yÂ 26% Â Â Â Â Â 14.8%Â Â Â Â Â Â Â Â Â Â Â Â 17.8%
Med. Price Change Â 14.3% Â Â 12.4%Â Â Â Â Â Â Â Â Â Â Â Â 10.2%
Med. Sale PriceÂ Â Â $440K Â Â Â Â $280KÂ Â Â Â Â Â Â Â Â Â Â Â $189,500
Med. DOMÂ Â Â Â Â Â Â Â Â Â Â Â Â 26Â Â Â Â Â Â Â Â Â Â Â Â 20 Â Â Â Â Â Â Â Â Â 24
New ListingsÂ Â Â Â Â Â Â 19.3% Â Â Â Â Â 9.1% Â Â Â Â Â Â Â 13.9%
Metros Where Top-Tier Sales Jumped Most
The â€œusual suspectsâ€ metros led exploding high-end home sales
Take a look:
- San Francisco – +82.4%
- Oakland CA – +71.8%
- Miami – +70.4%
- San Jose – +66%
- Las Vegas â€“ 64.4%
According to Fairweather, â€œGrowth in high-end home sales is currently skewed toward some of the most expensive markets in the country – like the Bay Area and parts of Florida â€“ which is also fueling an uptick in high-end home prices.Â The high-end sales growth in Florida is being fueled by an influx of affluent out-of-staters, while the gain in the Bay Area is more of a recovery from (the huge numbers) of Americans (who) left big cities.Â Folks may be starting to feel more comfortable putting down roots in major hubs now that theyâ€™re gaining clarity on post-pandemic life.â€
Top-Tier Price Growth Surges
Referring to the chart up-top indicating median sale price changes, we see that top-tier home prices jumped +14.3% nationwide while prices for mid-level homes jumped a record +12.4% and affordable home prices increased +10.2% during the three months ending in April 30.
Redfinâ€™sÂ Fairweather said, â€œAs the economic recovery starts to touch more middle-class Americans, we expect to see price growth accelerate for affordable and mid-priced homes.
Top-tier prices increased in all 50 of the most populous US metros.Â Here are the metros seeing the biggest top-tier jumps:
- Austin – +24.1%
- San Diego – +18%
- Miami – +17.7%
- West Palm Beach – +17.6%
- Phoenix – +17.2%
Redfin agent Vincent Shook in Phoenix said, â€œIn the high-end market, weâ€™re not only seeing multiple offers â€“ weâ€™re seeing buyers waiving appraisal and inspection contingenciesâ€¦â€
Homes At All Price Points Flying Off Shelves
The typical top-tier home spent 26 days on the market in the three month time period ending April 30â€¦23 fewer DOM than last year at this time.
Affordable homes spent 24 DOM, 12 days less than a year ago, and mid-level homes spent 20 DOM, 18 days fewer than a year ago.
Top-Tier Listings Increasing
High-end listings increased +19.3% y/y.
Affordable and mid-level listings increased +13.9% and +9.1%, respectively.
Thanks to Redfin.
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