Despite reports of tight inventory across the nation, not all markets are struggling to survive. In fact, one market segment is reporting record growth, according the latest Redfin report.
Luxury home sales are skyrocketing and are on pace to beat last year’s numbers.
Sales of the priciest 1% of homes are up 21.1% so far this year. This follows a gain of 35.7% in 2013.
Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.
Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”
But the one exception, luxury home sales, paints a very different picture as 10 markets have already seen sales growth above 50% so far in 2014.
Click the next page to see the top 10 most expensive luxury markets.
10. Long Island, N.Y.:
The price to purchase home: $2,200,000
Average monthly mortgage payment: $8,787
9. Boston, Mass.:
The price to purchase home: $2,313,000
Average monthly mortgage payment: $9,239
8. Ventura, Calif.:
The price to purchase home: $2,400,000
Average monthly mortgage payment: $9,586
7. San Diego, Calif.:
The price to purchase home: $2,400,000
Average monthly mortgage payment: $9,586
6. West Palm Beach, Fla.:
The price to purchase home: $2,466,000
Average monthly mortgage payment: $9,850
5. Miami:
The price to purchase home: $2,900,000
Average monthly mortgage payment: $11,583
4. San Jose, Calif.:
The price to purchase home: $3,380,000
Average monthly mortgage payment: $13,501
3. Orange County, Calif.:
The price to purchase home: $3,450,000
Average monthly mortgage payment: $13,780
2. Los Angeles:
The price to purchase home: $3,650,000
Average monthly mortgage payment: $14,579
1. San Francisco:
The price to purchase home: $5,350,000
Average monthly mortgage payment: $21,369
