The luxury market usually takes a hit during recessions as the wealthy tighten their purse…..
But this is 2020 and in this strange year, the one trend has bucked all trends……..
The demand for luxury homes. Quarantine and working from home has everyone looking for more space, home offices and big back yards.
Remote work + surging stock market + records low mortgage rates = surging demand for luxury homes.
Nationally, high-end sales jumped 42% in the 3rd quarter from a year earlier. A handful of California metro areas fueled the surge in luxury home sales:
Sacramento +86.1%
Riverside +62.8%
Oakland +60.9%
Lake Tahoe saw an incredible +187% increase in luxury home sales since May 2020
Neither smoke, nor fire can stop it.
The most popular destinations for luxury homebuyers in the Bay Area since May have been Sonoma & Santa Cruz (despite the fires), and Monterey.
