Maggie's Market Minute: Luxury Market Surges & Seasonal Slowdown Starts

Luxury Market Comeback In October, median prices were up year-over-year—2% for houses and 5.5% for condos—while luxury home sales made a big comeback, with year-to-date sales up an impressive 48%. This surge in the luxury market could be tied to record-high stock markets, fueling demand among high-end buyers.

Surge in September Listings Drives Contracts and Boosts Buyer Competition A big jump in September listings helped push the number of homes going into contract to its highest point since 2022. The absorption rate hit a two-year high, with monthly sales volume up 19% and transactions increasing 11% compared to last year. In October, homes were selling faster, and overbidding became more common, showing that certain segments of the market were seeing strong buyer interest. Seasonal Slowdown Ahead: A Window for Savvy Buyers November and December typically bring a noticeable slowdown in the market, and we’re already seeing many buyers holding back, waiting for the right moment to make a move. Mortgage rates have surged despite the Fed lowering rates, creating a disconnect that may be causing buyers outside the luxury segment to pause their plans, leading to slower activity in more affordable price ranges. With buyer demand and new listings cooling during this season, we can expect more unsold properties to be pulled from the market. However, for those still actively looking, this quieter period can present excellent opportunities to negotiate and secure some of the best deals of the year. Are you, or someone you know, ready to move? Let me know - I can help! Cheers, Maggie

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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