QUESTION
Have sales of higher-end homes slowed like mainstream home sales?
5:28:48
·
65 sec
The Department of Finance observes a market downturn affecting home sales, including a 3.4% decrease in market value for Class 1 properties.
- The pandemic initially caused a surge in the market, followed by a significant decline.
- Sales activity for 1 to 3 family homes dropped by approximately 25% between county years 22 and 23.
- The downturn is primarily attributed to higher interest rates.
- A stabilization in interest rates or buyer adaptation to the market is expected to halt the decline in sales activity.
Justin L. Brannan
5:28:48
Has DOF seen home sales of higher end residential properties slow the way that more the mainstream homes have slowed.
5:28:56
The
Preston Niblack
5:29:01
During the pandemic, there was, you know, a big, surprising, I think, to everyone kind of surge in the market.
5:29:10
It's clearly fallen off very much.
5:29:12
Market value decreased for Class 1 this year by 3.4%.
5:29:20
That was driven by a big drop off or a company by a big drop off in sales activity.
5:29:25
As I said, 1 to 3 family homes between county years 22 3 transactions fell by 30 25%.
5:29:33
So obviously driven no doubt by by higher interest rates.
5:29:36
So as we see interest rates decrease or stabilize and the buyers become accustomed to the market, I expect we won't continue to see that kind of fall off.
5:29:49
But for a while, at least, I don't expect another big uptick.