Luxury Market - the Silver Lining

When will it end? That is the question everyone in real estate is asking. The “it” being the current slowdown in the housing market both locally and in most major markets across the country. Inventories are rising, prices have leveled, and days on market have increased considerably. Fortunately for Metro Atlantans, the “slowdown” is more of a cyclical correction that is normal following a boom. Interestingly, million dollar plus closings have not slowed nearly as dramatically as the rest of the market. More than one out of fifty homes closed in June was a million dollar plus closing. Those closings represented 11 % of the total volume for June. In the previous month, there were 97 closings in the million plus market that represented over 9% of May’s volume. (Source: FMLS)