The upper end of the market is reflecting the same changes we’re seeing in the under $5 million segment: the number of sales and the dollar volume are both down. The average and median listings as well as the sale prices, however, are still breaking records in the under $5 million segment; whereas the Luxury market is seeing a decline. Do not read too much into this, though, as there were only 59 sales between $5 and $100 million versus 167 sales between $600k and $5 million. With such large dollar values these numbers can easily be skewed.
Both the overall number of sales and dollar volume are down 20% and 6%, respectively. This decrease in the number of sales comes from a multitude of issues not necessarily locally driven. Home mortgage interest rates have almost doubled, inflation hit a 40-year high in June, stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. NOTE: While the number of sales went down from 2021, the number of sales was almost 400% higher than the pre-pandemic levels for the first six months of the year. What’s more, the dollar volume was almost five times what we were seeing pre-pandemic with just over $636 million in the first half of 2022.