Sales of Luxury Homes Soar as Low Rates, Stay-at-Home Shoppers Fuel Market

Sales of high-end homes climbed 41.5% year over year in the third quarter, according to online real estate broker Redfin (NASDAQ: RDFN), the largest year-over-year jump since at least 2013.

In a news release Monday, Redfin said that sales of luxury homes, defined as the top 5% of market values, as well as sales of second- and third-tier houses climbed year over year, while sales in the bottom two buckets fell by 4% each. The median sale price of a top-tier luxury home in the U.S. in the quarter was $862,700, up 6.5% year over year, while the median price of a house in the bottom tier was $90,000.

A for sale sign in front of a house.

Image source: Getty Images.

In a typical downturn, it is the luxury market that takes the biggest hit, but as Redfin chief economist Daryl Fairweather noted, “This isn’t a normal recession.” Changes in behavior driven by the coronavirus pandemic are

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South Florida real estate market shifts from focusing on condos to single family homes

Not long ago, condos were the hot item in the South Florida housing market.

These days the bidding wars are being waged elsewhere.

“You live in a high rise because you like the area, and when the area businesses are shut down, there’s not much to do,” said Oscar Soberon.

A surge in people re-evaluating the urban lifestyle months after COVID-19 changed the landscape.

Soberon just moved to South Florida from Downtown Dallas, where he realized he was spending over $1,000 a month on condo fees for amenities he couldn’t use.

“I’ve heard there are a lot of people doing what I’m doing; migrating from north or bigger cities,” he said.

Tori Simkovic is looking to relocate from the happening Edgewater neighborhood to Southwest Miami-Dade but is finding she’s not alone.

“We picked our condo because it was close to Wynwood, and so we wanted to be near the bars

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Global Real Estate Leasing Market Procurement Intelligence Report with COVID-19 Impact Analysis

Press release content from Business Wire. The AP news staff was not involved in its creation.

LONDON–(BUSINESS WIRE)–Oct 12, 2020–

The Global Real Estate Leasing market will register an incremental spend of about $21 billion, growing at a CAGR of 5.25% during the five-year forecast period. A targeted strategic approach to Global Real Estate Leasing sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic . Request free sample pages

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201012005371/en/

SpendEdge has announced the release of its Global Real Estate Leasing Market Procurement Intelligence Report (Graphic: Business Wire)

Key benefits to buy this report:

  • What are the market dynamics?
  • What are the key market trends?
  • What are the category growth drivers?
  • What are the constraints on category growth?
  • Who are the suppliers in
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Real Estate Market: Rent or Buy a House During Covid? Home Hunters Explain Moves

Maybe it’s too many months living and working in the same cramped quarters. Or the ultra-low mortgage rates. For some, spending less during the pandemic means they finally have enough saved for a down payment.

All that is prompting people to ask themselves whether now is the time to buy a home — even as the long-term outlook for the real-estate market remains uncertain.

There’s been a burst of home buying across the U.S., especially in suburbs outside cities where people were cooped up during the spring Covid-19 lockdown. In August, contracts to buy single-family houses in Greenwich, Connecticut, nearly tripled from a year earlier. Contracts were up 57% in nearby Westchester County.

Homes Get Scarce

The supply of single-family homes in the U.S. is getting tight

Capital Economics Ltd., U.S. Census, National Association of Realtors

The U.S. market is so hot that the supply of homes for sale is

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Real Estate Software Market Will Showcase Positive Impact During 2020-2024 | Growing Middle-class Population to Boost Market Growth

Technavio has been monitoring the global real estate software market size and it is poised to grow by USD 3,825.16 billion during 2020-2024, progressing at a CAGR of about 9% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201012005071/en/

Technavio has announced its latest market research report titled Global Real Estate Software Market 2020-2024 (Graphic: Business Wire).

Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Altus Group Ltd., AppFolio Inc., Autodesk Inc., CoStar Group Inc., Fiserv Inc., International Business Machines Corp., LanTrax Inc., Oracle Corp., SAP SE, and

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How Have the California Wildfires Impacted The Local Real Estate Market?

With over 4 million acres burned, this year’s California wildfires have been the largest the state has ever seen. One fire alone, the August Complex, has burned over 1 million acres, cutting a destructive swath across the northern part of the state. The California fires are in various stages of containment, so these numbers could go up before year’s end.

California also happens to have some of the most expensive real estate in the country and many of the country’s most active real estate markets. Many areas currently battling fires have been threatened by wildfires before.

CoreLogic‘s (NYSE: CLGX) 2020 Wildfire Risk Report shows 1,975,116 homes in the United States are at risk of being destroyed by wildfires. These homes carry an associated reconstruction cost of over $638 billion. Of the areas most at risk, 76% of them are located in California, with the Los Angeles, Riverside, San Diego,

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Enphase Is Capitalizing On The Booming Home Energy Market (NASDAQ:ENPH)

The solar industry has been on fire over the past few quarters. Solar MLPE giant Enphase (ENPH) has been on a particularly solid run and continues to surge upwards. Despite an ongoing pandemic, Enphase has approximately quadrupled in market capitalization since March.

Enphase is an increasingly dominant force in the promising solar MLPE space. The company is also successfully moving into the even larger home energy industry. Enphase is at the forefront of a rapidly changing distributed energy industry and continues to innovate at a rapid rate.

Strong Performance Continues

Enphase continues to be one of the strongest performers in the revitalized solar industry. The company has consistently outperformed expectations, which has contributed to the company stunning rise over the past year. While the company’s Q2 revenue of $125.5 million decreased ~6% Y/Y, this revenue figures still impressive considering the industry-wide impact of COVID-19.

Enphase has transformed from one of

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The Silence Of the Lambs House Hits The Market

8 Circle St in Pennysylvania (Photos via Global Panorama via Flickr; Eileen Allan and Shannon Assad)

8 Circle St in Pennysylvania (Photos via Global Panorama via Flickr; Eileen Allan and Shannon Assad)

One of the creepiest homes in cinema history is hitting the market — and just in time for Halloween.

A four-bedroom house in the western Pennsylvania town of Perryopolis is asking just $300,000. Its claim to fame? It appeared in the 1991 thriller “The Silence of the Lambs” as deranged killer Buffalo Bill’s home, according to Inman.

The home is an otherwise modest 110-year-old Victorian that sits on 1.76 acres about 30 miles outside Pittsburgh. In the 1880s, the property was home to a general store and train station, and it sits adjacent to land that was once owned by George Washington.

The main house has decorative flourishes that date back to when it was first built: hardwood floors and moldings, fireplaces, pocket doors and even wallpaper. The general store was turned into a

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S.F. homes for sale hit a 15-year-high, as deluge of new condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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S.F. homes for sale hit a 15-year-high, deluge of condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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