💎 Luxury Home Sales Plateau After Pandemic Upswing 🏡 Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Dated: May 10 2022

Views: 6

South Florida sales of single-family homes priced $1M and up have basically remained stagnant since 3Q 2021 – but still higher than pre-pandemic levels.

Florida Realtor Magazine 2022 05 10 Florida Luxury home sales plateau after initial upswing from pandemic after Ukraine Russia China COVID19 coronavirus plandemic and Biden Administration Changes Barry Hoey 239RealEstateDeals.Com LLC

FORT LAUDERDALE, Florida – After a soaring real estate market throughout most of the pandemic that saw record highs, luxury sales for single-family homes have leveled off for three straight quarters.

According to data from the Keyes/Illustrated Luxury Report, South Florida (spanning Miami-Dade County up to the Treasure Coast) luxury sales, meaning single-family homes selling for $1 million and up, have essentially remained stagnant since the third quarter of last year.

Looking at the past two years of real estate action in South Florida, sales volume increased during the start of the pandemic housing surge in June of 2020, before reaching the highest levels so far in the second quarter of 2021, and then leveling off. Numbers are still significantly higher than pre-pandemic sales, however.

“I think there is no question that the June of 2020 ‘til 2021 was the hottest super surge of the accelerated Covid buying,” said Mike Pappas, CEO of Keyes Realty in South Florida. “It was led by the luxury market and those that had funds and the ability to move.”

For the first quarter of 2022, the luxury single-family home sales volume in terms of price in South Florida reached $5,564,861,079, a 3.2% decrease from the same quarter a year ago, when total sales volume in terms of price reached $5,750,323,765, the reports show.

Sales volume for single-family homes hit its highest point in the second quarter of 2021, when total sales for South Florida were at $8,206,236,421.

Pappas theorizes that the three-quarter plateau could be due to two things: a settling to a more normal market as well as a severe lack of inventory.

“I would say that this is another sign that we are nearing the peak of housing cycle,” said Ken H. Johnson, real estate economist at Florida Atlantic University. “We started at the bottom of the cycle in 2012 and we’ve been on the upswing for about ten years.”

The raw number of sales also seems to have started to level off. The total sales for single-family homes for the first quarter of 2022 was 1,949, a small 2% percent increase from the same quarter last year when total sales were at 1,909.

“Sales have plateaued in this market largely due to the lack of inventory,” said Bonnie Heatzig, executive director of luxury sales at Douglas Elliman in Boca Raton. “More inventory coming to the market would break the plateau and sale levels would increase to match the very high demand that is circulating our luxury market.”

She noticed a slight “buyer breather” in the first quarter of 2022, which could be attributed to rising interest rates, rising inflation and geo-political conflicts. She also says she’s seen an uptick in buyers as the market heads into the second quarter of the year – South Florida’s traditional peak season for real estate sales.

From her perspective, she says buyers are starting to understand that prices will remain high for the foreseeable future.

Luxury condos are a different story. Units priced at one million and up have started to see significant increases in the first quarter of this year. Total sales volume for luxury condos increased to $3,683,915,489, a 39% increase from the same quarter a year before. The number of sales also rose to 1433, a 31% increase from the year prior.

Pappas’ assessment of the high-end condo surge is that some buyers avoided condos out of concerns for lockdowns and not being able to use amenities, and that reticence is fading.

“There is confidence in the condo market again,” Pappas said.

👉 The Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida where we have 7 of 10 hot market projections for 2022.  We Directly Help / Serve Sellers and We Directly Help / Serve Buyers; sometimes helping both in the same transacton.

Recently as Listing Agents, Barry & Kim with the Hoey Team; 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance and in similar situations; we were able to get all of them to a "very good place"; worry free & stress free; with excellent end results for them.  Also, Kim is a certified stager which helps us additionally on all of our listings.

We help people in many different situations; everybody's situation is different even in a hot sellers market; if you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve and set record setting sales prices in the communities where we list and sell ☘

We also offer a private, custom Concierge Service, if their property needs work 🍀  For every property situation, we have a solution / solutions ☘

As people continue to move in great numbers and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴  239RealEstateDeals.Com LLC had blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.

Inventory remains low overall as homes sell quickly; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing / evolving. 

Relatively low interest rates (even with recent increases) are also a small contributing factor to the increased sales; oftentimes well over asking price.  Low inventory is still the greatest chalenge for buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that.  We do see more listings coming to the market here in Southwest florida, so, that is good.

We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm thankful that we already had systems in place to better help sellers and buyer with goal posts continually moving within our industry / profession.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team, 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 ☘

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.SWFL-Events.Com      Feel free to share this resource page with others  🌴

On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.239VT.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number one state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit www.239RealEstateDeals.Com anytime.

Click Here for our informational Southwest Florida Website ☘

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team ☘ Luxury Home Market Page including Luxury Home market Reports for Naples, Marco Island and for Lee County by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team; 239RealEstateDeals.Com LLC ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ 239RealEstateDeals.Com LLC

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call or Text Barry ☘ at:  (239)-360-5527 

“Please Share this and our informational website with anyone who you think the info will help. 

Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim 🍀

Blog author image

Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

📣 Surfside Condo Collapse Settlement Nearly $1B 🕵️‍♂️ Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Pending court approval, the $997 million settlement involves developers of an adjacent building, insurance companies and other defendants.ST. PETERSBURG, Florida (AP) – A nearly $1 billion

Read More

🕵️‍♂️ Why Home Buyers Face Higher Mortgage Rates 📈 Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

The Fed’s 0.5% increase in a key interest rate this week is an aggressive move to slow inflation.  But borrowing money to buy or fix up a home will cost more.MENLO PARK, Calif. –

Read More

💎 Luxury Home Sales Plateau After Pandemic Upswing 🏡 Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

South Florida sales of single-family homes priced $1M and up have basically remained stagnant since 3Q 2021 – but still higher than pre-pandemic levels.FORT LAUDERDALE, Florida – After a

Read More

🔔 U.S. Economy Contracts for 1st Time Since 2020 📉 Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

The nation’s GPD shrank at a seasonally adjusted annual rate of 1.4% in 1Q 2022.  But U.S. consumers and businesses – the economy’s core – remain healthy.McLEAN, Va.

Read More