As we discussed earlier this month, http://blog.stewart.com/stewart/2014/04/01/higher-end-housing-market-heating-up/ the high-end residential market is gaining speed as buyers become more confident overall, and alternative investments less attractive (think low interest rates and a relatively strong valuation in the stock market).
To compare the luxury markets in 50 cities, Coldwell Banker Previews International® started the annual publication Luxury Market Report in 2012. This year in the 2014 Edition 1, they have added a Luxury Market Index, which can be viewed at http://previewsinsideout.com/news/luxury-market-index-2014?utm_source=previewslmr&utm_medium=vanityurl&utm_campaign=2014-lmi. The Luxury Market Index lists scores for the top 50 markets in the U.S. The index calculations include volumes, median and average prices, among other data. The number one ranked market? Woodside, California (south of San Francisco and northwest of San Jose) followed by Bal Harbour, Florida (north of Miami Beach). Six of the top 10 are located in California.
In addition, they report the top 20 Zip Codes of closed sales in 2013 and the number of current listings in the $1 million and up, $5 million and up and $10 million and up ranges. Also broken out are the cities (not just Zip Codes) with luxury home sales across the same price strata.
So, in which cities did the most numbers of $1 million and up luxury home sales take place in 2013?
One of their finding was that almost 70 percent of all sales in the top 25 markets had close proximity to either a lake, ocean or river.
If you need information and trends in the high-end housing market, these sites should be included on your Favorites list.
To download the entire report click http://previewsinsideout.com/news/luxury-market-report-2014