RE Luxe Leaders Unveils Monthly Luxury Real Estate Report
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Key Insights Into the US Luxury Real Estate Market for May 2023

SARASOTA, Fla. - Floridant -- RE Luxe Leaders, the nation's premier luxury real estate consulting company, is excited to reveal its May 2023 Luxury Real Estate Report, offering crucial insights into the rapidly evolving US market.

The report highlights a dynamic real estate landscape with two distinct market trends instead of a single national narrative. The past year has seen a significant wealth migration, fueling a shift in the power centers of the US luxury market.

"The US luxury real estate market is rebounding from a slight decline in February," says Chris Pollinger, Managing Partner at RE Luxe Leaders. "Year-over-year comparisons are promising, with the national market's top end experiencing a growth rate of 1.07%, and an average price of $506,609."

This positive trend extends to the Executive Class Luxe, showing a performance of 0.85% year over year, and Luxe Class properties (valued at $2 million+) revealing a growth rate of 0.37%. Even uber-luxurious properties priced over $5 million are seeing a growth rate of 1.33%. However, these percentages vary widely from region to region.

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While the market shows resilience, inventory remains a concern, significantly lagging behind 2019 levels in many areas. This supply issue becomes stark as the seasonal demand increase looms. Additionally, price depreciation is noticeable in certain areas, particularly in California, with Los Angeles predicted to experience a downward spike due to a new transfer tax on sales above $5 million.

Despite these challenges, incredibly, about 50 new areas crossed the executive luxury threshold last month, with 10 new areas surpassing the $2 million+ threshold.  One area even breached the $5 million+ mark for the first time in 9 months, demonstrating the luxury market's solid footing and the continual wealth migration into emerging power areas.

The long-term view of the data yields even more reasons for optimism. The three, five, and ten-year average growth rates for luxury real estate in these regions stand at 34.77%, 43.57%, and 79.19%, respectively. This data indicates that luxury properties significantly outperform lower price ranges in terms of percentage return.

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Investors and real estate market players are urged to consider the southeast region, demonstrating particularly robust growth trends. These areas consistently show higher growth rates compared to other regions, making them attractive investment prospects.

RE Luxe Leaders reminds stakeholders that the luxury real estate market is about seizing opportunities and staying ahead of the game. By closely monitoring trends and leveraging the insights shared in this report, stakeholders can position themselves for growth and success in this exhilarating industry.

For more information or to view the full monthly report and accompanying forecast, please visit https://www.reluxeleaders.com.

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RE Luxe Leaders, LLC
***@reluxeleaders.com


Source: RE Luxe Leaders, LLC
Filed Under: Real Estate

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