Luxury Home news from around the country and the world are definitely mixed. With some economies slowing down sales in those countries have cooled substantially.
In the US 2010 was definitely a buyers market as most buyers including the every affluent looked for good values. Though generally this group of buyers in the past simply bought what they wanted because they could afford to do so this recession has been so brutal that even the affluent either scaled back their purchases or in many cases looked for and got the most bang for their buck.
In Sonoma County this is very apparent in the 1 to 2 million dollar price range as the closed sales showed value purchases with an average sold price of 84.69 % of original list price. Average time on the market 6 months. A close look at the numbers reveals that the sellers that priced their home closest to what the market was willing to pay sold their homes with an average market time of 45 days at 100% of list. Out of 131 sales 12 of these homes sold for asking price.
Bay Area buyers are looking and buying if the price is right. Locally buyers are buying but many are sitting on the sidelines. Conversations with other agents led to remarks along the line of buyers not finding what they are looking for and overall inventory very light. Conversations I have had with buyers have led me to believe that some buyers are more motivated by price more than they are about finding the right home.
With interest rates on the rise and many sellers having taken their homes off the market it should be a very interesting spring market. If the Stock market continues on its upward path and rates staying firm or rising even slightly we could see price stability. As I have repeated before a positive Jobs announcement would be a good sign for all regardless if you are a buyer or seller.
LuxuryHome.pro web site visitor statistics for 2010 show some very interesting trends. The first 6 months of the year my highest visitor count came from the following cities New York, Santa Rosa, Los Angeles, San Francisco and Oakland.
The last 6 months Santa Rosa with the most visitors by a margin of 3 to 1 followed by Oakland and San Francisco.
Internationally the following countries in order of the most visitors. 1) US 2) India 3)United Kingdom 4) China 5) Philippines 6) Turkey 7) Vietnam 8) Thailand 9) Italy 10) Pakistan and 11) Canada followed by an additional 114 countries
On the upper upper nose bleed sections of Sonoma County prices 5+ million dollars the stories of multiple offers all cash continue.