Just released analysis of April and May 2013 home sales from the National Association of Realtors confirms what we have been seeing locally in the last several months - the luxury market has rebounded! Even better news - it's not just the Northeast - all regions of the country are seeing increased sales volume with the largest improvements in the $750,000-$1million dollar range.
This is great news for luxury home owners who have been mildly or moderately underwater for a number of years. Compared to 2012, the Northeast posted an impressive sales increase of 36% for the $750k-$1million range and a very respectable 24% for homes priced $1million and up.
Nationally the number of distressed sales continues to fall and all Northeast price segments have shown at least moderate sales increases. Given the continued low levels of inventory in Reading and surrounding towns, sales should remain strong through the summer and perhaps well in to the fall.
As of today there are just 25 single family homes listed for sale in Reading across all price ranges, leaving many buyers still in the hunt while sellers enjoy shorter days on market and brisk demand. Reading boasted 11 homes sales over $750k since January 1 with 5 more set to close this summer. Buyer demand for a high value communities like Reading remains strong so let the recovery continue!
For the full NAR article:
http://economistsoutlook.blogs.realtor.org/2013/06/28/existing-home-sales-by-price-category/?om_rid=...
