Quarterly Note - 4th Quarter 2019
Minnesota luxury home sales ended about even compared to 4th quarter 2018 while South East Florida outpaced the same time period last year.
The 4th Quarter for 2019 came and went with blazing speed. The end of another year not only closed the chapter on 2019, but closed the book on the decade as well.
And what a decade it was......
The 4th Quarter for Minnesota luxury homes, 1 million to 3 million, showed slightly better compared to 2018. The 2018-2019 comparative statistic that caught our attention was homes over 3 million were down by 30% in Units Sold and down by 39% in Total Sales. While those upper luxury homes are not large in total number of units they are meaningful in total sales volume and could point to a trend in Minnesota.
When we ran the same statistics for South East Florida, all numbers including properties over 3 million were up compared to 2018. So could the very top of the Minnesota housing market be experiencing some of what the northeast is going through? Possibly, but what it means to us is when listing a home in the 3 million and above price range, be certain that there is a very well thought out strategy coupled with a smart, experienced agent that knows the idiosyncrasies of that market and is able to land one of the few interested buyers qualified for the property.
In general, the luxury market is still holding its own or improving and with the mostly positive economic outlook and interest rates still at historic lows, we are looking forward to very good 2020.
MINNESOTA AND FLORIDA MARKETS 4th QUARTER 2019
Luxury Home Total Dollar Volume Sales 1 Million+
Luxury Home Sales In Units 1 million+
