Luxury homes, as I’m classifying for this article, are homes above $1 million.
The sales of high-end homes in North Fulton have been climbing for a while now.
We’re seeing unit sales at the same level we witnessed in the beginning of 2008. In fact for 2013, luxury home sales have nearly doubled the numbers of 2010, the bottom of the market for high-priced homes.
The recovery at this price point started later than the rest of the market.
What initiated the recovery was a pick-up in cash buyers who grabbed the opportunity early on as soon as they saw the recovery begin.
Now, with those deals long gone, some builders have moved back into the luxury space to take advantage of missing new construction homes in that price point.
It is a very positive sign to see high-end home sales continue to strengthen, but it still pales to the recovery of home sales in the lower price points.
In North Fulton, the majority of home sales occur in the $200,000 to $400,000 range.
Although the increase of new construction in our area and the communities poised to start building in the next few months will be in the $450,000 to $650,000 range.
Both of these trends, along with the low unemployment rate in our area, will ensure that demand will remain strong and property values will continue to rise next year.