July 2022 Luxury Real Estate Market Report

As a member of the Institute for Luxury Home Marketing, I have access to monthly reports on the luxury home market across the country. The July update can be summed up as this:

“In short, despite increasing inventory levels and the slowing of sales transactions, experts are very clear that buyers waiting for prices to plummet to pre-COVID levels are unlikely to witness a nosedive any time soon.” Additionally, while inventory levels have increased, the inventory level in the Park City and Deer Valley markets is not yet back up to pre-pandemic levels.

What does this all mean to buyers and sellers?

Buyers, first. With interest rates still low compared to historical averages and with flexible ARM products offering even lower rates, you are not priced out of buying. Inventory is slightly increased, and you have a few more choices of what to buy, and the panic of multiple offers may be decreased, although well-priced, updated properties are still seeing competitive bidding.

For Sellers, we may not be at peak pricing, but now is still and ideal time to sell with your basis in the property likely much higher than when you bought. However, your marketing absolutely matters now that buyers have some more choices, so make sure you are working with a professional and a luxury brokerage (me!) who will make sure your property shines in photos, video and virtual walkthroughs. If a property is priced rationally and looks A+ in the marketing, a sale could be highly likely.

Reach out to me if you’d like a copy of the July luxury market report!