Was Q1 2021 our turning point in post-COVID luxury real estate? As I’ve noted previously, market reports are always in hindsight.
You can’t truly “call” a market trend until it’s in the past, as noted in my Q3 2020 market update LIVE broadcast. However, I can confidently report that in some of the areas hurt most by COVID, like Rittenhouse Square Condo Market in Center City, we are seeing an uptick in buyer activity and increasing competition. It’s still a great BUY opportunity with over 9 months of inventory but there is a shift happening. Be sure to explore the data in my Luxury Market Report for Q1 2021.
Main Line communities and Center City luxury single family home markets are currently experiencing a spike in both value and demand. Multiple offers with waiving of contingencies above asking has become a new normal, in our local markets as well as across the country. It can be a confusing, and frustrating experience for buyers and sellers worry about how they can, in turn, buy a new home.
For insights on how to win in today’s market, be sure to contact me for a private consultation. I’ll share strategy insights with you, including how my clients bought “sight unseen” while protecting their appraisal contingency. Please feel free to book a time at your convenience on my calendar.
To track trends closely, bookmark my Community Guides with monthly Pricing Trends and Supply & Demand statistics for your area. And for a detailed analysis of your home, or future home, get an instant home valuation then let’s talk.