Oct 7, 2015, 8:57am CDT Paul Takahashi ReporterHouston Business Journal
Houston is still one of the top 10 hottest markets nationally for luxury home sales, although sales of million dollar mansions has fallen slightly this year, according to a new national report. Coldwell Banker Real Estate LLC released its fall luxury market report on Oct. 6, which looked at luxury home sales and trends in major U.S. markets. The New Jersey based real estate company analyzed multiple listing service data to compile a list of the top markets with the most luxury home listings and sales so far this year. Here are the major findings from the Coldwell Banker Previews International fall luxury market report:
Houston ranked No. 8 nationally for sales of luxury homes topping $1 million so far this year, falling three spots from its No. 5 position at this time last year. As of August 2015, Realtors in the Bayou City sold 955 homes valued at $1 million or higher, slipping by 2.6 percent from the 981 luxury homes sold at the same point last year. New York beat out last year’s No. 1, San Francisco, for having the most luxury home sales nationally, closing on 6,752 homes — more than three times the number of luxury homes sold there a year ago. The Big Apple was followed by Los Angeles (2,685 sales), San Francisco (2,324), San Jose (1,241) and Chicago (1,098) to round out the top five cities. Houston is one of four Top 10 luxury home markets to see fewer home sales year over year. The number of luxury home sales fell in San Francisco, Houston, Miami and Washington, D.C. Despite a slight drop in sales, Houston’s luxury home market is growing in size. Houston has the largest luxury home market in Texas, according to the Texas Association of Realtors, and still is one of the hottest nationally. Houston ranked as the No. 10 market nationally for the number of active listings of luxury
10/7/2015 Houston slips in national ranking of luxury home sales, Coldwell Banker Real Estate reports – Houston Business Journal
Houston ranked as the No. 10 market nationally for the number of active listings of luxury homes topping $1 million, moving up one spot from last year. As of August 2015, Realtors in the Bayou City had 641 active listings of million dollar plus homes, up nearly 28 percent from the 501 luxury home listings a year ago.
Houston emerged as one of the hottest luxury home markets during the energy boom. However, the current oil slump threatens to slow luxury home sales as homebuyers adopt a wait and see attitude amid the economic uncertainty surrounding Houston’s energy industry.
The Houston Association of Realtors reported sales of homes valued at $500,000 and higher — the top category — have slipped during some months in 2015, though its most recent report for August 2015 showed home sales increasing in that category. Coldwell Banker Real Estate plans to release its yearend results in its spring report. Click here to see how Houston fared in Coldwell Banker’s spring report released April 2015.
Paul Takahashi covers residential and multifamily commercial real estate for the
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