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As Q1 came to a close at the end of March, Haute Residence experts shared their insights into their unique markets.
Debra Johnston, Atlanta, GA
Miguel A. Rodriguez, West Palm Beach, FL
For Q1, the Palm Beach market has experienced robust activity, with strong demand driving competitive bidding and quick sales, particularly in the luxury segment. Tight inventory levels have contributed to upward pressure on prices, resulting in favorable conditions for sellers and motivated buyers eager to secure prime properties in this prestigious locale.
DiMaggio and Betta Group, Piedmont, CA
As we transitioned from the autumn of 2023 to the onset of Q1 2024, a notable shift occurred within the real estate market, marking a significant uptick in activity. While a considerable number of properties had remained stagnant, a portion of homes experienced price reductions, leading to sales at values lower than those witnessed in preceding months. However, the narrative began to evolve come January and February, as homes that had previously languished on the market suddenly garnered renewed interest, resulting in sales at or even above the asking price. The resurgence was evident as multiple offers became a common occurrence once more, indicating a palpable resurgence in buyer confidence and market momentum.
Aimee Deupi, Coconut Grove, FL
Miami, especially Coconut Grove & Coral Gables, remains strong as an established real estate market. The housing market, with respect to sellers, seems motivated to list high as inventory remains low - as migration continues to Miami, I find foreign buyers are more likely to rent and get their bearings on the City as they await more selection in inventory. In short, migration continues; thus, affordable products are slim, although 1 to 2 million is consistent. As Miami continues to receive new companies and commercial build-out finalized, there will be a surge in real estate pricing, which puts Miami in a high pricing bracket.
