Page 3 - LTR Luxury Report

A A MESSAGE FROM DENICE M M M SEXTON
Context the all-important lens to view statistical and anecdotal market information through The The third quarter of 2022 is a a a a a a perfect example The The area our report covers Southeast Florida is somewhat insulated from the the national Real Estate report for a a a a a a a few reasons Although our “pace” of activity has slowed to to a a a a a a a a more normal rate it is is coming off an an anomaly that is is referred to to as the “covid” time frame It is is is no surprise to anyone reading this report that the velocity of of the covid market was unsustainable for a a a a a a a variety of of reasons Interest rates through Fed intervention are being used to slow dampen soften you pick the the adjective inflation Inflation the the destroyer of of economies Mortgage rates currently at at at 6 5% for a a a a a a a a 30-year fixed rate rate have slowed the ability of most first-time buyers to operate in in the the current environment Thus affordability plays a a a a a a a big role in in how the the overall market functions On a a a a a a a a a micro basis the the recorded numbers for for this year thus far are are still strong for for our area Southeast Florida luxury condo prices are up 11 1% year year over year year The single-family $1 000 000 000 000 and above category continue to hold levels attained in in the the previous 18 months What has fallen dramatically is the the number of luxury transactions Take Away:
The outlook for the overall economy is is a a a a a a a question mark with most so-called “advisors” warning of a a a a a a a recession in in the the upcoming year With metrics still relatively strong and an an overall lack of supply now is the the time to sell if that is is a a a a a a a consideration in in the near future Sooner is is better than later in in an an environment where recession seems to to to be on on the the the horizon On the the the buy side we expect to to to see see more supply and the the the opportunity to to to transact at slightly adjusted levels from the the high of the the “covid” market Managing Director Lost Tree Realty
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