Orange County Housing Report: Luxury Soars
Luxury housing emerged from the lockdowns of COVID-19 with unbelievable strength and has reached unprecedented levels.
A Hot Luxury Market: In 2021, one in six closed sales were luxury.
In 2021, the real estate marked evolved further, from red hot to white hot. Overnight, the real estate industry had become accustomed to throngs of showings, multiple offers, and homes selling for more than their asking prices. A surprising twist was that the luxury housing market surged right along with the lower price ranges and at a record pace.
What sparked the wave of luxury sales? The run-up on Wall Street has certainly helped. After the S&P plunged 32% at the beginning of the pandemic in March 2020,…