demand has stabilized and a slight decline in pricing has reduced average days on market to 162 days, as evidenced by the recently released August 2017 luxury housing report published by the Institute for Luxury Home Marketing. “The coastal luxury homes market of Southern California has been strong over the course of this summer,“ states Jody Clegg of First Team Real Estate in Huntington Beach, California. “Luxury home sellers have experienced an increased demand for their homes due to increasing consumer confidence in the economy, increasing jobs in mid- to senior-level employment positions, as well as an ability to cash in on awesome returns from the stock market. “Couple these positives with the fact that luxury home sellers have a larger inventory to choose from, increased relocation opportunities for senior
level employees, as well as conforming loan limits being raised to $625,500 earlier in the year,2017 has been the year of the consumer within the luxury marketplace,” Clegg added. In close, the market is today as the market was yesterday, and as it will be tomorrow. Our markets are the result of supply and demand. As we prepare for 2018, increasing jobs across the country, improving lending restrictions of the past decade, reduction in overall income tax rates, increasing opportunities of down payment assistance, and greater deferment of student loan debt, are all external factors that can and will fuel growth of listing inventory and opportunity across the U.S. housing market. Without changes in any of these such factors, growth across the U.S. housing market will likely remain stable to positive for the coming year, with
moderate overall increases in unit transactions, and flat in overall pricing volume. Jobs…Jobs…Jobs…is where the answer lies, and if this becomes the reality for our U.S. economy in 2018, all bets will be on a robust housing market to close out this decade.
As president of First Team Real Estate, the 16th largest volume brokerage in the country, Michael Mahon operates with the mentality that relationships are the driving force behind every successful real estate brokerage in the industry, and is honored to support the organization’s 1,735 sales associates throughout California markets. Mahon has more than 26 years of comprehensive real estate experience spanning the residential and commercial sectors.
JULY 2017 | ATTOM DATA SOLUTIONS
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