Here, Haute Residence members give their opinions on Q1 sales and what the market looks like for Q2 and beyond.
Miguel A. Rodriguez - West Palm Beach's real estate market is displaying remarkable resilience in Q1 2023, despite the ongoing challenges brought about by the pandemic. Robust sales activity, particularly in the luxury segment, has driven demand in the area. However, persistently low inventory levels continue to constrain supply, resulting in rising home prices. Compared to the same period in 2022, the number of homes for sale has decreased by 12%, making for a competitive buying landscape. Nevertheless, West Palm Beach's thriving luxury market, with a 20% uptick in sales of homes over $1 million, suggests that the area continues to appeal to high-end buyers. Looking forward, home prices are poised to maintain their upward trajectory in the coming months.
Moriah Taliaferro - First quarter real estate data in Sarasota is telling us a tale of two cities. Overall, we're seeing sustained strength because of our growing popularity and population, but we're also seeing a real pivot in listing prices and the pace at which new listings are moving off the market. Those indicators have cooled off significantly from the same time last year. There's a dichotomy in terms of price brackets, though. In neighborhoods and price points that are more accessible for entry-level and first-time buyers, there's still an extraordinary amount of competition among buyers and properties are going from listed to under contract in short periods of time, often with multiple offers. It's in the luxury and ultra-luxury brackets that we've seen a significant lengthening of days on the market and some notable softening in prices, including price reductions. Affluent buyers with more flexibility in timing and residential options are taking more time now, and that's coinciding with more listings coming to market in the luxury price bands. The net effect is that a lot of pressure has come off the supply-demand formula at the top tier... which is not the case in lower price ranges. Regardless of price, the data is telling us that Sarasota's market offers incredible affordability relative to similar Florida cities and that both buyers and sellers who are well-prepared and realistic can enjoy a strategic advantage as the market continues to rebalance.
Antonette Baptist, Provenance Properties Cayman Islands Sales Specialist - We continue to see signs from the market that sales are completing and activity remains busy. This allows us to move forward into Q2 with optimism.
Ewelina Cimring, Provenance Properties Cayman Islands - Our pipeline gives me much confidence that we will continue to see strong activity, albeit with tough negotiations and some creativity. But there is no doubt that the recent mortgage rate environment will have a significant impact on price-per-square-foot levels below $1.5 million and that scarcity will further drive pricing per square foot upwards for condos on the beach.
Leslie Modell - I had a very strong Q1 into the 2nd quarter where we are now. Resales under 3M are strong and the market had a definite uptick, especially on the UES. Condos outsold Coops with several townhouses in the mix. The Spring market has continued to move but price rules the day!
Denis Smykalov - The market appears quite favorable in the niches we focus on, with sales spanning from Brickell and Miami Beach to Sunny Isles Beach. This season demonstrates a robust influx of buyers in both new developments and resale properties. Significant price adjustments are primarily observed in properties that were initially overvalued and listed for sale. Naturally, this year's first quarter cannot be directly compared to the past few years.
Priscilla Haisley - What we had two years ago was atypical. The super low-interest rates and no inventory frenzy, drove sellers to price their homes to the extreme high and buyers putting offers over asking price to get their dream homes. The market has shifted, and interest rates are higher, but this is Miami! The search for second homes, investments, and even primary homes hasn’t changed. What I see now is a more stable market with buyers finally now able to negotiate prices. The first quarter has been busy and is not giving me any indication of slowing down. Looking forward to Q2!