February 2020 Luxury Market In Review

In this month’s review we take a look at the “How Will the Wealthy Fare in 2020?” This an exclusive report recently published by Wealth-X, a world leader in wealth information and insights. Understanding the impacts that affect the wealthy is obviously critical to luxury real estate as they shape the spending power and ultimately the decisions of the affluent.

The report may surprise some due to it’s prediction that 2020 will be “a year of solid expansion for the world’s wealthiest individuals”, despite uncertainty and inflamed economic growth. Overall, the prediction maintains a possible slight did, but overall growth.

Looking forward to the rest of 2020 and beyond, Wealth-X assessed the uncertainty in the US — with global geopolitical and trade tensions, inflationary pressures and the looming election, their prediction model shows “that even a recession is unlikely to constrain wealth growth in the longer term.”

The art of selling and buying in this market needs a critical and analytical approach. Understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to sell their luxury home in today’s market, I recommend working with a Realtor who can capitalize on the preferences of current investors.

It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that it is the time us to switch gears and discover how to leverage these the market effectively to achieve your goals.

As your concierge real estate agent, I identify your specific requirements, navigating the Eastern Shore community, ensuring that I satisfy and exceed your family’s needs. I promise to use all my resources to find or sell your home.

Through all stages of buying or selling your property and beyond, I am dedicated to bringing you the best of Ocean City and the surrounding areas. I provide all-inclusive concierge services, assisting you with all your needs. I am steadfastly available to ensure your happiness and satisfaction.

Worcester County Luxury Market In Review

Single-Family Luxury Market

• The Worcester County single-family luxury market is a Buyer’s Market with a 0% Sales Ratio.
• The number of luxury single-family homes sold has decreased 100% to 0 in January 2020.
• The most active price band is $850,000-$949,999, where the sales ratio is 0%.

Attached Home Luxury Market

• The Worcester County attached luxury market is a Buyer’s Market with a 3% Sales Ratio.
• Homes sold for a median of 97.18% of list price in January 2020.
• The most active price band is $600,000-$649,999, where the sales ratio is 11%.
• The median luxury sales price for attached homes has decreased to $582,500.
• The median days on market for January 2020 was 36 days, down from 227 in December 2019.

The full report can be found below. For more information about the February 2020 Luxury Market report and the services I can offer you and your luxury property, please give me a call at 410.430.1575 or email me at mnichols@LuxuryShoreLiving.com.