Luxury End

By Uncategorized October 26, 2021

Luxury End

Expect the luxury market to slightly cool as housing transitions further into the Autumn Market.

Year over year, luxury demand is up by 233 pending sales or 132%, and the active luxury listing inventory is down by 31 homes or 8%. The Expected Market Time last year was at 101 days, extremely hot for luxury, but double where it is right now, indicating just how hot the luxury market is today.

For homes priced between $1.5 million and $2 million, the Expected Market remained unchanged at 29 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 41 to 49 days. For homes priced above $4 million, the Expected Market Time decreased from 135 to 129 days. At 129 days, a seller would be looking at placing their home into escrow around February 2022.

 

About the Author
Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.