Luxury Market Points to a Slow and Steady Recovery

According to the RE/MAX of New England Luxury Housing Report, there are several indicators that point to a slow, but steady, recovery in the Luxury Market. While the number of transactions remained mostly flat, year-over-year data shows that seven of the 15 communities tracked in this report experienced an increase in sales price, including Wellesley and Brookline, where there were price increases of 39.4% and 26.9%, respectively. In the South End, the number of  transactions increased 27.8%. Volume is also up in many neighborhoods. “There are growing indications that buyers are purchasing in the luxury marketplace,” said Jay Hummer, RE/MAX of New England Executive Vice President. “We need to see buyer confidence, sales and price continue to increase to maintain a steady recovery.”

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