Affluent homebuyers can find deals this fall amid cooling U.S. luxury real estate markets

An opportunity could be on the horizon for those who deferred a home purchase in some of the luxury real estate markets that boomed during the pandemic as demand falls.

Among them, the Miami and Naples areas of Florida; urban Honolulu; and Santa Fe, New Mexico, could be among the best luxury markets in the U.S. for buyers this fall, according to data Realtor.com provided to Mansion Global. The data was staked on a combination of falling luxury median price points, which indicate markets that are softening and where buyers could potentially score a deal; a shift in median days on market; and page views, with fewer views indicating less demand.

“We see that these higher-priced markets are seeing falling demand,” said Hannah Jones, senior economic research analyst at Realtor.com. “And so for buyers who do have access to the capital that they could purchase in one of these markets, they may find more flexibility than in some of the markets that are lower priced and are still seeing a ton of competition.”

Read on for where the opportunity lies and advice in those markets from real estate agents on the ground.

Miami, Fort Lauderdale and Pompano Beach, Florida

Buyers who couldn’t get enough of the sandy shores of this trio of South Florida cities during the pandemic have largely backed off, making it the No. 1 destination for luxury buyers this fall.

The luxury median listing price in Miami, Fort Lauderdale and Pompano Beach was down 22% to $2.5 million in the second quarter. Between June 2023 and June 2024, the median days on market for luxury listings rose five days and in the same time page views of luxury properties on Realtor.com fell a whopping 44%.

Mick Duchon, a Miami-based agent with Corcoran, said that some sellers who were stuck in the high-price mindset of 2021 and part of 2022 are starting to come around, meaning there are still properties out there with a listing price ripe for an adjustment. He said it’s an opportunity for people who have been waiting on the sidelines.

Case in point, Duchon was working with a buyer on a penthouse apartment in the South of Fifth neighborhood in summer 2022 when the market had just started to adjust from its pandemic highs. After approaching the seller with a deal and agreeing on it, the buyer decided to wait.

“Two years later, we transacted at 15% below that initial contract price,” he said about buying back at lower prices from same seller.

He added: “If buyers are basing their offers on what has transacted recently then they should be able to achieve solid deals.”

Honolulu

Realtor.com found that median luxury listing price fell nearly 10% to $2.34 million by second quarter’s end while page views decreased by almost third over past year indicating less interest thus making Honolulu No#2 market come autumn season

Noel Shaw agent Hawai’i Life Real Estate Brokers Forbes Global Properties observed peak Covid rush abated somewhat but lifestyle changing long term movers keep up competition mid-tier level urging city knowledge expertise essential given block-by-block quality variations across limited supply island setting

“This is an island city’s very limited so we still have limited supply” she noted adding potential great deals albeit not easily visible compared others

Luxury listings eyed include top-tier Japanese seller properties prestigious second-home market Asian weakness yen conversion potential yielding prized yet rare opportunities constrained inventory extra sweet spot

Naples-Marco Island Florida

Market frenzy quelled Gulf Shore slice FL median listing dropped down eighteen percent hitting four mil by Q2 period while steady viewing stats lowered sales volumes remaining strong post-Covid mania settling fairer pricing trends per Douglas Elliman agents Celine Wells & husband Chris Wells emphasizing patience virtue fast action required spotting particularly interesting entries mostly cash transactions closing promptly mortgages following later

Chris Wells elaborated importance securing quick deposits ensuring swift closings leveraging short due-diligence periods aiding desired property acquisitions

Santa Fe New Mexico

Sunbelt Mountain West huge recent years intermediate Santa Fe likewise saw rising demands though current prices trend downward amidst mixed indicators placing fourth-best buyer prospects list

"People still wanting here Santa Fe very desirable" stated Ricky Allen Sotheby’s International Realty – SF Brokerage highlighting climate cultural lifestyle appeal recommending prospective buyers exploring maximum suitable options watching eventual sale prices unfold unpredictably

(Mansion Global owned Dow Jones alongside Realtor.com both under News Corp umbrella)

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