Sales of homes in 2014 continued to rise (in quantity and price), including sales of $1M+ homes. The luxury housing market was the first to recover after the recession and has been going strong ever since, benefiting from a booming stock market, low interest rates, and overseas investment. However, the majority of homes that sold were considered “move-in” condition. The desire to get a “fixer upper” (which generated a lot of the sales from 2007 – 2011) has waned. This is partially due to the increase in construction costs for materials and labor. We have seen a change in the attitude of buyers as well – buyers are looking for quality of life and willing to spend a little more for the quality and the “move-in” condition of a home; most buyers do not want to have to coordinate and live through the construction process. We will continue to see this reflected in buyers’ purchases through 2015. http://www.dispatch.com/content/stories/home_and_garden/2015/01/04/closer-to-the-core.html
