Page 4 - Prestige

Atwitter

About 2017

Following a strong 2016, experts are hoping for
more of the same this year.

By Camilla McLaughlin

igh-end properties have led the nals a balance between buyers and sellers.
recovery, but this year the luxury The great recession might be well in
Hstory is, in part, one of increasing most rearview mirrors, but some places
days on market and slower price appre- are still playing catch up. At 5.7 percent,
ciation in some, but not all locations and 2016 price increases in Las Vegas outpace
price brackets. And just when it seemed the national trend, but activity is centered
the protracted bounce back from the around lower price points.
recession might fizzle, agents, particularly in “Under $300,000 it’s very hot. Homes
upscale markets, found phones ringing and priced right sell in a week or less,” says Dan
contracts being written as the market took Mumm with Berkshire Hathaway HomeSer-
yet another unexpected twist. vices Nevada Properties. The $800,000-
In the end, 2016 turned out to be the to-$1 million category is slow, while the AH
best year for home sales since the recession. $2 million-to-$3-million bracket is more
Even though potential wild cards, including balanced, with about 8 months of inven-
additional interest rate hikes and changes in tory. The good news is that troubled prop-
tax policies, hover over any forecast, most erties have been cleared out, something
experts call for more of the same, with some at the depth of the recession prog-
perhaps slight improvements in 2017. Also, nosticated would never happen. For luxury,
expect the ongoing sea change in consumer Mumm says, there has never been a better
preferences to continue to revamp what is time to buy. The hottest upscale market is
considered 21st century luxury. in Summerlin.
For real estate overall, favorable indi- Latecomers to the recovery party, a few
cations continued into the new year. The resort locales are just beginning to flip. “This PARKY CITY UT
current data at press time shows 2016 sales is the fifth year in a row where our number
on target to tally 5.45 million, making 2016 of sales increased, but prices stayed flat
the best year since 2006, when 6.47 million because our inventory is so high,” explains
properties sold. Year over year, prices were Debbie Shelton with Berkshire Hathaway
up 5.6 percent in the Case Schiller Home HomeServices Smith Mountain Real Estate ©ISTOCKPHOTO.COM/CODYHASKELL
Price Index. Seattle, Portland and Denver in Virginia, who expects to see a change
reported the highest gains. With just a this year. Her advice to potential buyers?
3.6-month supply, the national inventory is “It’s still a good time to buy, but I wouldn’t
well under the 6-month benchmark that sig- wait much longer.”

2 berkshirehathawayhs.com