LUX Market Watch for October 2022

The luxury market had decreases in all categories in October. Luxury closings have decreased over the last three months, Pending Properties have decreased a little less while Active Option Contract (AOC) and Listings are essentially flat. Pending and AOC will probably end the year where they began.

There were 227 more closings this month than in February. Most significantly, there were 759 more listings this month than in February (a 276% increase). Luxury buyers have many more selection options than they had before June when the number of sales to listings moved from inverted to corrected.

This is the ideal time for cash buyers and downsizing buyers with enough equity. For these buyers, loan rates don’t matter. There are plenty of choices and fewer multiple offer situations. Sellers are also more reasonable about repairs and other negotiated contract items since showings and offers are down.

Meanwhile, demand is still high in DFW. Businesses and executives are still migrating to Texas and the trend appears stable for years to come. Consequently, properly priced homes sell quickly at reasonable prices. There aren’t sky-high offers over asking price like earlier this year, but there’s still an occasional “unicorn” offer for exceptional properties.

The property with the highest list price to enter the market this month is exceptional. It is listed at $35 million. It is a 17,102 sq. ft. English style home built in 1999 on 4.66 acres in Preston Hollow. It is a 6 bed, 8.4 bath house with 3 levels, 6 living areas, 2 offices, 5-car garage, 2-hole regulation golf course with sand traps and water features, pool, spa, large cabana and a 2-bedroom apartment.

The highest closed luxury property this month was last listed at $10.495 million. It is a 11,539 sq. ft. Spanish style estate built in 2007 with 5 bed, 6.2 bath, heated floors, pool, spa and outdoor living area, elevator and wine cellar on .457 acres in Highland Park.

There are 49 Active luxury lease properties in North Texas with list prices of $10,000 or more per month. The highest listing price for a lease is $35,000 monthly for a 5,067 sq. ft. property with 4 bed, 3.2 bath with a 2-car garage, no pool on .385 acres in Highland Park.

The highest closed lease for the month was in the Preston Club Estates of Dallas and last listed for $12,500 per month.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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