RECORD-SMASHING SPRING

Luxury and single-family homes set a new record

April 26, 2024

#32

WELCOME

Need another reason to break into the luxury market this year? Redfin’s latest report has three.

In the first quarter of this year, overall real estate sales dropped 4% nationwide—but luxury sales jumped over 2% in the same period, for their best gain in three years. Plus, with nearly half of all luxury sales being all-cash deals, it’s a niche little impacted by interest rates.

Ask any of the top agents featured in today’s newsletter and they’ll tell you: As luxury home prices continue to rise—hitting an all-time high of $1,225,000 in Q1 this year—there’s no market more full of opportunity for willing and hungry agents.

We’ll give you the tips, the talking points, and the insights you need to build a career you’re proud of. But it’s up to you to put these ideas into action. What will you do with today’s resources?

SHARPEN YOUR SKILLS

🔊 Today’s Top Video Rec:

Catch up on the biggest real estate news of this week, including the hottest home feature buyers are looking for, how to prove your value to buyers in the market for a new agent, and the latest predictions on interest rate cuts. 

MARKETS

Spring into price spikes

Last week, pending home sale prices hit a new milestone, smashing a two-year record in the process. According to data from Altos Research, the median price of a single-family home under contract just hit $398,000, signaling a slow but steady growth across the market—despite high mortgage rates, limited inventory, and affordability issues. 

Real-time recap:

  • The median price of an under-contract single-family home climbed 6.6% from January to April—and 2.4% in the past week alone.

  • While sale prices are heating up, asking prices have only increased 1% YoY, to a median of $449,000.

  • Despite higher prices, pending home sales are up 7% since this time last year, with 71,000 new home contracts started last week.

With 156M unique monthly visitors, Homes.com is becoming the home search tool to beat. As proud partners of Homes.com—which just doubled the amount of traffic seen on platforms like Realtor.com—we’re thrilled to be aligned with the tool empowering agents and clients throughout every stage of the transaction process. If you’re not already on it, check out Homes Pro today, and bookmark your new favorite business tool.

REC ROUNDUP

The Friday Five

📖 Competitive collaboration. How to leverage your competitive market—and come out on top. 

👀 ICYMI. Chad Carroll’s $39M penthouse listing is a made-in-Miami dream.

👀 Tasteful tour. Tracy Tutor’s virtual home tours are a masterclass in real estate content.

💡 Play for points. How high can you score in Ricky Carruth’s cold calling game?

💡 Market insights. These markets and demographics are the least impacted by high interest rates.

WHAT’S NEW FROM ESTATE MEDIA

Kala gets candid about care and quality

Kala Laos has the power, talent, and real estate knowledge needed to move the market forward in a transformational way—from building her own major Phoenix-based brokerage, to launching Zoodealio, a growing real estate platform now operating in 47 states. 

In the latest episode of Glennda’s Guru, Kala shares her experience building a steady career that only grew stronger through bumps and changes, even when iBuying threatened to upend her local market. Catch Kala’s advice for staying resilient, managing your mental load, and going above and beyond for clients in a way they’ll always remember in today’s energizing conversation.

Sereno Estate at Lago Lindo

Today’s featured listing is a 9,695 square-foot single-level estate situated on nearly three acres of sprawling land. Its resort-like luxury pool area and recreational tennis/pickleball courts take full advantage of San Diego’s perfect weather, while its clean and modern interior gives you ample space to host or unwind. Tap to see the sophisticated property where wellness and amenities welcome you.

estate-elegance.beehiiv.com/p/sereno-estate-lago-lindo

ESTATE MEDIA NEWSLETTERS

Our full lineup of real estate reads:

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

Before we go…

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