How Is Our Local Market Fairing So Far in 2025?

January sales in our coastal neighborhoods picked up momentum...suddenly we witnessed homes receiving multiple full-price offers after being on the market for 60+ days. The ultra-luxury market also showed positive signs as agents received multiple showing requests...and inventory priced under $1.5M went under contract within days amidst multiple offer scenarios.

With a boost in inventory, as well as the recent decline in rates, our local markets should be continuing on an upward trend as we head into spring.
 
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DID YOU KNOW?
Millennials have been getting richer faster than previous generations.  Over the last 5 years:

• Millennials (1981-1996) grew their wealth by 137%...and millennial millionaires grew by 144%.
• Generation X (1965-1980) grew their wealth by 76%...and Gen X millionaires grew 31%.
• Baby Boomers (1946-1964) grew their wealth by 40%.

Millennials hold more equities and invest in strategies with a higher risk-adjusted return than previous generations, and they've also caught up in real estate holdings. Although older generations still hold more in total net worth and real estate, millennials are growing their holdings at faster rates. (MarketWatch)

DID YOU KNOW?
The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders. Estimates from U.S. homebuilders cite that the greatest impact on homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average. Lumber prices spiked 5% this week.

DID YOU KNOW?
Many in the crypto community feel strongly that a Strategic US Crypto Reserve should hold only Bitcoin as it’s the most battle-tested and decentralized of the crypto networks. The inclusion of other coins could invite the government to pick winners and losers in the crypto market. Another faction rejects the idea of a U.S. reserve of any cryptocurrencies, as it could potentially undermine the status of the dollar and be easily undone by a future administration. Should the U.S. or any government own the most decentralized asset ever? Could this put too much power in the hands of the federal government, which is always in a 4-year, or even 2-year, cycle? (CNBC)

DID YOU KNOW?
The US consumer is growing tired of cost-cutting advice being shared daily via social media and elsewhere. A recent survey showed cost-cutting fatigue and the number one annoyance: Getting a second job or side hustle. Cooking at home and avoiding eating out is #2 (Suzy Orman's favorite) 42% of consumers said they didn't want to hear about living within a budget...and 33% didn't want to hear about giving up their $5 Lattes.(USA TODAY)

DID YOU KNOW?
Dubai is adding a new round of ostentatious mansions and penthouses priced between $60-120 million as developers court millionaires from around the world. The trappings are increasingly extravagant:  A movable floor for a client’s swimming pool that rises to meld with the garden tiles during parties - a 55 feet by 13 feet single pane of glass to embrace views with an underground room for the giant pane to descend into when lowered - or how about a winding pool to allow residents to swim from the bar to the spa at the other end of the garden? Dubai’s market is bucking a global trend as prime residential prices slow or drop in many other international markets. In 2024, 435 homes priced $10M+ sold in Dubai...and most buyers come from the UK, China, Russia, Pakistan, and India. There are no real estate taxes in Dubai. (Bloomberg)