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Business Observer Friday, Aug. 3, 2018 11 months ago

Two area counties top list of fastest-growing luxury markets

Sarasota and Naples were the only Florida counties on the top 10.

Some distinct pockets of Southwest Florida are known for residents who live in the lap of luxury.

The latest proof: a new report from that ranks the fastest-growing luxury markets in the U.S. It has two area Florida counties atop the list — Sarasota County at No. 1 and Collier County, home to Naples, at No. 2. “This month," the report states, "Florida accounted for the top two fastest growing luxury counties, suggesting the inflow of demand for luxury properties remains strong.”

Those areas were the only Florida counties on the top 10. The list was rounded out by counties in New York, Washington, California and Colorado.

The June report says overall home sales at $1 million and above are up 25%. A statement about the report says the index analyzes the entry-level luxury tier — the top 5% of residential sales, in 91 U.S. counties.

In those counties, the entry-level price increased an average of 4.6% year-over-year. In Sarasota and Naples, the increase was much greater. Sarasota experienced a 19.7% change, while Collier posted a 15.9% change.

In Sarasota, luxury prices (the top 5% of sales) have reached $1 million for the first time. In Collier it’s higher — $1,674,000. For both areas combined, the report shows, the median number of days on the market for luxury properties is 143 days. That’s down 22% year-over-year on average.

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