Bay Area realtors are noticing a growing demand in luxury real estate. This is a pleasant surprise after expecting sales to plummet due to coronavirus. After months of social distancing and working from home, people in the Bay Area seem to be reevaluating where they live. A strong luxury market appears to be on the horizon.
The coming months are expected to have a better indication of luxury sales performance in the past year. Since the market seems to have begun to bounce back. One reason for the success in sales could be that people who can afford luxury homes are considering getting out of the city to avoid the coronavirus. They want to invest their money in real estate which is now an important necessity in the current situation. If the trend in people wanting to away from where they work continues, the market will strengthen.
The boom is part of heightened buying activity in less-populated areas across the Bay Area, all fueled by the same motivation: people seeking more open spaces after months of shelter in place order during the pandemic.