Ultimately, the recovery of the luxury home construction sector will depend on a range of factors, including the trajectory of inflation and supply chain issues, the availability of skilled labor, and the economy's overall health. The below article is from Sotheby's International Realty, Luxury Outlook. As a member of the Realogics Sotheby’s International Realty community of brokers, Danny Varona has the resources and access to local experts, unparalleled service and exceptional marketing.

After the initial quarantine of the pandemic, many analysts commented on the outlier trend of residential housing sales. An examination of the data from the Eastside to Bainbridge Island and other areas by Realogics Sotheby's International Realty one year later shows that the lack of inventory and the flood of purchasers was not an isolated incident.

The real estate market had a great start this year. Low inventory, rising median home sales prices, and short time on the market continued these patterns in the second quarter of 2021, putting sellers in the driver's seat. Each quarter, Realogics Sotheby's International Realty analyses five significant areas to see where the market has been and where the trends are leading us.

On December 31, when the clock reached midnight, few were surprised to see 2020 expire. But despite the difficulties of the last year, the real estate market remained resilient. It continued to boast median home prices that had continued to grow since the initial lockdown last March, more closed home sales than this period last year, and low inventory for its quarterly reporting in almost all market areas.