What you need to know about hotels and motels
The number of hotels and motel rooms nationwide is down by more than 20 percent from a year ago, according to data from the Association of Realtors.
The report from the association also said the number of luxury hotels and condominiums has also declined.
It said the trend for luxury hotels will continue.
But the association said the decline in luxury hotels is offset by the number and growth of luxury motels and other luxury properties.
The Association of Real Estate Brokers, which tracks real estate data, said the percentage of luxury properties sold declined from 16 percent to 11.6 percent in July.
That number includes condominium, condominium-style apartments, condos, single-family homes, townhouses and apartments.
The association said it expects that number to climb this year.
Among luxury properties, the number has dropped in Los Angeles and the Bay Area, while the number in Miami has declined the most.
The number in Austin and the Texas Panhandle have also declined, the association reported.
The average price for a one-bedroom condo in the city of Austin hit $1.17 million in May, down from $1 million in April.
The price of a one room in Austin hit a new low of $1,867,000 in May.
In Miami, the average price of an apartment in May dropped to $3,966,000, the lowest level since February 2016, according the association.
For condominium properties, they have declined by about a third in the past year, according Realtor.com, the online real estate listing site.
And the number is on the rise.
According to the Realtore.com data, condo-style condominium units sold for $5,400,000 last month, a 25 percent increase from a month ago.
The most expensive condo-like units sold in May were in New York City, with a median price of $5.9 million.
Condo units are the most expensive types of real estate in the United States, averaging more than $300,000 a year in sales, according To the contrary, the median price for luxury apartments was $4,900,000.
The percentage of condominium sales dropped by about 10 percent from April to May.
That was offset by an increase in single-bedroom rentals, which grew to 8.6 million from 6.3 million.
The median price in May for a single-detached condo in Miami hit $3.65 million, up from $3 million in March.
The lowest median price ever was in March of 2017 for a condo in San Francisco.
The condo sales are part of a broader trend, according Richard C. Ruddy, president of Ruddy Associates, which has been tracking the trends in the real estate market.
The Association for Realtoring, which represents hotel and motel operators, also reported that the number, occupancy and occupancy-per-night (IPOD) of luxury hotel rooms dropped by more a quarter last month. “
In the housing sector, that’s a real problem.”
The Association for Realtoring, which represents hotel and motel operators, also reported that the number, occupancy and occupancy-per-night (IPOD) of luxury hotel rooms dropped by more a quarter last month.
That decline included more than 6,000 fewer luxury hotels in July from a June number of 8,853, the report said.
Among the luxury condominium and condo-type apartments, occupancy dropped by 10 percent, and occupancy per room dropped by 1 percent.
The occupancy per-room declined by 10.6 percentage points.
For the most part, the occupancy-to-number declines are in the form of fewer luxury condorums, said Realturist.com.
For instance, in June, there were more than 5,000 condominium condominium rentals, up about 20 percent over June, said Ruddy.
The drop in luxury condodiscontinas and condonums-type rentals was most pronounced in the Los Angeles region, which was home to a total of 9,964 luxury condondias and condos in July with a decline of 8.5 percent, he said, while there were about 1,500 luxury condonas and condo units in the San Francisco area.
The Los Angeles area also saw a drop in hotel occupancy.
In June, hotel occupancy was up 5.3 percent to a monthly average of 6,824.
In July, it dropped to 5,931, the last time it was above the monthly average, the real-estate data site said.
For motels, occupancy was down by 8.1 percent to 6,567.
The increase in hotel motel occupancy was mainly due to the increase in motel rooms, the Association reported.
A number of factors are behind the trend, including the recovery of the housing economy and the increased demand for vacation homes and rentals, Ruddy said.
Still, he expects the industry to experience a decline in the next year, Ruddys predicted.