Luxury End

Luxury improved slightly due to a large drop in the supply.

In the past two weeks the luxury inventory of homes priced above $1.5 million plunged by 234 homes, down 10%, and now sits at 2,097, the lowest level since tracking began. Luxury demand decreased by 29 pending sales, down 3%, and now sits at 912. With a giant drop in supply and only a small drop in demand, the overall Expected Market Time for luxury homes priced above $1.5 million decreased from 74 to 69 days, its lowest level since tracking began and an extremely Hot Seller’s Market for luxury.

Year over year, luxury demand is up by 207 pending sales, or 29%, and the active luxury listing inventory is down by 1,502 homes, or 42%. The Expected Market Time last year was at 153 days, still great for luxury, but more than double where it stands today, indicating just how unbelievably hot the luxury market is right now.

For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 47 to 41 days. For homes priced between $2 million and $3 million, the Expected Market Time remained decreased from 62 to 55 days. For homes priced between $3 million and $4 million, the Expected Market Time increased from 71 to 73 days. For homes priced above $4 million, the Expected Market Time increased from 184 to 189 days. At 189 days, a seller would be looking at placing their home into escrow around June 2022.