Luxury End

Luxury continued to improve in the past couple of weeks.

In the past two weeks the luxury inventory of homes priced above $2 million decreased by 6 homes, nearly unchanged, and now sits at 1,324. Luxury demand increased by 20 pending sales, up 4%, and now sits at 520. With a rise in demand and a slight drop in the supply, the overall Expected Market Time for luxury homes priced above $2 million decreased from 80 to 76 days. At 76 days, it is an extremely strong market for luxury

Year over year, luxury demand is down by 70 pending sales, 12% less, and the active luxury listing inventory is down by 780 homes or 37%. Today’s lack of luxury homes available is no different than the lower end. There simply are not enough homes available to match current demand. The Expected Market Time last year was at 107 days, still great for luxury, but much slower than today, indicating just how unbelievably hot the luxury market is right now.

For homes priced between $2 million and $3 million, the Expected Market in the past couple of weeks increased from 53 to 54 days. For homes priced between $3 million and $4 million, the Expected Market Time decreased from 59 to 49 days. For homes priced between $4 million and $8 million, the Expected Market Time increased from 113 to 137 days. For homes priced above $8 million, the Expected Market Time decreased from 367 to 332 days. At 332 days, a seller would be looking at placing their home into escrow around February 2023.