Luxury End
Luxury continued to improve in the past couple of weeks.
Despite the volatility on Wall Street and the increased geopolitical turmoil, the luxury market remains white hot. In the past two weeks the luxury inventory of homes priced above $2 million increased by 29 homes, up 2%, and now sits at 1,353. Luxury demand decreased by 7 pending sales, down 1%, and now sits at 513. With a slight rise in the supply couple with a slight drop in demand, the overall Expected Market Time for luxury homes priced above $2 million increased from 76 to 79 days. At 79 days, it is still 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.
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