Luxury End

The luxury market cooled did not change much in the past couple of weeks

In the past couple of weeks, the luxury inventory of homes priced above $2 million increased from 1,468 to 1,564 homes, up 5%, or an additional 78 homes, its highest level since last November. Luxury demand increased by 23 pending sales, up 4%, and now sits at 540. With the supply increasing at a slightly faster pace compared to demand, the overall Expected Market Time for luxury homes priced above $2 million increased from 86 to 87 days, its highest level since January. It is still an extremely hot market for luxury, but it is not instantaneous. At 87 days it is considered a Slight Seller’s Market (between 60 and 90 days).

Year over year, luxury demand is down by 120 pending sales, 18% less, and the active luxury listing inventory is down by 540 homes or 26%. The Expected Market Time last year was at 96 days, still excellent for luxury, but slightly slower than today. 

For homes priced between $2 million and $3 million, the Expected Market Time in the past couple of weeks remained unchanged at 57 days. For homes priced between $3 million and $4 million, the Expected Market Time increased from 65 to 76 days. For homes priced between $4 million and $8 million, the Expected Market Time decreased from 150 to 107 days. For homes priced above $8 million, the Expected Market Time decreased from 337 to 326 days. At 326 days, a seller would be looking at placing their home into escrow around April 2023.