In the past couple of weeks, the luxury inventory of homes priced above $2 million (the top 10% of the Los Angeles County housing market) increased from 2,953 to 3,026 homes, up 73 homes, or 2%. Luxury demand decreased by four pending sales, down 1%, and now sits at 419 pending sales. With supply rising and demand falling slightly, the Expected Market Time for luxury homes priced above $2 million increased from 209 to 217 days. Wall Street’s volatility is beginning to seep into the luxury market.
Year over year, the active luxury listing inventory is up by 769 homes, or 34%, and luxury demand is up by 21 pending sales, or 5%. Last year’s Expected Market Time was 170 days, much faster than today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 155 to 171 days. The Expected Market Time for homes priced between $3 million and $4 million increased from 149 to 171 days. The Expected Market Time for homes priced between $4 million and $8 million increased from 270 to 325 days. The Expected Market Time for homes priced above $8 million increased from 724 to 733 days. At 733 days, a seller would be looking at placing their home into escrow around March 2027.
