Over the past couple of weeks, the luxury home inventory priced above $2 million (the top 10% of the Los Angeles County housing market) increased from 3,254 to 3,275, a rise of 21 homes, or up 1%. Luxury demand decreased by 10 pending sales, down 2%, to 451. With supply rising and demand falling, the Expected Market Time for luxury homes priced above $2 million increased from 212 to 218 days. Like the rest of the market, the luxury market is slowing.
Year over year, the active luxury listing inventory has decreased by 298 homes, or 8%, and luxury demand is down by 49 pending sales, or 10%. Last year’s Expected Market Time was 214 days, similar to today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 125 to 137 days. The Expected Market Time for homes priced between $3 million and $4 million remained unchanged at 187 days. The Expected Market Time for homes priced between $4 million and $8 million decreased from 348 to 326 days. The Expected Market Time for homes priced above $8 million decreased from 934 to 856 days. Luxury is at 218 days overall. At this pace, a seller would be looking at becoming a pending sale around January 2027.
