Luxury End
The luxury market did not change much over the past couple of weeks.
Over the past couple of weeks, the luxury inventory of homes priced above $2 million (the top 10% of the Los Angeles County housing market) decreased from 3,293 to 3,273 homes, a drop of 20 homes, or 1%. Luxury demand decreased by 11 pending sales, or 3%, and now stands at 419 pending sales. With demand falling slightly faster than supply, the Expected Market Time for luxury homes priced above $2 million rose from 230 to 234 days. It will be interesting to see the direction of the luxury market as overall housing demand accelerates with mortgage rates falling to their lowest level since last October.
Year over year, the active luxury listing inventory has increased by 257 homes, or 9%, and luxury demand has risen by 30 pending sales, or 8%. Last year’s Expected Market Time was 233 days, nearly identical to today.
In the past two weeks, the Expected Market Time for homes priced between $2
million and $3 million decreased from 155 to 154 days. The Expected Market Time
for homes priced between $3 million and $4 million remained unchanged at 210 days.
The Expected Market Time for homes priced between $4 million and $8 million increased
from 250 to 296 days. The Expected Market Time for homes priced above $8
million decreased from 1,040 to 1,003 days. Luxury is at 234 days overall.
At this pace, a seller would be looking at becoming a pending sale around May 2026.
