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) decreased from 3,035 to 2,916 homes, down 119 homes, or 4%. Luxury demand decreased by 17 pending sales, down 4%, and now sits at 378 pending sales. With supply and demand falling at the same pace, the Expected Market Time for luxury homes priced above $2 million remained unchanged at 231 days. The luxury market is sluggish and necessitates a careful, methodical approach to pricing.
Year over year, the active luxury listing inventory is up by 449 homes or 18%, and luxury demand is up by 82 pending sales or 28%. Last year’s Expected Market Time was 250 days, slower than today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 163 to 172 days. The Expected Market Time for homes priced between $3 million and $4 million decreased from 187 to 171 days. The Expected Market Time for homes priced between $4 million and $8 million remained unchanged at 315 days. The Expected Market Time for homes priced above $8 million decreased from 1,048 to 1,014 days. At 1,014 days, a seller would be looking at placing their home into escrow around August 2027.
