Luxury End
The luxury market has improved substantially in the past couple of weeks.
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 2,328 to 2,608 homes, up 280 homes, or 12%. Luxury demand increased by 116 pending sales, up 46%, and now sits at 367 pending sales. With demand surging higher compared to the smaller rise in supply, the Expected Market Time for luxury homes priced above $2 million plunged from 278 to 213 days. The luxury market will continue to improve throughout the Winter Market.
Year over year, the active luxury listing inventory is up by 513 homes, or 24%, and luxury demand is up by 70 pending sales, or 24%. Last year’s Expected Market Time was 212 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 231 to 144 days. The Expected Market Time for homes priced between $3 million and $4 million decreased from 206 to 168 days. The Expected Market Time for homes priced between $4 million and $8 million decreased from 311 to 294 days. The Expected Market Time for homes priced above $8 million increased from 722 to 815 days. At 815 days, a seller would be looking at placing their home into escrow around April 2027.
