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) increased from 3,573 to 3,651 homes, a rise of 78 homes, or 2%, its highest level since tracking began in 2012. Luxury demand decreased by 31 pending sales, down 6%, and now sits at 469 pending sales. With supply rising and demand falling, the Expected Market Time for luxury homes priced above $2 million jumped from 214 to 234 days. Expect the luxury market to continue to moderate and cool somewhat during the Summer Market.
Year over year, the active luxury listing inventory has increased by 678 homes, or 23%, and luxury demand has risen by 54 pending sales, or 13%. Last year’s Expected Market Time was 215 days, similar to today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 136 to 149 days. The Expected Market Time for homes priced between $3 million and $4 million decreased from 210 to 209 days. The Expected Market Time for homes priced between $4 million and $8 million increased from 276 to 322 days. The Expected Market Time for homes priced above $8 million increased from 737 to 849 days. At 849 days, a seller would be looking at placing their home into escrow around October 2027.
