Luxury End
The luxury market dramatically slowed in the past couple of weeks.
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 3,279 to 3,334, a rise of 55 homes (+2%). Luxury demand decreased from 434 to 393, down 41 pending sales (-9%). With supply rising and demand falling, the Expected Market Time for luxury homes priced above $2 million increased from 227 to 255 days, its highest level since mid-January. Expect the luxury market to remain sluggish for the remainder of the year.
Year over year, the active luxury listing inventory has decreased by 251 homes (+7%), and luxury demand is down by 16 pending sales (-4%). Last year’s Expected Market Time was 263 days, slightly slower than today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million increased from 150 to 162 days. The Expected Market Time for homes priced between $3 million and $4 million increased from 211 to 326 days. The Expected Market Time for homes priced between $4 million and $8 million decreased from 279 to 276 days. The Expected Market Time for homes priced above $8 million decreased from 731 to 728 days. Luxury is at 255 days overall. At this pace, a seller would be looking at becoming a pending sale around April 2027.
