Luxury End
The luxury market sped up 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) increased from 3,476 to 3,498 homes, a rise of 22 homes, or 1%. Luxury demand surged by 71 pending sales, up 17%, and now sits at 478 pending sales. With demand rising significantly faster than supply, the Expected Market Time for luxury homes priced above $2 million tumbled from 256 to 220 days, a 36-day reduction. The luxury market in Los Angeles County has been impacted by the recent improvement in consumer sentiment.
Year over year, the active luxury listing inventory has increased by 707 homes, or 25%, and luxury demand has risen by 63 pending sales, or 15%. Last year’s Expected Market Time was 202 days, faster than today.
In the past two weeks, the Expected Market Time for homes priced between $2 million and $3 million decreased from 163 to 137 days. The Expected Market Time for homes priced between $3 million and $4 million increased from 283 to 284 days. The Expected Market Time for homes priced between $4 million and $8 million increased from 280 to 284 days. The Expected Market Time for homes priced above $8 million decreased from 1,083 to 783 days. At 783 days, a seller would be looking at placing their home into escrow around July 2027.
