Luxury Home Market Turning For SellersBlog, Manhattan Beach News, Market Updates, Selling
Top tier properties are getting close to ending their multi-year buyers’ market and quickly reaching a more equal balance between buyers and sellers, catching up with less expensive homes . Since early December, the Institute for Luxury Home Marketing’s Market Action Index has risen 30 percent and is now only seven points away from reaching a seller’s market on a national level. The index, which is managed by Altos Research, measures available supply relative to the current level of demand. Despite the fact that the number of new listings has increased 51 percent over the past six weeks, the average days on market at 204 has declined slightly, from 209 to 204. Luxury homes typically take longer to sell than less expensive ones and the ILHM average days on market (204) are much higher than Realtor.com’s January median of 119 days for all price ranges. The percent of properties with a price decrease, another sign of buyer dominance, has also decreased over the past six weeks, from 26 percent to 24 percent of all luxury properties.