Luxury homes are selling faster than last year, and the homes fetching some of the heftiest price tags are spending less time lingering on the market, according to new data from realtor.com®. An uptick in the stock market and improving economy may be helping to boost the luxury market in recent months.
The High-End Market isBooming:
For homes listed less than $1 million, the median age of listings ranged from 80 days to a median of 180 days for homes just under $30 million, according to realtor.com®. But for homes above $30 million, the median time to market dropped to 139 days.
Jonathan Smoke, realtor.com®’s chief economist, says the faster times are often because these high-ticketed homes are marketed quietly before hitting the open market. This market segment is attracting a more engaged group of buyers lately, he says.
For example, in Vail, Colo., homes above $15 million used to sit on the market for more than two years, but now are selling in “months, not years, and sometimes in weeks,” Tye Stockton, a real estate professional with Ascent Sotheby’s International Realty, told The Wall Street Journal. In Greenwich, Conn., Tamar Lurie with Coldwell Banker told The Wall Street Journal that she is expecting about 20 sales above $10 million this year – double the number sold last year.
A $2 million listing in the Hancock Park area of Los Angeles sat on the market last year before it was removed after never hooking a buyer. But this month, the owners put the home back on the market and sold above the asking price in just one day, says Billy Rose, co-founder of the Agency, a real estate brokerage in Beverly Hills, Calif.
Source: “Luxury Homes: Priced to Sell at $30 Million,” The Wall Street Journal (Sept. 10, 2014)
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