The latest statistics are showing that the majority of luxury single-family markets featured in The Institute’s report are trending towards buyer’s markets despite slight increases in median list and sales prices, inventory and sales, and a marginal decrease in the days on market.
The report states, “It is, of course, still important to understand that within the luxury market there can be large swings in median prices and average days on market, especially in smaller geographic markets, where one listing or sale can dramatically affect statistics.”
However, some luxury markets bucked the trend and saw larger swings from January to February: – In Denver, the luxury single-family market increased it’s sales ratio from a 20% to 24%, indicating a transition from a balanced market to sellers market. – Miami’s luxury single-family sales price increased 34% to $1,175,000. – Seattle’s median attached luxury sales price rose 23% to $1,221,180.
The Luxury Market Report covers close to 100 cities with detailed data of the current market, such as, median list and sale prices, increases or decreases in inventory, days on the market, and the number of luxury homes sold in that area.
For information about the Luxury Market in your area, call Nina at 2060730-0962 or email me at nina@ninabjornstal. RE/MAX Town Center offers the RE/MAX Luxury Collection Listing and Marketing packages in the Seattle and outlying areas.
Provided by the Institute for Luxury Home Marketing