|What’s going on in the luxury market?|
|How long does it take to sell a luxury home in our area? We pay close attention to the “Days on Market” when looking at relevant properties within a given area. Not only does it tell us about the health of the market, but also how long you might expect it to take to sell a home as well as how quickly you should make an offer on the place you saw this weekend. Take advantage of this knowledge to optimize your home buying and selling experience.
In the King, Snohomish, Pierce county markets of homes priced over $1.0m, I have the follow stats to offer:
As of 10/14/14, we currently have 932 homes offered for sale in the luxury pricing end available. We have an additional 381 under contract waiting to close, and we have 529 that have closed int he last 90 days. The median sales price in the luxury market has gone from 2.1 to 1.8 million in the last 3 months. There are more than 12,700 available homes under 1 million in the same counties. We are seeing steady and consistent sales in all pricing brackets, but a slowing in the amount of time it takes for a property to go into contract and a significant slowing in some market areas. Currently in the million plus bracket we see an average of 120 days on market for the active properties, which is a rise from 6 months ago when the average was 90 days. We are seeing a slight decline in values due to market impact of the current slowing, although homes in the over a million bracket continue to obtain a sales price of between 95% and 99% of their list price. Interestingly enough though, in the 1M+ sales in the last 90 days the average market time for those properties to sell was 30 days. That tells us the buyers are making relatively fast decisions on properly positioned and marketed properties in this range. There are more homes for sale currently than there was 6 months ago – in all price brackets, therefore it is essential to strategically position yourself in the market and increase marketing exposure by all means possible during the marketing phase.
If you are considering buying, it may be wise to do it soon before we see increased demand tip the market to higher pricing.
If you have been trying to sell and haven’t achieved successful results, you may need to consider a few things: Does your agent have a customized marketing plan for your property? What relevant properties did they use in arriving at a pricing recommendation for you? Are they marketing effectively?
If you are thinking of selling but not sure when timing would be optimal for you, give me a call and I will help you strategize.