As the year draws to a close, November’s statistics reveal that the luxury market remains solid, prices stable, and the median length of time, as well as the selling price to list price ratios, remain consistent. Inventory is increasing, but this is reflective of both the time of year and ultra-high priced luxury properties selling at a slower rate than in previous years.
Comparing last October 2018 to November 2018, the median single-family luxury sales price climbed 8.5% while sales fell 11.7%. The luxury median attached sales prices rose 2.3%, and the number of sales also rose 2.6% in November. Both single-family and attached homes actually saw a small drop in the median DOM (3-4 days), but overall are on the market a median of 10-15 days longer than in the peak selling season.
The luxury segment of real estate is often described as being a minor part of the whole industry, but is readily recognized as being a major influencer in the creator of trends and providing a barometer to changes in the industry. Therefore, this month we are taking the opportunity to report on some of the key factors that are responsible for creating and maintaining today’s affluent communities.