Expect the luxury market to slightly cool as housing transitions further into the Autumn Market.
Year over year, luxury demand is up by 233 pending sales or 132%, and the active luxury listing inventory is down by 31 homes or 8%. The Expected Market Time last year was at 101 days, extremely hot for luxury, but double where it is right now, indicating just how hot the luxury market is today.
For homes priced between $1.5 million and $2 million, the Expected Market remained unchanged at 29 days. For homes priced between $2 million and $4 million, the Expected Market Time increased from 41 to 49 days. For homes priced above $4 million, the Expected Market Time decreased from 135 to 129 days. At 129 days, a seller would be looking at placing their home into escrow around February 2022.