Demand for luxury homes weakened in 2017

by Steve Randall08 Jan 2018
There was a dip in demand for luxury homes in 2017 as the overall US housing market outperformed the top end.

The threshold for luxury home prices (top 5% of transactions by sales price) rose 5.1% while the overall housing market saw a 6.9% gain in prices.

Supply of luxury homes increased to 7% of the homes available with a rise in million dollar listings of 3.9% year-over-year.

Realtor.com reports that the three hottest markets in the luxury sector were Hawaii, Colorado and California, each with double-digit price gains.

"Age of inventory in the top 5% of the market slowed significantly over last year - a tell tale sign that the supply in the luxury sector continues to outpace demand,” said Javier Vivas, director of economic research for realtor.com®. “Much of this slowing can be attributed to a wider selection of luxury homes for buyers and increased uncertainty over the last 12 months."
 
Metric Luxury Tier (Top 5%) U.S. Housing Market
Median Sales Price $804,000 $235,000
Median Sales Price Growth Year-Over-Year 5.14% 6.90%
Median List Price $1,307,000 $266,000
Days on Market 116 days 71 days
Days on Market Change Year-Over-Year 5.35% -7.33%

The most expensive luxury market was New York with an average sales price of $5,284,200; followed by San Mateo ($3,370,700) and Marin, Calif. ($3,288,800).

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