In the past couple of weeks, the luxury inventory of homes priced above $2 million remained unchanged at 823 homes, still its highest level since December of 2020. Luxury demand decreased by 11 pending sales, down 6%, and now sits at 185, its lowest level since the start of January. With demand falling, the overall Expected Market Time for luxury homes priced above $2 million increased from 126 to 133 days, its highest level since January 2021. It takes nearly three times longer to sell a luxury home today compared to February when the market time was at 45 days, an insanely HOT Seller’s Market. The volatility of Wall Street has significantly impacted the luxury housing market.
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