Until I win that $50 million Powerball, I don’t expect to purchase a $3 million home.
Well, I probably would not, even then. And I know that most of my clients are not in the market.
That’s not to say that I can’t help you buy that luxury home, either.
So, why do I care about whether those are selling right now?
Well, because they are like a canary in a coal mine –albeit very LARGE canaries in a coal mine.
It is a positive economic indicator if luxury homes are on the market and if they are selling well. If the market is doing well at this range, it is a good bet that the market is doing well at the lower price ranges.
There are 32 listings over $3,000,000 that are under contract at the moment. This is the highest number we have seen since the housing boom. The average number since 2011 has been 10, and prior to March this year we had not seen any count higher than 20.
This data is brought to us from our friends at The Cromford Report.
Clearly the buyer interest in uber-luxury homes is very strong. Typically, “luxury” starts at about $1 million, depending on who you ask.
Whether you plan to buy $3 million luxury home, or a $100,000 home that is a luxury to you, it is best to know the data.
We can help. Call us at 602-456-9388.