Luxury properties continue to struggle with high demand.admin
The number of multimillion dollar properties being listed is dropping dramatically, which is only making these homes more and more expensive.
Despite the declining level of inventory, these luxury sales soared throughout the third quarter this year. In the top 5% of homes by price sold, they saw their values increase by 4.9 percent and averaging $1.71 million. Compared to what they were valued at in 2016, sales of homes priced at $1 million or above, rose up to 11 percent, homes from $5 million were up about 10 percent.
Luxury properties are continuing to sell faster and faster each day. In the third quarter, these homes were sold within in an average of 70 days. Non luxury homes sold on average within 53 days. Given the high demand, home builders are beginning to turn their attention to opposite end of the market, where demand has been rising for years and the supply shortage has become acute. Regardless of which end of the market you’re in, the high demand is not slowing down anytime soon.
Here we would like to recommend one of Cindy’s recent luxury property listings; 23244 W Paloma Blanca, Malibu CA offered at $8,880,000.