We currently have a beautiful home for sale on Black Gold Place in Beacon Hill. The list price is $849,000 and as we have been updating our clients on the market activity one thing is clear, the pool of buyers seems to have shrunk!
So far this year, 54 homes have sold between $800,000 and $999,000. Two key points:
- They spent between 0-587 days on the market (average is 67 days)
- Only 18 of those homes sold in May
Now let’s look at the 63 that sold last year in the same time frame:
- 0-366 days on the market, with an average of 62
- 26 homes sold in May, 30% more than this year
As I write this post, there are 133 homes actively for sale which have been on the market for an average of 68 days. Remarkably 25 of them are in River Creek (must be time to cash out!). There are 45 homes currently under contract, and those only lasted 44 days on the market. If all of those make it to the finish line by the end of July it would match last year’s totals.
What does this mean? Buyers in the luxury market are typically making a lifestyle change and aren’t always in a hurry. With interest rates still relatively low we would expect the market to pick up in the second half of the year. If you are thinking of selling your home ask us what it’s really worth, you might be surprised.