Members of the Luxury Home Marketing Group notice continued, increased activity in the $500,000 and up home market. A pair of reports confirms the trend.
From an analysis of the Triangle MLS, in the 3rd quarter, 2012 in Wake, Durham, Orange and Chatham counties, overall luxury homes on the market (inventory) is down nearly 15% as compared to the 3rd quarter of 2011. Additionally, the luxury-level homes are staying on the market for a shorter period of time. In 3rd quarter, 2012, the homes were on the market 11 days fewer than in 2011, at 182 days as compared to 193 days.
The 3rd quarter statistics also indicate that home closings in this segment of the marketplace is up 11% as compared to 2011 closings, bringing the year-to-date closing figure to up 21% over 2011 levels.
A larger picture look comes from the National Association of Realtors Existing Home Sales Report.
The NAR shows sales of existing homes in October, nationally, in the $1 Million dollar range and above had an increase in sales (44.1%) over the same period last year. They credit increased finance options as the primary factor for the increase.
Members of the Luxury Home Marketing Group are optimistic for continued improvement in this key sector of the marketplace to close out 2012 in the fourth quarter, with an overall improvement in sales from 2011.