Luxury Home Market – 2009 In Review

In Raleigh, Durham, Chapel Hill, the luxury home market is defined as homes priced at or above $500,000.  Based on data provided by The TARR Report, I have summarized below the 2009 luxury home real estate market.

  • The inventory of luxury homes declined 16% from the 4th quarter of 2008;
  • New home luxury inventory decreased by 36% and resale luxury inventory decreased by 5%;
  • The average days on market for luxury inventory increased from 113 to 144;
  • The number of sellers that dropped their from their original list price was 50%;
  • In 2009, the number of luxury home closings declined 30%;
  • The list to sales price ratio declined from 97% in 2008 to 95% in 2009; and
  • The combination of a 30% decline in closings and  16% drop in inventory has resulted in a current supply of 19 months. regularly posts information and market updates the luxury home Real Estate market.

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