Monday, February 22, 2010
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.
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