Luxury Homes are Moving Faster

Written by: Steve Cook   Thu, July 21, 2011 Beyond Today’s News, Housing Markets

Homes valued over a half a million a selling faster than they have in more than a year, and prices are holding steady, according to the Institute for Luxury Home Marketing’s weekly report.

Properties are moving in an average of 113 days on market, a decline of eight days from last week and the lowest level in more than 12 months.  The fastest selling luxury market right now is San Francisco, at 68 days.  The slowest is Miami at 219 days.

However, with about 32,500 luxury homes on the market?several months of supply? the market is still strongly a buyers’ market.

Average price has held steady at $1,055,525 in the luxury category and price per square foot currently averages $298, which has been steady since March. The ILHM National Report this week looked at 32744 luxury homes on the market.

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