For the purpose of statistical reference, luxury properties in our market are those priced over $750,000. To the end of June there have been 33 MLS® sales reported for single family homes and condominiums in the $750,000 and up price ranges. By comparison, during the first six months of 2013 MLS® sales above $750,000 totaled 19 properties.
Since my last posting on this subject at the end of May, the number of active MLS® listings for properties priced above $750,000, has increased from 180 to 190 properties. Based on the current rate of sales which is tracking at 64 for the year, there currently exists a three year inventory of available properties in this upper end price category. Compared to properties under $750,000, where essentially one out of every three properties listed sells, the rate of absorption for properties priced above $750,000 is about half that and the higher the price the more that ratio changes.
Year-to-date there have been 14 MLS® sales reported over $1 million whereas there are currently 100 active MLS® listings. That’s a 3.5 year supply of inventory which gives you a good idea as to how long it can take to sell a home of this magnitude.
As per the accompanying graph, the Blue Mountains is where the majority of our market’s upper end real estate is located. For the most part, buyer’s in this segment of the market want to be situated close to Blue Mountain and or the area’s private ski and gold clubs.
