According to the most recent Coldwell Banker Residential Brokerage Luxury Home Market Report, the segment of the market representing homes priced at $500,000 and above. As of the end of April, available inventory was down by 1.4% from the same period a year ago, however, it was up by 11.3% as compared to March and inventory is up 28.5% since the first of the year. Inventory is the driving factor for the other areas we track.
The number of days a property is on the market before going under contract is declining for this segment of our market. On average it is taking 15.2% less time to sell a luxury home in the current market than a year ago. And it is taking 17.3% less time to sell than at the beginning of this year.
Finally, sales activity in this segment continues to hold strong. Sales as compared to a year ago are up 3.3% and are up 24.4% from March. Sales demand for luxury homes is beginning to pick up as more interest in this segment is being generated by stronger sales at the lower segment of our market. As the market continues to move throughout the year, expect to see homes in this segment moving faster and the competition among buyers becoming more intense as it is in the lower segment of our market.
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