Market Update

This morning I was looking in our database and had the urge to see how many properties were listed for sale at a million or more dollars.  When I excluded listings of land only, I came up with exactly 200 homes for sale in this price range.  Those 200 represent about 25% of the total inventory of homes for sale.

 

 

Just yesterday I had reviewed all of this year's sales and saw that so far this year only 5 homes priced at or over $1,000,000 have actually closed.  I know of one more that was never reported and two more that will close before the end of this year, which will bring the total to eight. Even being optimistic and hoping for two more before the end of the year, that would mean that only ten homes priced at or over a million dollars will sell this year!

 

Two hundred million dollar homes on the market divided by ten sales a year means there is a twenty years or 240 months of inventory in this price range.