Luxury Prices Lag Lower Price Tiers | Armonk NY Homes
For nearly two months, through the heart of the spring buying season, the Institute for Luxury Home Marketing’s Market Action Index has stayed stuck at 29, one point below the official level designating a seller’s market.
Meanwhile lower priced homes have risen. The national median price on Realtor.com for all price tiers is up 2.63 percent in April over March and other listing-based market reports registered similar gains as slim inventories and a robust buying season combined to fuel the recovery. While the average price for ILHM’s market profile has risen to $1,266,086 through May 16, it’s only 1.6 percent above the ILHM average at the end of March.
Compared to lower price tiers, luxury demand is much weaker. Inventories in ILHM’s profile have increased 7.3 percent since the end of March, typical for this time of year and in line with monthly increases in the overall national inventory. However, time on market, which measures the balance between supply and demand, has been stuck on neutral like ILHM’s market index. The average days on market for luxury homes is 184 days, unchanged in six weeks. The median age of inventory on Realtor.com, however, was 81 days at the end of April, down 2.41 percent from March.
Meanwhile lower priced homes have risen. The national median price on Realtor.com for all price tiers is up 2.63 percent in April over March and other listing-based market reports registered similar gains as slim inventories and a robust buying season combined to fuel the recovery. While the average price for ILHM’s market profile has risen to $1,266,086 through May 16, it’s only 1.6 percent above the ILHM average at the end of March.
Compared to lower price tiers, luxury demand is much weaker. Inventories in ILHM’s profile have increased 7.3 percent since the end of March, typical for this time of year and in line with monthly increases in the overall national inventory. However, time on market, which measures the balance between supply and demand, has been stuck on neutral like ILHM’s market index. The average days on market for luxury homes is 184 days, unchanged in six weeks. The median age of inventory on Realtor.com, however, was 81 days at the end of April, down 2.41 percent from March.
Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Luxury Prices Lag Lower Price Tiers | Armonk NY Homes
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