ILHM Luxury Housing Weekly Report

As of Monday May 23, 2016 

THIS WEEK
The ILHM National Report this week looked at 25262 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,558,269. These homes have been on the market for an average of 150 days.

 The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

 PRICE 
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,558,269. PRICE PER SQUARE FOOT Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $400.


SUPPLY AND DEMAND 
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 29 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY 
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county. DAYS ON MARKET (DOM) The properties have been on the market for an average of 158 days.  




LUXURY BY REGION
A look at the local luxury markets around the country.

Where is Housing Headed for the Rest of 2016?


With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year. People are beginning to ask questions such as:
  • Will disappointing economic news adversely impact housing?
  • Is affordability a major concern in today’s real estate market?
  • Are we approaching a new housing bubble?
  • Are mortgage standards too tight? Or have they loosened too much?
Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:
“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.
We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy.”

What about real estate?

Freddie Mac was much more optimistic about housing…
“We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity.”
They went on to conclude:
"We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year."

ILHM Luxury Housing Weekly Report


As of Monday May 9, 2016 

 THIS WEEK

 The ILHM National Report this week looked at 24715 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,552,499. These homes have been on the market for an average of 151 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE 
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,552,499

PRICE PER SQUARE FOOT 
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $399.




SUPPLY AND DEMAND 
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes. 

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 29 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY 
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county. 

DAYS ON MARKET (DOM) 
The properties have been on the market for an average of 162 days.




LUXURY BY REGION
A look at the local luxury markets around the country.








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