ILHM Luxury Housing Report
Monday March 27, 2017
THIS WEEK
The ILHM National Report this week looked at 22544 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,631,919. These homes have been on the market for
an average of 173 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 $1,631,919.
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
$430.
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 28 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 184 days.
LUXURY BY REGION
A look at the local luxury markets
around the country.
Thinking of Selling? Do it TODAY!!
The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”
And CNBC says consumer confidence in the economy is fueling the market:
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.
“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.
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