The Peninsula’s luxury real estate market is seeing very favorable trends. All of which is great news for those homes on the market and those considering selling their luxury home. The average price per square foot and closed sales are both up in the last 12 months compared to the previous two 12-month periods. The number of homes on the market and current months supply is down over these same time periods. Can you say “seller's market”? These types of trends do tend to lead the way into a strong sellers' market and buyers are paying over 90% of the list price if the home is free of problems and ready to move in.
Here are the numbers from the last 12 months compared to its previous 12-month period:
Average Price / Square Foot
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600K to 780K are up 15.7% at $183
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780K to 1.2 million are down (19.2%) to $181
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1.2 million + are up 22.2% at $290.
# of Closed Sales
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600K to 780K saw 14 units closed, up 16.7%
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780K to 1.2 million saw 17 units closed, up 54.5%
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1.2 million + saw 19 units closed, up 111.1%
Homes currently on the market
- 600K to 780K there are 12
- 780K to 1.2 million there are 6
- 1.2 million + there are 14
Months Supply
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600K to 780K has 7.6 months of inventory
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780K to 1.2 million has 3.2 months of inventory
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1.2 million + has 5.8 months of inventory
