Global Luxury Real Estate is Flourishing – But What About Our Local Market?
Our luxury real estate partners Christie’s International Real Estate have released their annual white paper report and things are looking good for the global luxury real estate market. Only Christie’s International Real Estate synthesizes data from over 80 luxury real estate brokerages worldwide to include in this significant report. And as their exclusive partner in Orange County, we get to share that with you. To start, overall prime property sales worldwide were up by 11% in 2017, coming back up from an underperforming 2016 and 2015.
Contributing to the growth is a decrease in the average time to sell a luxury home in 2017. Up to 254 days in 2014, that stat is down to just 190 days this past year. Why the drop in days on market? Perhaps it’s an indication of more realistic price in markets and higher demand in others. Either way, a quicker turn around time on a home sale is something all sellers can get behind.
Local SoCal Comparison
Now that we know the state of global luxury real estate, let’s dive into a look at our local markets over the past year. Based on a Trendgraphix report for $1+ million properties in Southern California, there was a 37.3% increase in units sold from January to December. Most importantly, we are currently seeing a nice seasonal uptick in properties hitting the market, sold, and pending.
Days on market saw a drop locally as well in 2017, beginning at 88 days in January and dropping down to 64 days by the end of the year. Our current market is experiencing even lower days on market, hovering with a tight range of 55 to 52 days on market over the past two months.
As the facts show, our local luxury real estate market is thriving. As the #1 leader in luxury real estate in 2017, selling more million dollar homes than any other brokerage, we know the local market like the back of our hand. If you need help navigating pricing, purchasing, or anything in between, reach out and we’ll connect you with a luxury specialist in your neighborhood.
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