Even though the weather was mild across most of the nation in the last week of December, sales of luxury homes entered a deep freeze and time on market soared for homes. As the new year begins, inventories are lower and time on market is higher than they were during all of 2011.
The Institute for Luxury Home Marketing reported this week that homes in its market profile are how spending an average of 231 days on market and luxury properties in all markets it tracks were averaging 215 days on market at the end of the year, a year-long high.
The ILHM Luxury Composite Price this week is $1,088,665. Total inventory hit its year-long low at 24,000 properties at the end of the year. The national inventory of all homes for sale in November was 2,580,000, according to the National Association of Realtors, the lowest level of the year.
Markets where luxury homes are taking longer to sell than the national media are: Chicago (288 days); Detroit (260 days); Miami (303 days); New York (262 days); Phoenix (261 days); and Raleigh-Durham (243 days).