Luxury Markets Tighten Up

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Like housing markets overall, the market for luxury homes is growing tighter as the spring buying progresses. Though still a buyer's market, the ILHM Luxury Housing Report for last week shows a pattern of rising prices and fewer days on market since the first of the year.

Days on market for luxury homes have fallen to 120 days, significantly higher than the 85 days for April registered by all listings on Realtor.com but down from 155 days at the outset of the buying season in February. Median price per square foot is $334 and the ILHM national luxury composite price is $1,128,509. Prices have decreased on some 31 percent of homes in the ILHM market profile and 9 percent been relisted.

Most markets in the Institute for Luxury Home Marketing report are improving. Those with the fewest days on market are Silicon Valley (138) San Francisco (153), Washington (156), Austin (158) and Seattle (163). New York City had the most expensive average luxury price in the nation, ($4,129, 649) followed by Los Angeles ($2,222,451), San Francisco ($2,015,114), Silicon Valley ($1,890,121) and Washington ($1,556,589).