December Freezes Luxury Sales

Jan. 3, 2012 at 9:02 AM

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).

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Kurds plan to carve state out of Iraq after fighting stops, leaders say
Kentucky clerk sued for refusing to issue same-sex marriage licenses
Van hauling fireworks catches fire on I-15 near California-Nevada border
Bubble wrap loses a little of its pop
Sean 'Diddy' Combs avoids felony rap for attacking UCLA coach