A Word About the Luxury Market
The luxury market ($2.5M+) held up well in 2018 when it comes to sales volume. We did have some disappointed Sellers, however.
A Spring in our Step
This first chart shows the number of condo and home sales month-by-month for the past three years. The month of May was startlingly busy compared to years past.
But there were also more homes that never sold. I’m going to speculate that some of these failed attempts at selling came from Sellers who were waiting for an opportune moment to take advantage of a robust market, then got too greedy about what they wanted to sell their properties for.
The high number of withdrawn properties in November/December comes from Sellers either giving up or taking a break during the holidays. End of year is also a good time to pull a property off the market for thirty days so the days-on-market (DOM) number can go back to zero when it comes back on.
And Still We Rise
I call this one the “Alpine Mountain Chart.” It measures market activity month-to-month and shows how prices occasionally slip but ultimately reach ever higher peaks. It should calm some Nervous Nellies who are prematurely worrying about heading into a declining market.