Like a fine wine that ages to perfection, many luxury homes often to take longer to sell on the real estate market. Upscale homes often fetch rather particular buyers and sometimes the match-up between buyer and home is as intricate as the right piece fitting into a puzzle. These matches can take months or even years, however, according to a recent study conducted by Realtor.com, luxury homes priced $30 million or more are selling faster this year than ever before.
Real estate website Realtor.com compared the luxury home sales from the first two quarters of 2013 and 2014. The study found that for homes listed at less than $1 million, the median days on market was around 80 days, while the median time listed for homes that cost just under $30 million was 180 days. For homes that were upwards of the $30 million range, the median time spent on the market fell to 139 days.
This could perhaps be due to the fact that these ultra-expensive homes sometimes spend time off-market, while agents and seller quietly shop the home to serious buyers, and could also be due to the fact that those shelling out tens of millions of dollars are a more engaged group of buyers.
Regardless of the reason, the the median age of listings across all price points has fallen in 2014 to 82 days, from 85 days in 2013.
Pacific Palisades Luxury Homes Showing Faster Selling Rates
One area of Southern California that has shown particular promise in this national trend is in the exclusive community of Pacific Palisades. Home prices have been working their way back up after dipping in the earlier months of the year, but higher prices haven’t scared off any eager home buyers who have been snatching up local luxury properties at a faster rate every week.
Altos Research, a California-based real estate analytics company, reports as of September 12, Pacific Palisades has a median single-family home value of $3,282,462. This value has been in recovery mode since early July, and has been edging up slightly over the last few weeks.
The increasing prices have not done much to stave off eager home buyers as both demand levels and the days on market have remained in ranges that indicate an enthusiastic buyer base. Altos reports on supply and demand levels through a unique value known as the Market Action Index. This value measures from a unique value of 30 whether trends are moving up in favor of home sellers or down in favor of home buyers. At 40.75, home sellers are in control of the Pacific Palisades market, which indicates that there are plenty of home buyers out there looking to get a piece of these exclusive properties.
The average property in Pacific Palisades has been on the market for about 111 days and falling. This value has been on a downward trend since the beginning of the year, meaning that these high-end properties are moving fast and furiously for a luxury market.
If you would like to learn more about available real estate in Pacific Palisades, please feel free to contact our team of property experts today.