2 4 | LU X U RY H O M E S I N D E X
S O L D | R A N C H O S A N TA F E , C A | L I S T E D F O R $ 1 9 . 7 5 M
THE BIG QUESTION: H O W L O N G W I L L I T TA K E F O R M Y L U X U R Y P R O P E R Y T O S E L L ? Each year, Concierge Auctions’ Luxury Homes Index researches and provides insights into the most expensive property sales in the most desirable markets in the United States. To request a full copy of our 2020 Luxury Homes Index, please visit LuxuryHomesIndex.com or call 212.984.3896.
DATA A N D M E T H O D O LO GY: The fourth edition of the Concierge Auctions Luxury Homes Index analyzes the 10 highest property sales in 56 top luxury markets across the United States to determine the impact that the number of days a high-end property is on the market has on its final sale price. Data was compiled by the Concierge Auctions team from multiple listing services (MLS) and public property records. I N T H E U LT R A- LU X U RY R E A L M , THE BUYER POOL IS LIMITED Luxury properties are difficult to value and sell. The buyer pool is small and often spread over a large geographic range. Moreover, price has little bearing on demand, and multiple buyers don’t always arrive at once.
Price reductions undermine the value of a property and may cause buyers to sit back and wait, hoping that the price will drop again. Individual luxury real estate markets are subject to variables that may be independent of the national real estate landscape. The number of competitive properties listed, the absorption rate in the specific market, seasonality, and local economic factors can all help determine how quickly a property will sell. T H E R E S U LT ? It can take time for a luxury property seller to find the right buyer.
