Reflecting back on 2021, we saw a 40% increase in $1 million plus sales year-over-year. The Sale/List Price ratio moved from .96 to .98 (that ratio reflects sellers coming down from list price at time of sale by only 2% on average and often bid up significantly). The Days on Market for listings was almost cut in half to just over a 2 month supply!
The $2 million dollar plus sales were even more robust when comparing year-over-year, where sales volume / units nearly doubled!
One of the phrases that keeps getting repeated around town is ‘money is moving to the Valley’. The upscale areas of the valley are experiencing the worst of the supply shortage at the moment. The most affordable areas are comfortably above the extreme lows we saw last year, but are still far below normal.
It is hard to imagine how prices can do anything but rise with supply at such a low level.We have a new report that is a must read if you are even thinking about buying or selling a luxury property. It is exclusively from Sotheby’s International Realty and it is called Luxury Outlook – a unique annual report on trends, buyers, second homes, hot spots and more. It’s loaded with information and inspiration. Come read it all at sothebysrealty.com: click on Stories, then click on Luxury Outlook 2022.
