Reflections on 2021
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!
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.