Would you care to guess how many homes priced at or above $400,000 have sold in 2009?
Here's your choices:
Now before you find out the answer, here's a few things to consider. If there have been 67 sales so far this year and there are 102 homes on the market we would have about a 10 month supply of homes in the luxury category. That means a buyers market in most cases. If there have been 40 sales so far this year, we would have about a 15 month supply of homes. If there have been 23 sales so far this year, then we have a little over a two year supply of luxury homes on the market. Luxury is defined here at a home priced above $400,000. No other criteria factored in.
If you guessed 23 sales, you win. That's the number of homes that have sold at or above $400,000 as recorded by the Beaumont MLS in 2009. Here's what this all means. Luxury home buyers have a lot of choices. Luxury home sellers are probably going to have to be flexible on their selling terms if they are looking for a quick sale.
Here's a few other facts about these luxury sales:
- Beaumont's west-end had the highest number with neighborhoods such as Brownstone, Montclaire and those near Delaware being the most active.
Average days on the market was 139 but varied from a low of 4 to a high of 540.
The highest of all the closings was $749,000.
Lumberton, Winnie, Silsbee and Orange all had one closing in the luxury category.
Sellers averaged about 89% of their asking price. With three sellers getting 100% of their asking price and one seller coming down to 69% of the original asking price ( a reduction of a little over $200,000).
Here's some free advice. If you are in the market for a luxury home you are in a good position. There is a good selection of homes to choose from but the most desirable still sell in about four months time. If you are a luxury home seller know your competition. There is a lot of it. If you want your home to sell you've got to be priced aggressive enough to attract attention. If you need help selling your home call me. With over 100 other homes competing against yours, you need a local professional to help make sure your home has the best marketing strategy possible because the buyers won't even take the time to see your home if the strategy is wrong.