New data through July shows that luxury real estate is selling even faster than last year. Homes over $30 million are spending less time on the market than the homes priced just beneath them.
There are a couple reasons why more expensive homes are selling more quickly. Some of these homes are marketed quietly before being published publicly. In addition, the buyers for this type of real estate are more engaged than others.
According to a study by Realtor.com, all homes are staying on the market less. The median age of home listings is down to 82 days from 85 last year.
The changes have been extreme for certain regions. Homes above $15 million in Vail, Colo. for example, used to stay on the market for a couple years or more. Now these same homes are selling in months or weeks. Experts believe this change is due to the upswing in the stock market and improving economy.
To top it all off, these homes are also getting near-record prices per square foot.
*For more information see the Wall Street Journal