So, here we go into 2009, and a Happy New Year! I often receive calls from clients and friends, who quote statistics about the market that they read in the paper, saw on the news or –heaven forbid – Zillow. These numbers cover the broader market with no interpretation of market segments. So, let’s take a look at the stats for luxury home sales and maybe get a handle on what to expect in 2009.
Fact: The number of homes that sold in the Reno/Sparks area in 2008, over 1.5 million dollars was 25 which were 15% of the inventory. It took an average of 273 days to sell those 25 homes. In 2007, the number of homes that sold over 1.5 million dollars was 46 which was 24% of the inventory and it took on average 280 days to sell those homes. 26% of the inventory sold in 2006, and 24% in 2005 with an average of 200 days on the market in both years.
Okay, those are the facts, so it is safe to say it is still a Buyer’s market. The lending environment is tricky but by no means impossible – so you Buyers get out there and have some fun. As a Seller with a home valued over 1.5 million dollars you have 114 competitors and 17 to 27 of you will sell your home in the next nine months. To Sellers – hang on – the ride is still a little bumpy. Sharpen your pencils and get your price to the market.