Boston Area Move in Luxury Home Report, Feb 11, 2015. The International Luxury Housing Market Report for the Boston area shows the prices still headed up at this point. This is the average price per listing going on the market. Newton's luxury market begins at $2,100,000 and fits the definition of being the top 10% of the home sales in the area.
Boston Area Move in Luxury Home Report, Feb 11, 2015 The number of homes on the market right now has been going down in this area. The newer listings, the 7 days listings are coming in at a lower price than those that have been on the market a bit longer. As always with this market if you price your property lower you get more activity. There are some price ranges that get less activity anyway. For instance the $2,500,000 to $3,000,000 market does not get as much activity in terms of quick sales than houses below and above these marks.
Days on Market is always longer for luxury homes than those in the lower price points. This is often twice as long as a lower priced homes. This is a normal market. That being said, the days are going up for the longer term listings and coming down for the newer, better priced listings. Once you are on the market, you are on the market. Your choices become more limited. Say you are on the market at a favorable price, but the house does not sell. The choice become to set up more marketing, do something to get the right people into the house, or lower the price. Most average agents just chase the price point down, loosing their Sellers dollars all along the way.
Boston's Luxury market is strong and continues to stay strong. In certain categories, in certain towns it will be a bit slower. No two houses are the same and so you can't look at any statistic and make a direct correlation to what your houses is doing, but you can look at these statistics and with some other information and determine what you next course of action needs to be. Always working with a professional who has been there and done this is your best bet for a good outcome. The difficulty lies in the fact that most Seller's don't know what the difference is between good and great. This has been the Boston Area Move in Luxury Home Report, Feb 11, 2015
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