Sales of homes listed at $2 million and above fell 16% in the first quarter, the sharpest annual decline since 2010, according to Redfin, a real estate brokerage.
The average price of a 'luxury' home, which Redfin defines as the top 5% in each of the 1,000 cities it tracks, fell 1.6% to $1.55 million. Nonluxury homes saw their average price rise 2.7% annually to $300,000. The shift in the luxury market has been more pronounced, therefore, in certain metropolitan markets. The average luxury sale price fell hardest in Boston , Newport Beach, California , and Miami . Miami's drop may have been less about tax changes and more about overbuilding on the luxury end in recent years that has led to an oversupply of high-end homes for sale.
Greenwich sales in the first quarter of this year were down 25% compared with a year ago. The median price fell 17% to just over $2 million, according to Miller Samuel. The average number of days homes sat on the market before selling rose to 214 and there is now a two-year supply of Greenwich homes for sale.
'Nonluxury homes saw their average price rise 2.7% annually to $300,000.' $300,000. Nonluxury.
Younger people have seen what decaying status symbols look like during economic downturns. High maintenance cash draining monuments are simply stupid