LUXURY VITAL SIGNS | QUARTER TWO 2024
LIST/SELL RATIO 95% 2023: 95%
CASH SALES
HOMES FOR SALE 665 2023: 363
DISTRESSED SALES
CLOSED DAYS ON MARKET 47 2023: 89
ACTIVE DAYS ON MARKET 125 2023: 158
2023: 0% 0%
66% 2023: 59%
Above statistics based on homes with a listing price of $1,000,000 or more.
LUXURY INSIGHTS
"Overall, the second quarter of 2024 highlights a robust market poised for strategic buying opportunities, driven by expanding inventory and varying price dynamics across luxury segments." SANDI ALGUIRE, LUXURY MARKETING SPECIALIST price points often require adjustments to attract serious offers. In the ultra-luxury tier, defined by homes priced over $6M, the market is expanding, with 29 active listings, indicative of increasing wealth influx and investment interest from across the country. Cash transactions continue to thrive, reflecting growing buyer confidence. Homes priced competitively from the outset are selling swiftly and commanding top dollar. Conversely, sellers testing higher
In the second quarter of 2024, the luxury real estate market witnessed a significant surge in inventory, marking a notable 83% increase in upper bracket home listings compared to the previous year. This expansion has reshaped market dynamics, ushering in a discernible shift towards a buyer’s advantage across all segments, except properties priced between $1M–$2M which remain more competitive. Our mountain region, increasingly sought after for its appreciating property values, now hosts a predominant share of luxury listings and sales. Notably, homes in the $1M–$2M range accounted for 408 listings and 213 sales during this period, underscoring their pivotal role in the market's vitality.
$1,000,000-$1,999,999 Home Values
$2,000,000-$2,999,999 Home Values
$3,000,000-$3,999,999 Home Values
BALANCED
BUYER'S MARKET
BUYER'S MARKET
p p q q p
q q p p p
vw
Homes Sold
213
Homes Sold
39
Homes Sold
16
p q q q
List/Sell Ratio
96%
List/Sell Ratio
94%
List/Sell Ratio
96%
Days on Market (Active)
113
Days on Market (Active)
146
Days on Market (Active)
118
Days on Market (Closed)
71
Days on Market (Closed)
165
Days on Market (Closed)
98
Months of Inventory
6
Months of Inventory
9
Months of Inventory
13
$4,000,000-$4,999,999 Home Values
$5,000,000-$5,999,999 Home Values
$6,000,000+
BUYER'S MARKET
BUYER'S MARKET
Home Values
BUYER'S MARKET
q q p p
p p p p q
q q q q q
Homes Sold
8
Homes Sold
1
Homes Sold
5
List/Sell Ratio
95%
List/Sell Ratio
100%
List/Sell Ratio
89%
Days on Market (Active)
200
Days on Market (Active)
189
Days on Market (Active)
137
Days on Market (Closed)
178
Days on Market (Closed)
965
Days on Market (Closed)
171
vw
Months of Inventory
10
Months of Inventory
36
Months of Inventory
17
LEGEND: Change from 2023 data INCREASE: p DECREASE: q
NO CHANGE: vw
INSUFFICIENT SALES DATA: N/A
QUARTER TWO 2024 25
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