In 2017, luxury homes languished on the market and sold for less, according to Concierge Auctions.
Based in New York, Concierge Auctions is a luxury residential auction house that “…serves high-net-worth individuals internationally through accelerated solutions that obtain fair market value for one of a kind real estate assets,” has made this market its own in just 7 years.
During the good old days of 2014 and 2015, Concierge Auctions promised and delivered 90-day sales to its clients. Things have since changed. In 2017, 72% of their luxury properties took +180 days to sell.
Longer days on the market translate into lower sale prices. According to Concierge Auctions, homes that sell in less than 6 months generate 93% of the original listing price; homes that take more than 6 months to sell generate 71% of the original listing price.
Here are Concierge Auctions’ figures that indicate average days on the market in luxury home areas:
San Francisco – 55
Brentwood – 154
Palo Alto – 180
Boston – 241
Seattle – 358
Greenwich – 478
Miami – 608
Philadelphia – 771
Westchester – 798
Atlanta – 953
Cape Cod – 982
Nashville – 1062
Luxury Market Requires Patience & Flexibility