Currently there are 3504 active listings in ARMLS at $1 million and above.
January had 50 sales in this price range.
That equates to a 70 month supply of Million $ Homes – basically 6 years.
Compared to the overall market’s 10 month supply, the +Million $ Market is not performing. Let’s look at some reasons. When we factor in REO and Short Sales we get a better picture of the +Million $ Market.
+Million $ Market -
REO Active: 47
REO Jan Sales: 3
So the number of REO listings to overall listings is “out of whack” with the rest of the market. 1% vs. 23% for Actives and 6% vs. 64% for Solds.
What about Short Sales and Pre-foreclosures?
+Million $ Market -
Short Sales Active: 102
Short Sales Jan Sales: 2
So when you compare this to the 21% active Short Sales listings and the 4% sold numbers, you can see that the Bank Owned and Short Sale phenomena has not affected the +Million $ Market…yet.
The overall numbers look like this:
Active Listings
Overall: 50,462
+Million $ Market: 3504
January Closed
Overall: 4727
+Million $ Market: 50
Active REO Listings
Overall: 11,595 –> 23%
+Million $ Market: 47 –> 1+%
Active Short Sales and Pre-Foreclosure Listings
Overall: 10,516 –> 21%
+Million $ Market: 102 –> 3%
Closed Jan REO’s
Overall: 3093 –> 65%
+Million $ Market: 3 –> 6%
Closed Jan Short Sales and Pre-Foreclosures
Overall: 447 –> 9%
+Million $ Market: 2 –> 4%
Combining these categories-
Active REO’s, Short Sales and Pre-Foreclosures
Overall: 22,015 –> 44%
+Million $ Market: 149 –> 4%
Closed REO’s, Short Sales and Pre-Foreclosures
Overall: 3528 –> 75%
+Million $ Market: 5 –> 10%
So the + Million $ Market is not functioning because…fill in the blank. Is it the ability to obtain financing? Is it pricing? Is it consumer confidence? Is it all of the above and then some?
JS
