The luxury market continued its slow and steady healing process during 2012. The combination of decreasing inventory and higher closed sales lowered the months of supply down to 8, which is a 3 month improvement compared to a year ago.
Compared to a year ago, overall luxury inventory decreased by 14%. New home luxury listings decreased by 2%. The average days on market decreased to 190 from 207.
Here is a break down of Housing Supply by Price Bracket:
The months of housing supply indicated a vastly oversupplied market with the majority of activity will occur between $500,000 – 599,999. The luxury market continued its slow and steady healing process during 2012. That shouldn’t change too much for 2013.