Mega-mansion sales
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buyers are still touring 573 HAMILTON Avenue, so that’s encouraging
Reader Flipside wrote, in response to my expressing worry about the “starter home” (under $2 million, say) market, “Come on! 1.7 million is pocket change. Start worrying when 7 to 15 million market begins to falter. Until then, party on!”
He makesa good point, so curious, I did very quick search of our MLS records, and while I won’t vouch for the 100% accuracy of these numbers, I think they give a good, general picture. My take is that we saw an incredible burst of activity in the $6.5-and-up market during 2021 and the first half of 2022, but we seem to be retreating quickly. Here are the results of my hasty search of that $6.5+ market:
Currently active listings: 50
Sales:
10/26/21 - 10/26/22: 53
10/26/20 - 10/26/21: 72
10/26/19 - 10/26/20: 40
10/26/18 - 10/26/20: 31
10/26/17 - 10/26/18: 23
There have been five contracts in this price range since September 1st: two have already closed, and three are pending. That may, or may not be encouraging news for the owners of the 50 homes still on the market. I’d be nervous, but then, this kind of money isn’t chump change for me, as it is for them.
