2017 First Million Market

We just finished a review of this price range ($1.0m – $2.0m) in the area of our specialty – Walton High School listings in just four elementary schools: East Side, Mount Bethel, Sope Creek and Timber Ridge.

The research was triggered by current popular opinions from people on the street as well as agents that the luxury market had softened and sellers should be prepared to show the house for months.

Our findings seem to point to overpricing rather than a shortage of buyers and/or too much inventory.

Here are some facts that lead us to this conclusion:

  • 77 listings created in 2017, representing just 59 homes (as some Expire / Withdrawn were relisted)
    • 25 of the 59 homes went under contract without a price change
    • 17 of the 25 went under contract in less than 60 days when price changes were not required to prompt an acceptable offer
  • 30 listings went under contract in 2017 (regardless of the List Date)
    • 16 of 30 went under contract without a price change

MillerGroupRealty.com contains additional micro market information (by elementary school and price range) that are not likely found elsewhere because of our commitment to such a finite portion of the market as hyperlocal Realtors.

It would be our pleasure to discuss this topic in more detail. 

 

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