Our luxury market has hardly remained static and, as you’ll learn from today’s update, conditions bode well for those ready to make a move.
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Today I’d like to take just a few minutes to talk about trends and statistics that have caught my attention in our higher-end market.
By virtue of my certification with the Luxury Home Marketing Institute, I like to keep a watchful eye on the upper-end market—homes priced at $500,000 or higher for the Augusta area. The stats we’ll observe today come from the Aiken County, Richmond County, and Columbia County market, and we’ll compare the year-over-year numbers between January 1 to June 30.
At the midpoint of this year, our overall number of sales have come down slightly from where they were a year ago. By the end of June last year, 70 luxury homes had sold compared to 61 this year.
“The average luxury home is spending 143 days on the market right now, which is the lowest market we’ve seen in our Augusta market in quite a few years.”
This is because of a dropoff in inventory, and on top of that, luxury homes are spending fewer days on the market; between 2018 and 2019, the average number of days on market went from 154 to 143, respectively.
In fact, 143 days is the lowest mark we’ve seen in our Augusta luxury market in quite a few years. Given the fact that our luxury market is moving well, now’s as good a time as any to jump into the market if you’ve been thinking about downsizing or if you’re ready to move up into a luxury home.
If you have any questions or you’re interested in luxury homeownership, please give me a call at 706-481-3800. I look forward to talking to you!