The big question in the room is, “will the recent stock market drops and the CoronaVirus affect the luxury real estate market?” The answer is that it is much too early to tell. It will depend upon how long lasting both of these events are and how widely the virus spreads in the US and Worldwide. We will do our best to monitor the impact and provide an update when possible. In the meantime, the market began kicking into gear in mid to late February and it appears spring will be very positive.
Here are the market statistics for February 2020:
| Sold in Feb. |
For Sale Now |
Months of Supply |
|
| Luxury Homes over $5 million | 2 | 44 | 22 |
| Luxury Homes $3 – $5 million | 5 | 81 | 16 |
| Luxury Homes $2 – $3 million | 3 | 84 | 28* |
| Luxury Homes $1 – $2 million | 37 | 504 | 14 |
| Luxury Homes $500 – $1 million | 290 | 1126 | 4 |
*= (there are also 13 escrows in this range)
