PALO ALTO RANKED 'FASTEST LUXURY MARKET'...
Palo Alto and San Francisco are two of the fastest markets in the nation for selling luxury homes, according to the newly released "U.S. Luxury Homes Index" from New York-based Concierge Auctions real estate auction firm, which examined the top 10 most expensive homes sold in 56 high-end markets around the U.S.
Homes in Palo Alto sold in 86 days on average, and homes in San Francisco sold in 103 days. By contrast, areas with the slowest luxury sales, saw homes stay on the market for an average of 1,109 days. The total days on market for all 56 markets evaluated in 2018 was 506 days.
According to the report, Palo Alto's luxury market not only outpaced other markets but experienced a year-over-year uptick. The average price of the city's top 10 most expensive homes rose 25.68% and the number of days a home stayed on the market dropped by 53%.
The average sales price rose from $9.98 million in 2017 to $12.3 million in 2018; nine out of 10 homes sold in under 180 days and achieved an average of 95.06% of their list price, according to the report.
Nationwide, the report found that homes are taking longer to sell; and when they do, the sales price tends to be well below the original ask. In 2018, the luxury market continued to be highly segmented with pockets of strength and weakness. Of the 56 market analyzed, the average sale price was $12.2 million.
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