An Update on East Cobb's Q1 Luxury Market
In terms of luxury real estate, what happened in our first quarter market in 2019? Learn what the latest numbers have to say right here.
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In the first quarter of 2019, there were 42 sales in that range, which is an increase of 27% when compared to the first quarter of 2018. Of those sales:
80% were between $750,000 and $1 million
16% were between $1 million and $1.5 million
2% were between $1.5 million and $2 million
None were above the $2 million mark in Q1, but we fully expect that to change in Q2.
In terms of active listings, there were 176 listings for sale at or over $750,000, which is 8% more than Q1 of last year. The bulk of those sales were between $750,000 and $1 million, but the next largest number of sales occurred between $1 million and $1.5 million.
Currently, our average months of inventory in the luxury market is 12.6 months, which means it would take that long to sell all the available homes in the market if no new listings were added.
The median list-to-sales price was 92.9% in the first quarter of this year. Those luxury properties that didn’t have to reduce their prices in order to go under contract got an average of 96% of their list price. Those who did reduce their prices to go under contract got an average of only 87% of their list price. That means, in addition to the extra time your home would spend on the market and the price reduction itself, there could be a hefty 8.4% penalty for getting your home’s price wrong when you first put it on the market.
Finally, the median days on market was 136 days for listings at or above $750,000, which is about 5.5 weeks faster than 2018’s Q1—this is fantastic news!
If you have specific questions about the East Cobb luxury market, feel free to give me a call or send me an email. I’d love to hear from you.