In a recent blog, I shared with you the latest luxury real estate stats for Santa Barbara and Montecito. Today, I am going to look at the luxury home market nationally.
The Institute for Luxury Home Marketing (ILHM) publishes the ILHM Luxury Homes Market Update weekly to measure conditions for luxury real estate around the country. This week, the national report looked at almost 20,000 luxury homes currently on the market to come up with the ILHM Luxury Composite Price, which is $1,442,231. These are homes that have been on the market for an average of 184 days.
Here’s what else I found about the luxury home market nationally:
- Luxury home prices across the ILHM national sample have stayed relatively stable in recent weeks.
- The current median price is $1,442,231 nationally.
- Price per square foot gives us a view to the changes in how luxury homes are valued as well as how they’re being constructed. Currently, the median price per square foot in the luxury home market is $385.
- Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. The ILHM national market is currently a buyer’s market, though not strongly so.
The data for the national report is calculated from properties on the market in the most expensive zip codes in each region. Although Santa Barbara and Montecito are not included in the report, when evaluating a particular property, it is important to use national market trends as well as comparable sales data locally.
I hope reading this blog helps you make an informed decision about buying or selling your home in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities. I can offer my personal assistance by answering any questions you might have regarding the luxury home market both nationally and locally. Just call me at 805.886.9378 or email me at Cristal@montecito-estate.com and let me help you make the right decision when it comes to your real estate portfolio.