The economy and housing are picking up – at least if you’re a multimillionaire buying or selling a $30 million home.
(Of course, when is the economy really down for a multimillionaire who can afford a $30 million home?)
Realtor.com reports via the Wall Street Journal that home sales are picking up pace and flying off the shelf, at least for home priced at the $30 million price point.
And while bigger price tags typically mean more days on the market, homes listed for over $30 million spent less time idling than their (slightly) less expensive counterparts.
According to Realtor.com, the median age of listings ranged from 80 days for homes listed at less than $1 million, to 180 days for homes just under $30 million. Above $30 million, median time on market dropped to 139 days. That is partly due to the fact that some of these homes are marketed quietly before hitting the market, and partly because this segment is attracting a more engaged group of buyers, said Jonathan Smoke, Realtor.com's chief economist. Across all price points, the national median age of listings is 82 days, down from 85 in July 2013.
The change has been dramatic in Vail, Colo., where it was common for homes above $15 million to linger on the market for more than two years. Now they're "trading in months, not years, and sometimes in weeks," said Tye Stockton, an agent with Ascent Sotheby's International Realty, pointing to a home listed at $19.9 million that went into contract in under 45 days. Like many, Mr. Stockton attributed the change to the uptick in the stock market as well as the improving economy.