The 5 highest priced homes to go to contract in this new year are listed at $999,000, $1,175,000, $1,200,000, $1,545,000 and $1,625,000 - and 4 of the 5 were brand new listings (not relisted old listings) that went to contract in 6 days or less. The $1.2 house was gone before sunset on day 1. And they’re not foreclosures or short sales, and they’re not bargain basement priced either.
Back in 2009 – 2011, and less so in 2012, it was almost unheard of for homes in this price range to go to contract so quickly – unless they were foreclosures or short sales at blatantly bargain prices. But back then sales and prices were falling through the floor, and with no end in sight buyers correctly assumed that time was on their side.
But things have changed. And if these quick contracts are indicative of what is to be, taking a wait and see attitude may leave you empty handed.
But all is not rosy, there are still 88 homes listed for sale from $999,000 to $7,900,000, the majority of which have been on the market for months or years with no takers. And I have to assume that for many of them it’s all about price. What else can it be.
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