Imagine the indignity of having to wait a month or more for an offer on a $3 million house.
From WSJ.com
By JOE LIGHT
Lower-priced homes sell quickly while inventory on the higher end piles up
A two-bedroom house in Los Angeles listed for $585,000 received 10 offers in the first week it hit the market, with the winner agreeing to pay $640,000.
Meanwhile, a four-bedroom house a few miles away, priced at $3 million, sat on the market for more than a month with no offers before selling for $2.75 million in January.
The divide in Los Angeles is typical of what is happening across the country. Housing has become a tale of two markets, brokers and economists said, with lower-priced homes selling quickly even as inventory of expensive ones piles up.
Nationwide, the number of homes for sale priced below $100,000 fell 8.6% in January from a year earlier, while the number of homes priced above $1 million rose 15%, according to the National Association of Realtors.
Economists said a number of factors are creating the divide. On the low end, after a slow recovery from the housing bust, first-time buyers are finally returning to the market, bolstered by still-cheap mortgages. But after years of little new construction, inventory is still tight.
High-end buyers, meanwhile, are more sensitive to the stock market’s struggles this year.
“In certain price points, it’s really tough for buyers right now. There’s limited inventory and lots of demand,” said Los Angeles real-estate agent Alec Traub. But for high-priced homes, Mr. Traub said, “things may be sitting on the market a little longer.”
( “sitting a little longer” eh. – In the Catalina Foothills homes sold up to $600k sold in a median of 50 days while those (few) sold at $1million or more took 141 days.
Read all about it;
Housing Market Takes On Split Levels
Lower-priced homes sell quickly while inventory on the higher end piles up
Sound familiar
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
