If you are planning on putting your luxury home on the market, or you have it listed already and wonder why it hasn’t sold yet, then you might want to take a look at the current market statistics for the Months of Supply for Current Inventory.
To put it simply, as shown in the graph above, homes priced at and above $1 Million price point are taking quite a bit of time to sell. In order to sell the current amount of luxury real estate, for the last month around 814 homes in the Twin Cities Metro area, according to the Minneapolis Association of Realtors, it will take almost 40 months! A year ago, the time frame was “only” 27 months.
So be prepared to have your home on the market for a while, or price it aggressively to sale, either way, it might not be your agents fault that your home has not sold yet….it most likely is due to the market.