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Three Cents Worth: Fewer Days of Luxury

[This week, our graph guy Jonathan Miller takes a look at the time it takes to sell a luxury property compared to the average property. Click on the image to expand.]

My firm, Miiler Samuel, released the 1Q 2007 Manhattan Market Overview for Prudential Douglas Elliman yesterday. This chart tracks one of the indicators in the report, days on market (DOM). For the past two quarters, the marketing time for luxury properties (the upper 10%) has been about the same as the overall market. Since mid-2005, the spread has been much tighter.

For the past 21 years, it's been my experience that it usually takes longer to sell a higher end property than most other types. However, we only have DOM data going back 6 years. The spread narrowed in the third quarter of 2005 which was the end of the housing boom here in New York. Honestly, I am not sure why the range has narrowed. Perhaps it's the higher concentration of wealth (i.e., demand).
· Days on Market (Overall v. Luxury) [Miller Samuel]
· Manhattan Market Report: Sales Soar, Prices Nudge Up [Curbed]