What’s happening in the luxury market in Lewis County in February? How many new homes came on the market? How many homes sold? And what about days on market? Find out below!
Defining Lewis County Luxury
The words Luxury and Lewis County are not usually synonymous with each other. In typical years, there are very few homes for sale 1MM+. However, with the increases in pricing, more and more homes are being listed and sold above that mark. Finally, what counts as luxury in one area is completely different in another area. According to the Institute for Luxury Home Marketing, the luxury threshold for Lewis County is $530,000. That does seem a bit low, since our average is now over $400,000 and luxury is usually 2.5x the average. For our purposes, we used a base of $600,000 – otherwise we’d not have much data!
Last month, there were 11 new homes for sale over $600,000. This month, that number increased to 18 new homes on the market. Personally, I’ve been on 5 listing appointments over this amount since the beginning of this year, with three over those over 1MM. All of which will hit the market later this year. I predict this will be the best year for high end sales in Lewis County in history!
Last month 12 homes sold. As a result of only 11 new homes, inventory went down just a little. This month, only 5 homes went off the market. This means inventory climbed 13 units higher. This price point seems to be moving quite quickly. but the days on market are jumping up.
Days on Market
In the prior month, the average days on market was just under 7 weeks. This month, the average jumped up to just under 11 weeks. Contrast that with our usual market taking 52+ weeks. There’s never been a better time to capture equity gains with your estate.