What’s happening in the luxury market in Lewis County in May? How many new homes came on the market? How many homes were 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 a luxury home 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!
We’ve been seeing a steady incline in inventory since December 2021 when there were only three new luxury homes available! In January we saw an increase of 8 units, February an increase of 7 units, and in March an increase of 12 units! That’s a 66.7% increase in just one month! While we only saw four units added in April, it is still increased inventory, and as you know from previous market updates, we need inventory, so this is good news!
In April only one home was sold, and that sounds like bad news, but with an inventory increase of four units, that means supply was higher than demand! Even if it was only by three units, this is still good news!
However, it’s worth noting that while inventory may be on the rise, buyers have not disappeared. Homebuyers are still anxiously waiting on increased inventory, and over the weekend I read this intriguing article from Fortune, about just that!
Days on Market
Last month, the average number of days on market was seven weeks. This month, the average was just over 3 weeks. Contrast that with May of 2021 when the average time on the market was 12 weeks! A year later and we’ve almost slashed that number by 75%!
Lewis County Luxury at a Glance