As of today there are 76 homes for sale from $700,000 to $1.5 million. In the lower half of this range the rate of home sales for the past 12 months has been three per month. Above $1 million the average is one per month.
This works out to available inventories of just about 17 months and just over two years, respectively. By comparison, the supply of mid-range homes, $350K to $750K is about six months. Below that range, the supply is only one to three months at best.
The good news is that the upper-end homes that have sold have enjoyed relatively brief marketing times, often under 90 days, and less than a month in several cases. This means that a large portion of the inventory is not reasonably priced. However, the home that is priced at market will sell.
Those that languish will end up selling for less than they would if correctly priced at the outset. Sadly, some other more optimistic sellers will altogether withdraw from a market that has rejected their properties.
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