The Agency was mentioned by The Wall Street Journal in a feature article this week about the sky-high prices that luxury homes are fetching in today’s market – and how quickly they are selling.
The article, titled “Luxury Homes: Priced To Sell At $30 Million,” focuses on the growing trend of ultra-luxury homes selling faster than their less-expensive counterparts. In particular, a $30 million plus price tag seems to help a home move swiftly through the market.
“According to Realtor.com, the median age of listings ranged from 80 days for homes listed at less than $1 million,” notes the WSJ, “to 180 days for homes just under $30 million. Above $30 million, median time on market dropped to 139 days.”
The article comes with a useful graph detailing exactly how many days homes in various price points spend on the market. The article also mentions President and Co-founder of The Agency, Billy Rose, who was consulted about the trend.
“Billy Rose, co-founder of the real-estate brokerage the Agency in Beverly Hills, Calif., said average time on market for homes in Los Angeles over $1 million was just 67 days in the second quarter,” they write. “In one case, a roughly $2 million listing in Hancock Park lingered on the market last year before being taken down. This month, the same home came back on the market and sold above asking price in one day.”
Read the full WSJ article here.