May brought more activity in the luxury sales market and it was really needed! April statistics show just 12 homes selling over $1,000,000 in the entire marketplace. May had 16, a 33% improvement. Of those 16 sales, 3 were over $3,000,000 and the balance between $1,000,000 and $3,000,000. I presently have two additional homes in escrow over the $2,000,000 mark. We still see excessive inventory with 923 properties for sale over $1,000,000; 197 properties for sale over $3,000,000; and 77 properties for sale over $5,000,000. The prospects that are buying are beginning to see value and with the stock market rising we should see more buyers return to the market. The bulk of the buyers are all cash with jumbo financing still very difficult to obtain.
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