Luxury Home Sales Slowed Down in 2017, Report Says

Luxury auction company Concierge Auctions recently published a report finding that 72 percent of the priciest properties in the nation took longer than 180 days to sell last year, 13 percent more than in 2015.

The report reviewed the 10 most expensive completed transactions in 40 markets across the country, and Concierge says, “Every day a luxury property is on the market, it depreciates in value.” Homes that were on the market for 180 days before finding a buyer brought 71 percent of the original asking price, whereas homes that sold in less than six months drew 93 percent of the asking price, Bloomberg reports.

Luxury homes aren’t selling as fast as they used to. And their owners are paying a price for the slowness. In Miami, homes that spent more than 180 days on the market last year traded for 68 percent of the original listed price, while in Atlanta, it was 65 percent. In Westchester County, just north of New York City, those sellers got 62 percent of what they sought.

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