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June 12, 2009

Luxury Market Stays Alive

Properties in the $1.5M+ range are indeed changing hands in the current economy. A look at single-family home and condo estate sales activity reveals a fairly busy market.

There are currently 145 single-family homes available for $1.5M or more, with an average list price of $4,199,252. And there are 29 such homes in contract—three are priced above $5M—as well as 23 pending (one of which is a six-bedroom home on Jackson listed at $8M). Since January, 76 homes have sold, with six selling for above $5M.

On the condo side of things, there are 88 such properties available, with an average list price of $2,500,913. The number in contract is much smaller—two—and there are only five pending. Since January, 31 condos in this price range have sold.

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