Comparing Year-to-Date sales volume for all sales > $1,000,000 since 2000, there has been a record number of million-dollar homes sold so far this year.
The obvious follow-up question is, does this mean we’re in a bubble? Unfortunately we won’t know the answer for sure until it’s too late.
Notice how sharp the upward slope was in the 2003-2005 years; the number of luxury home sales doubled from 2003 to 2004, and then doubled again from 2004 to 2005, before peaking in 2006. That was a bubble.
The good news is that our current volume number, while in record setting territory, was reached over a longer timer period. The upward trend from 2012 through 2017 shows a very gentle slope of less than 10% per year, before this year’s 28% jump. (although 28% has historically not been a good indication.)
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.