Concierge
Auctions

examined
56
of
the
nation’s

luxury
housing
hubs
for
its
annual
index
report.
It
included
the
10
most
expensive
sales
of
2024
in
each
of
these
markets,
including
Beverly
Hills,

California;
Lake
Tahoe,
Nevada;
Park
City,
Utah;

Miami;
the
Hamptons
of
New
York;
and
Cape
Cod,
Massachusetts.

The
markets
were
divided
into
eight
regions:
Southern
California,
Northwest
Coast,
Hawaii,
Central,
Southern
States,

Florida,
Greater
East
Coast
and
New
England. 

“The
No.
1
takeaway
is
that
days
on
market
are
really
toxic.
And
the
longer
a
house
sits,
the
more
challenging
it
becomes
to
sell,
and
the
bigger
discount
the
seller
is
going
to
need
to
take
to
get
a
sale,”
said

Chad
Roffers,
CEO
of
Concierge
Auctions.

Setting
the
right
foundation

On
average,
ultra-luxury
homes
took
319
days
to
sell
in
2024.
In
contrast,
the
median-priced
U.S.
home
took
less
than
60
days
to
sell.

In
total,
more
than
half
(54%)
of
the
properties
analyzed
for
the
report
took
more
than
180
days
to
sell.
For
this
cohort,
the
average
home
spent
569
days
on
the
market.
Additionally,
the
company
found
that
roughly
one
in
eight
properties
took
more
than
600
days
to
sell,
while
4%
took
more
than
1,000
days
to
sell. 

While
180
days
may
seem
like
a
long
time
to
sell
a
property,
Roffers
thinks
that
one
of
the
biggest
surprises
from
this
report
is
that
the
definition
of
“too
many
days
on
market”
has
shrunk
significantly.

“Maybe
even
just
five
years
ago,
I
would
say
in
the
ultra
high-end
space
a
year
was
getting
to
be
too
long.
And
now
you
are
looking
at
a
few
months,
so
that
is
something
people
really
need
to
pay
attention
to,”
Roffers
said.

The
properties
that
spend
more
than
180
days
on
the
market
sold
for
approximately
80%
of
list
price.
In
contrast,
the
46%
of
properties
that
sold
in
less
than
180
days
achieved
approximately
87%
of
their
list
price.

On
average,
ultra-luxury
properties
were
listed
for
15%
more
than
their
eventual
sale
price,
with
some
listed
for
up
to
25%
higher
than
what
they
actually
sold
for.
The
only
location
where
they
sold
for
more
than
list
price
were
those
in

San
Francisco,
where
they
typically
sold
in
less
than
180
days.
These
properties,
on
average,
sold
for
102%
of
their
list
price. 

Due
to
these
trends,
Roffers
said
that
accurately
pricing
an
ultra-luxury
listing
is
key
to
successfully
closing
a
transaction
in
a
timely
manner.
And
when
it
comes
to
addressing,
he
thinks
the
sooner
you
take
action,
the
better.

“Having
an
upfront
and
borderline
uncomfortable
conversation
with
a
seller
when
you
are
taking
on
the
listing
is
the
smartest
thing
to
do,”
he
said.
“Not
only
does
that
put
the
customer
first
and
prepares
them
for
the
realities
of
the
world
they
are
living
in,
but
it
also
gives
you
as
an

agent
a
broader
menu
of
pivots
to
make
if
needed
—
you
are
never
having
to
back
up
and
reset
the
relationship
because
you
laid
the
right
foundation
upfront.”

If
a
seller
comes
to
an
agent
with
an
outlandishly
high
price
for
their
property,
Roffers
suggests
asking
the
seller
what
they’re
basing
that
price
on
and
the

comparables
they’re
looking
at.

“I
think
the
biggest
challenge
for
the
best
professionals
in
this
sector
is
not
getting
the
listing,
but
the
information
the
seller
is
getting
from
the
other
agents
they
are
interviewing,”
Roffers
said.
“It
can
be
kind
of
an
arms
race
in
terms
of
escalating
feedback
around
the
value
of
a
property,
and
I
think
that
is
where
a
lot
of
the
damage
is
done.”

When
to
change
course

As
properties
sit
on
the
market,
some
sellers
and
agents
are
considering
the

auction
route
—
which
is
where
Roffers
and
his
firm
comes
in.

While
he
has
noticed
more
sellers
and
agents
using
Concierge
Auctions
as
a
direct
go-to-market
strategy
for
selling
a
property,
Roffers
also
believes
an
auction
is
a
good
pivot
to
consider
roughly
120
days
into
the
property’s
listing
journey.

“If
it
is
a
property
where
a

price
reduction
could
guarantee
a
sale
in
30
days,
then
do
that,
but
if
you
can’t
credibly
guarantee
a
seller
a
sale
in
30
days
with
a
price
cut,
then
we
are
a
good
option,”
Roffers
said. 

While
any
property
can
be
auctioned,
he
feels
the
auction
route
is
best
for
those
that
are
“incomparable
in
nature.”

Although
the
vast
majority
of
the
ultra-luxury
properties
analyzed
sold
for
less
than
their
list
price,
the
company
also
found
that
the
sale
price
for
this
segment
was
up
4.7%
annually
in
2024.
This
is
still
below
the
peak

price
appreciation
set
in
2021.

And
despite
being
below
2021
levels,
ultra-luxury
sales
prices
are
up
44.2%
compared
to
2015,
representing
an
average
annualized
growth
rate
of
3.7%. 

Broken
out
by
region,
Florida
(+30.2%),
Northwest
California
(+25.5%)
and
the
Southern
states
(+18%)
posted
the
strongest
sales-price
growth
last
year,
while
the
Central
(-3.1%),
New
England
(-4%)
and
East
Coast
(-13%)
regions
posted
the
largest
declines. 

Looking
ahead
to
the
second
half
of
2025,
while
Roffers
is
still
seeing
some
of
the
aspirational
pricing
witnessed
in
2024,
he
believes
that
ultra-luxury
sellers
and
buyers
are
starting
to
find
a
middle
ground.

“I
think
sellers
were
holding
on
to
peak
prices
or
hoping
for
a
really
strong
economy
and
pricing
their
properties
as
if
that
economy
was
already
happening
and
buyers
were
just
not
playing
ball,”
Roffers
said.

“I
believe
in
the
second
half
of
the
year,
we
are
going
to
see
buyers
and
sellers
get
closer
to
a
shared
view
of
pricing,
which
will
allow
more
transactions
to
happen.”