“The high end is the worst performing sector of the residential real estate market, unquestionably,” economist Bernard Baumohl tells the Associated Press in today’s story on a nationwide luxury housing slump. According to the National Association of Realtors, there’s a 40-month supply of homes on the market priced in the $750s or higher, more than double the amount two years ago. Sales of existing luxury homes made up 2.3 percent of all sales in the first quarter of 2009, compared to 4.4 percent in 2007.
Realtor Matt Garrison of Coldwell Banker Residential Brokerage and the Matt Garrison Group talks regularly about Chicago real estate on CNBC, and went on the network’s “The Call” this morning to chat with hosts Larry Kudlow, Melissa Francis, and Trish Regan about the state of the city’s luxury market.
For more insight into the market, watch Joe Zekas’ interviews with Matt about buying in today’s market and his advice to sellers.