Sales of luxury homes was one of the fastest-growing segments of the housing market in Dallas-Fort Worth in 2013.
Between January and October, 809 luxury homes — priced at $1 million and above — were sold locally, which was 22 percent more than the number sold during the same period of 2012, according to a report of the Texas Association of Realtors and Texas A&M’s Real Estate Center.
The luxury market made up 1.1 percent of total sales in Dallas-Fort Worth over the first 10 months last year, the report said.
At the end of October, 922 luxury homes were listed for sale, or 4.1 percent of all active listings in Dallas-Fort Worth, the report said. The number of listings constitutes 11.4 months of inventory, which compares to 3 months inventory of homes for sale in the other segments, the report said.
“It’s common for luxury homes to have a significantly longer sell time and higher housing inventory than the average home simply because the pool of interested homebuyers is so much smaller,” said Jim Gaines, an A&M housing economist.
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Ebby Halliday Realtors