While the number of luxury home sales at the end of the year was down 20% (20 sales) compared to 2023, the number of active luxury home listings has surged by 82%, with 31 homes currently on the market. Following this trend, the average list price for these properties is breaking records at $19.9 million, an increase of 6% from 2023.

Despite the increase in active listings, current inventory is still only half of what it was at the end of 2017, when buyers could choose from 62 luxury homes. Back then, the average list price was $7.275 million. While the rise in inventory provides some options, buyers are still facing constraints. For instance, the 31 active listings span the entire valley, and of those, 17 are over 20 years old, 12 have fewer than 5 acres, and only 9 feature live water. Additionally, many luxury homes cater to a specific type of buyer, making targeted marketing essential for successful sales.