Million Dollar Homes Sell at Double their Average

Carol Daniel

ST. LOUIS (KMOX) – Bloomberg News reports that million dollar homes around the country are selling at double their historical average, up 7.8 percent in March over last year.

The National Association of Realtors data shows that sales of homes of $250,000 or less dropped 12 percent in the same period. Steve Ellerbrake, broker with Remax preferred in O’Fallon, says in the metro east they may not see sales in a lot of million dollar homes.

“We’re seeing stronger demand in lower price ranges than we are in higher price ranges,” says Ellerbrake.

He believes that buyers who could afford to wait until they felt better about the market are now jumping back in.

“People who had time luxury, and didn’t have to make a move right away, were sort of buying their time,” says Ellerbrake.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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