Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market.

What does this mean?  Let's examine it....

• During the past 12 months there have been 46 home sales over $400K.
• That is an average of 3.8 such sales per month.
• There are currently 95 such listings on the market for sale.
• As such, it would take 25 months (95 / 3.8) to sell all of these active listings.

As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply).

This final tidbit might be the most interesting, however....

Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market.

How could this be, you might ask?  Where is the disconnect? 

Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months.  As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months).