Supplies over 2 million continue to increase. This is typical for the first quarter. Supplies over 4 million are in excess supply with over 7 years of inventory. This is fueled by new construction homes and the biggest competition for resales are new homes in this price category. There have been 7 closed sales over 5 million in the past 6 months. These homes though were priced at nearly 50% higher once upon a time. 3 homes have gone to auction over 5 million (Randy Johnson’s home sold at 7.4 million with a 12% premium paid). Another PV home received an offer of 14.5 million (was priced at nearly $20,000,000 but “declined” to accept the offer – not meeting a reserve price). Homes under one million (many lot sales or complete remodel or tear downs) continue to be in short supply with less than a 2 month’s supply of inventory.