Concierge Auctions has created the “Luxury Homes Days On Market Index” for high-end homes. The index reviews the top 10 sales in 2015 and 2016 for 27 of the country’s hottest luxury real estate markets. Based on MLS and property record data, the research demonstrates that often properties either sell quickly for a high percentage of their asking price, or they linger on the market and ultimately sell for a much larger discount to original price.

“Overall, we’ve seen that when luxury properties are brought to market, one of two things happens — either the property sells relatively quickly (within 180 days) or it remains on the market for a significant amount of time,” said Chad Roffers, Chairman of Concierge Auctions.

In high-end markets from Miami to Vail, of the top 10 properties that sold in 2016, those that sold in less than 180 days averaged 80 total Days On Market and achieved 93% of original list price. For properties that remained on the market over 180 days, the average Days On Market was 774 days, and the average sale price versus original list price was 77%.

The data shows that properties in this top-tier range moved more quickly in 2016. For 2015, properties that were on the market for less than 180 days averaged 85 Days on Market and sold for for 87% of original list price. Those that took over 180 days to sell were on the market for an average of 927 days and achieved 76% of original list price. Total days on market for these properties was 535 in 2016 compared to 590 in 2015. The average sales price in 2016 was $11,490,695, down 5% from the previous year.