Interpreting luxury
Price alone does not define comparability.
The source places properties above $5 million in its luxury category. Within that range, buyers may be comparing an in-town residence, a ski-oriented condominium, a large ranch parcel, a newly built home or an older estate with redevelopment potential.
Why averages move sharply
The first half of 2026 included no reported transactions above $20 million, compared with three during the same period of 2025. That difference in the top end can pull the average lower without proving that otherwise comparable homes declined by the same percentage.
Inventory needs context
Ninety-nine listings may appear substantial beside 35 half-year sales, but luxury properties often serve a smaller buyer pool and have distinctive characteristics. Some sellers may have less urgency, while buyers may take longer to compare location, privacy, architecture, acreage, access and long-term ownership requirements.
Questions beyond price
Review easements, private roads, water and utility arrangements, conservation restrictions, wildfire exposure, property-management needs and the practical cost of maintaining the improvements. Those factors can matter as much as a broad market average.