Luxury Home Sales Gain Momentum in Greater Sacramento
37 percent increase in closed luxury sales year-over-year
The Greater Sacramento region enjoyed 166 closed luxury sales during the second quarter of 2015. This number was a 37 percent increase over that posted for the same period just one year ago. It also marked the strongest quarterly showing for closed escrows in the luxury space since the summer of 2007, according to information provided by Trendgraphix Inc., a Sacramento based reporting company and reported by Lyon Real Estate.
Luxury Portfolio International recognizes home sales above $900,000 in the Greater Sacramento region as properties that map most accurately toward consumer expectations regarding luxury real estate. Approximately 2% of the total home sales throughout the region occurred in that price segment during the second quarter of 2015.
Inventory of active and available luxury properties at June 30th was a notable 20 percent higher than this time last year. Pat Shea, president of Lyon Real Estate, suggests that “awareness of increased sales activity in the move-up and luxury market segments is pervasive and inspiring some luxury owners to downsize, but we are seeing even more luxe-to-luxe move-ups.” He added, “spill-over buyers from the coastal areas and relentlessly low interest rates are also fanning the fire.”
All counties participated in the vigorous sales activity in their typical allocation pattern. Placer County enjoyed 40 percent of the closed sales followed by: Sacramento with 26%, El Dorado 19% and Yolo County 15 percent.
Ninety percent of the luxury home transactions throughout the region normally occur in the $900,000 to $1,500,000 segment. Over the past three months however, 15 percent of the pending sales and 13 percent of the closed sales were above 1.5 million dollars. Closed and pending sales above $1.5 million were both two times the sales numbers posted in the second quarter of 2014.
“Our region just enjoyed the best quarter in years and June posted a record 71 new open escrows” says Shea. “Luxury momentum is very strong and likely to continue through summer.”
About TrendGraphix, Inc.
TrendGraphix, Inc. is a real estate reporting company based in Sacramento that uses local Multiple Listing Service (MLS) data to provide highly-visual market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix’s programs are currently used by tens of thousands of agents in more than 100 brokerages in 18 states. For more information about TrendGraphix, visit www.trendgraphix.com