With 177 luxury home sales in the 2nd quarter, the luxury segment is poised for another banner year across the Greater Sacramento region. This marked a 74 percent increase over 1st quarter closed sales and a 5 percent lift over very strong sales numbers posted for the same time frame last year. Luxury market data was provided by TrendGraphix Inc., a Sacramento based reporting company, and conveyed 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 percent of the total home sales throughout the region occurred in the luxury price range thus far in 2016.
Although luxury inventory is currently 13 percent higher than this time last year, 206 new pending sales for the 2nd quarter were 75 percent greater than the 1st quarter and 20 percent higher than the 2nd quarter of 2015. This healthy rate of new sales provides solid evidence for an optimistic market outlook.
The average price of a closed luxury home was $1,219,000 for the 2nd quarter. This marked a 1 percent increase over the 1st quarter and a 2 percent increase compared to the same time last year. Sellers obtained 93 percent of the original list price and homes were active on the market an average of 71 days. These metrics underscore the importance of effective pricing and marketing strategies even in a very busy market.
Pat Shea, president of Lyon Real Estate, states that “even though inventory is slightly higher in the luxury space, buyer demand is growing as well. This is true especially in the $900,000 to $1,500,000 price range, where 86 percent of the luxury home sales are taking place. Home values throughout the four-county region remain strong and reflect that record sales trends will continue.”
About Lyon Real Estate
Lyon Real Estate is ranked the number one brokerage in annual home sales in the greater Sacramento region and has served the area for 70 years. In 2015, the company closed 7,903 transactions worth a total of $2.87 billion in sales volume. Lyon Real Estate has 945 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to GoLyon.com and follow us on Facebook.com/LyonRealEstate.
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.