Luxury Home Sales Outperform Other Price Ranges This Summer

Released on: August 31, 2010, 9:20 am
Author: Christopher Green of Green Realty
Industry: Real Estate

Davie, FL, August 31, 2010 -- Gloomy news that July sales of existing homes dropped 25.5% year-over-year has overshadowed new statistics showing summer sales of million dollar plus homes significantly outperformed other price ranges.

“Luxury home buyers have been buying this summer,” said Patty Da Silva, Broker - Owner REALTOR® of Green Realty and member of The Institute for Luxury Home Marketing . “After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties.”

Statistics would indicate that he’s right. According to The National Association of Realtors (NAR), for 2009 million-dollar and above home sales were just 1.2% of total sales or about 61,500 sales nationally. In July 2010, million dollar plus market share was up to 1.9%. While sales of homes in the $500,000 and above range rose dramatically in June, the million-dollar-plus market segment was the only price range in July showing positive growth compared to last year. “The mix of what is selling has shifted in favor of homes priced at $750,000 and above,” said Christopher Green, CDPE, REALTOR® and Manager of Green Realty.

NAR’s report that July’s median sales price increased 0.7% year-over-year may be more a function of increasing sales of expensive properties relative to other price ranges than an indicator of across-the-board home price appreciation.

According to the Institute for Luxury Home Market (ILHM) National Luxury Market Report -- which does a weekly analysis of luxury homes for sale in more than 30 major markets -- after a dramatic rise in upper-tier inventory, which started in January of this year, the numbers of luxury homes for sale has declined about 5% since the beginning of July. Along with a decrease in inventory, there has been a decline in asking prices. Forty three percent of luxury homes currently on the market have had at least one reduction in asking price over the last 90 days. An additional 19% have been pulled off the market and subsequently relisted.

“While I wouldn’t say the luxury market is in recovery,” said Da Silva, “the growing market share of luxury sales relative to total sales, a slight downward trend in inventory, and sellers who are more realistic about price are factors shifting the affluent into a buying mode.”

Green Realty Properties, Inc.
Green Realty was founded by Broker-Owner Patty Da Silva and Christopher Green CDPE and REALTOR® from their office in Davie, Florida. The firm’s technology driven focus has helped it grow into a globally recognized South Florida luxury real estate firm. We realized from the beginning the power of the internet and social networking, and it has truly catapulted us into an internationally recognized firm. Green Realty's presence on the internet is greater than any of its competitors. Green Realty has been honored as the leading real estate franchise in “The 2010 AnestaWeb Web Awards Top 10.”

All of our South Florida home listings (including Davie, Cooper City, Southwest Ranches, and Plantation) can be seen by anyone in the world through Green Realty's Transnational Referral Certified (TRC) - GLOBAL Multiple Listing Service (MLS) website. Green Realty's website can be found at www.GreenRealty.net, the most visited South Florida real estate website.

Contact Details: Green Realty
12555 Orange Drive
Davie, Florida 33330

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