GREATER SACRAMENTO LUXURY HOME MARKET GETS BUSY
Inventory above $900,000 down 20% versus this time last year
(SACRAMENTO, CA) – First quarter Luxury Home sales throughout the Greater Sacramento region popped like spring flowers as 141 new pending sales were placed under contract. This represents a 20 percent increase over the same period last year. It also followed an unusually robust fourth quarter of 2016 when 127 homes went into contract, defying the typical seasonal respite. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
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 two percent of the total home sales throughout the region occurred in that price segment throughout 2016.
Sold and closed luxury properties were actually down 13 percent in the first quarter compared to last year. However 78, or 55 percent of the new pending sales for the quarter occurred in March. This will significantly elevate year to date closed escrow totals in the next few months.
“Inventory in the luxury space is typically much higher than in the entry level and move up markets, and in 2017 the gap is even greater,” says Pat Shea, president of Lyon Real Estate. “Regardless of that caveat, 372 properties were available in the price point on March 31st, 20 percent fewer than this time last year,” he continued. “More importantly, only 264 properties were active and available between $900,000 and $1,500,000, where approximately 87 percent of the sales take place.”
The average price of active listings on the market was $1,537,000 for the quarter while closed sales averaged $1,273,000. Homes that closed during the first quarter achieved 96 percent of original list price and were on the market an average of 81 days.
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 2016, the company closed 7,688 transactions worth a total of $2.97 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 www.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 250 brokerages in 48 states. For more information about TrendGraphix, visit www.trendgraphix.com.