The Luxury Market in greater Sacramento on the move!
The greater Sacramento area’s luxury housing market closed out 2013 on a roll as sales of high-end homes climbed 17.2 percent in the fourth quarter from the previous year, according to a new report by Coldwell Banker Residential Brokerage, the region’s leading luxury real estate services company.
The figures are based on Multiple Listing Service data of all homes sold for more than $750,000 from October through December in Sacramento, El Dorado and Placer counties.
There were 136 luxury home sales in the region during the most recent quarter, up from 116 during the same three months a year ago. The median sale price of a luxury property also edged higher to $920,000, up 2.1 percent from the fourth quarter of 2012.
The upper end of the luxury market was particularly strong at the end of last year, with 50 home sales over $1 million, up 47 percent from the comparable period a year earlier. Homes also sold at a faster pace on average during the fourth quarter.
On a quarterly basis, the fourth quarter’s 136 luxury sales were off from the third quarter’s 168 transactions, but a seasonal drop-off between the summer and fall quarters isn’t unusual.
“The greater Sacramento area’s luxury housing market had an outstanding year in 2013 and finished off the year with a solid performance,” said Kris Vogt, president of Coldwell Banker Residential Brokerage in the Sacramento-Tahoe region. “We’ve come a long ways since the recession. In fact, this is the strongest our market has been in nearly a decade. There continues to be very strong demand from well-qualified buyers in this area, which should bode well for the housing market as we begin 2014.”
The market analysis marked the second quarterly Sacramento Area Luxury Housing Market Report by Coldwell Banker Residential Brokerage, the leading provider of real estate services in Northern California.
Some key findings from the new quarterly Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in the tri-county region last quarter was a six-bedroom, eight-bath approximately 13,700-square-foot home in Granite Bay that sold for $4,725,000; Granite Bay boasted the most luxury sales with 35, followed by Sacramento with 34 and El Dorado Hills with 33; Homes sold in an average of 80 days on the market compared to 92 days a year ago and 82 days the previous quarter; Sellers received an average of 97 percent of their asking price, the same as a year ago and the previous quarter.