If there is any question the greater Sacramento area’s housing market has rebounded sharply from the depths of the recession, a new report by Coldwell Banker Residential Brokerage, the region’s leading luxury real estate services company, should put that to rest.
According to Coldwell Banker’s first Sacramento Area Luxury Housing Market Report finds that high-end home sales – those priced over $750,000 – soared 87 percent in the most recent quarter of 2013 compared to the same three months a year ago.
The figures are based on Multiple Listing Service data of all homes sold for more than $750,000 million from July through September in Sacramento, El Dorado and Placer counties.
A total of 168 high-end homes and estates changed hands during the third quarter, up from 90 a year ago. Luxury sales were also up from the second quarter’s level of 156 transactions. There were 66 sales in excess of $1 million in the region, nearly triple the 23 transactions during the third quarter a year ago.
Sacramento led all cities with 41 luxury sales during the quarter, outpacing Granite Bay with 32 and El Dorado Hills with 29. Loomis also recorded 15 high-end sales, followed by Lincoln and Roseville with seven each, and Auburn and Folsom with five apiece.
“The recovery in the greater Sacramento area’s housing market over the past year – especially in the luxury end of the market – is really an incredible story,” said Kris Vogt, president of Coldwell Banker Residential Brokerage in the Sacramento-Tahoe region. “We continue to see extremely strong momentum in both sales and prices, with plenty of well-qualified and determined buyers. The challenge remains having enough listings to meet the robust demand.”
The median sale price of a luxury home in the three-county region jumped 9.6 percent from a year ago to $938,823 in the most recent quarter. Prices also rose 1.5 percent from the second to the third quarter of the year.
In addition to strong sales and prices, two other key market indicators also moved higher in the most recent quarter. Homes sold faster on average than they did a year ago, and sellers received a higher percentage of their asking price.
The market analysis marked the first quarterly Sacramento Area Luxury Housing Market Report by Coldwell Banker Residential Brokerage, the leading provider of real estate services in Northern California.
Vogt said Coldwell Banker decided to begin compiling the quarterly report because of the company’s leadership in the luxury housing market and the fact that the Sacramento region is such an important market for the company.
Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Nationwide, Coldwell Banker agents participated in an average of $86.1 million in luxury homes sales every day.
“This was a natural fit for us as the undisputed leader in high-end, luxury real estate services,” Vogt said. “This is something no one else was doing. We see this as a useful tool for Sacramento, El Dorado and Placer county homeowners and buyers. This will serve as a key barometer of the local housing market in the future.”
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 five-bedroom, six-bath approximately 7,800-square-foot home in Loomis that sold for $2.5 million;
- Homes sold in an average of 82 days on the market compared to 98 days a year ago and 75 days the previous quarter;
- Sellers received an average of 97 percent of their asking price, up from 96 percent a year ago and even with the previous quarter.
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 agents and 12 offices. For more information, please call 925-771-5285.