SACRAMENTO, Calif. – October 28, 2014 – Luxury home sales in the greater Sacramento surged 29 percent in the third quarter compared to the same period in 2013, 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 in the past quarter in Sacramento, El Dorado and Placer counties.
There were 219 luxury home sales in the region from July through September, up from 170 transactions in the third quarter of 2013. Sales were also up solidly from the second quarter’s 188 transactions.
Meanwhile, the median sale price of a luxury property in the third quarter dipped to $860,000, down 8.9 percent from the median a year ago and 6.3 percent from the second quarter, when the median stood at $917,500.
The upper end of the luxury market continued do well in the third quarter with 73 home sales over $1 million, up from 67 in the second quarter and 68 in the same quarter a year ago.
Other key indicators of the luxury market were positive with homes selling faster on average than the previous quarter and third quarter in 2013. Sellers also received 97 percent of their asking price on average.
“The Sacramento area’s luxury housing market remains very robust with strong demand from well-qualified buyers,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “Buyers still see good value in our local real estate, especially in comparison to many other high-priced areas like the Bay Area,” he said. “With strong demand and a growing economy the Sacramento region, I’m optimistic that this trend will continue.”
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the tri-county region last quarter was a six-bedroom, five-bath approximately 5,000-square-foot home in Carmichael that sold for $2,437,500;
- Sacramento boasted the most luxury sales with 54, followed by Granite Bay and El Dorado Hills with 39 each, Folsom with 15, Carmichael and Lincoln with 11 and Loomis and Roseville with 10;
- Homes sold in an average of 64.5 days on the market compared to 81.7 days a year ago and 67.6 days the previous quarter;
- Sellers received an average of 97 percent of their asking price, the same as a year ago and down from 98 percent 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.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 57 office locations and more than 3,900 affiliated sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. 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. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.