The greater Sacramento area housing market continued to be as hot as the weather this summer, with existing home sales surging 15 percent in June from a year ago, reaching their highest level in nearly three years. According to a new report by Coldwell Banker Residential Brokerage, some 2,771 homes changed hands last month, up from 2,411 during the same period a year ago, a 14.9 percent increase. Sales in June were also up 8 percent from May, when 2,560 sales were recorded.
Placer County led the way last month with a 27.3 percent jump in sales compared to a year ago with 679 sales in June 2015 versus 533 in June 2014. Meanwhile, the median sale price of a home in the tri-county region last month reached $321,000, up 8 percent from the same period a year ago, when the median stood at $298,000. Also of note, homes are selling quicker and for more money. Homes sold in an average of just 36 days on the market compared to 41 days a year ago and 72 days three years ago, while sellers received an average of 99.7 percent of their asking price, up from 99.4 percent a year ago.
And if overall homes sales are hot, luxury home sales are red hot, soaring more than 47 percent in the second quarter of 2015 from the same period a year ago. There were 278 luxury home sales ($750,000 and above) in the region in the three-month period from April to June, up 47.9 percent from the 188 transactions in the same quarter in 2014. Sales were also double from the first quarter of 2015’s 130 transactions, although some of that could be attributed to a seasonal increase from the first to the second quarter.
A good portion of the price increase in the tri-county area could be attributed to a shortage of inventory of homes listed for sale, which may result in prices moving higher than normal. Inventory of homes for sale in the region last month was down 21 percent from the same period last year.
“The greater Sacramento area’s housing market continues to be quite resilient with home sales remaining strong overall despite a limited inventory for buyers to choose from,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “The local economy remains strong and buyers continue to see good value in real estate in our region, especially when compared to higher-priced regions like the Bay Area.”
Speaking of the high-end, in the Sacramento area luxury market there were 92 homes that sold for more than $1 million in the second quarter, up from 67 a year ago, and six homes selling for more than $2 million, double the number last year. Homes also sold faster on average in the latest quarter compared to a year ago.
“The Sacramento area’s luxury housing market closed the spring home buying season with very strong numbers,” said Vogt. “The good news for buyers, though, is that prices remain attractive and inventory is starting to bubble up a little, giving buyers more opportunities to get into a home as we make our way through summer.”
The most expensive sale in the tri-county region last quarter was a four-bedroom, six-bath approximately 7,700-square-foot home in El Dorado Hills that sold for $3.2 million.