SACRAMENTO, Calif. – July 15, 2015 – Luxury home sales in the greater Sacramento area soared more than 47 percent in the second quarter of 2015 from the same period a year ago as the region’s high-end market enjoyed a hot spring selling season, 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 the tri-county region of Sacramento, El Dorado and Placer counties.
There were 278 luxury home sales 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.
Meanwhile, the median sale price of a luxury property in the second quarter was $900,000, down 1.9 percent from a year ago but up 3.9 percent from the previous quarter, when the median stood at $866,150.
Other market metrics in the second quarter were encouraging as well. There were 92 homes that sold for more than $1 million, 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 Kris Vogt, president of Coldwell Banker Residential Brokerage. “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.”
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 four-bedroom, six-bath approximately 7,700-square-foot home in El Dorado Hills that sold for $3.2 million;
- Granite Bay boasted the most luxury sales with 56, followed by Sacramento with 48, El Dorado Hills with 46, Loomis with 18, Lincoln with 15, Folsom with 13, and Auburn with 11;
- Homes sold in an average of 50.3 days on the market, down from 67.6 days a year ago and 88 days the previous quarter;
- Sellers received an average of 98 percent of their asking price, the same as a year ago and 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.