Sacramento Luxury Home Market Flourished in 2013
Quarterly Luxury Market Update
Sales in the upper end home market throughout the greater Sacramento region improved considerably in 2013 according to data provided by TrendGraphix and reported by Lyon Real Estate.
Closed sales of properties more than $750,000 increased 51 percent in 2013 compared to 2012 reflecting a renewed consumer confidence and sustained rebound in the high-end market throughout Sacramento, Placer, El Dorado and Yolo Counties.
“Enthusiasm for excellent values in the move up and higher end home market played a major role in once again placing Sacramento in the national spotlight,” said President and Chief Operating Officer Pat Shea of Lyon Real Estate. “Our region’s average sold price reflected a 25 percent gain for the year and enjoyed more than a 10 percent jump in the upper end as compared to 2012.”
Two extraordinary, luxury home sales by Lyon Real Estate added an exclamation point to the turn around and contributed to these overall regional statistics.
Real estate agent Joey Aronson closed Bella Terra Place, a 13,690 square-foot mansion in Granite Bay, California for $4.725 million in November 2013, while agent Annette Black sold a home on Crocker Road (Sierra Oaks) in Sacramento in February 2013 for $4.75 million – the highest priced home ever to sell in Sacramento County.
The trend remains quite promising as well, with pending sales above $750,000 averaging a robust 50 over the past six months or 34 percent higher than the second half of 2012. Even though months of available inventory have started to rise at just over nine for this price range, it remains relatively average by historical standards. This footnote is most notable when compared to 28 months remaining at the end of 2008.