Luxury Home Sales Remain Brisk in Greater Sacramento
Quarterly Luxury Market Update
Pending sales up 26 percent over the third quarter of 2013
Homes sales in the $900,000 and above price point are maintaining a very steady pace throughout the Greater Sacramento region. Pending sales are up 26 percent over the third quarter of 2013 even though inventory has increased in relative fashion. These findings were released by Trendgraphix and reported by Lyon Real Estate as part of the company’s quarterly luxury report.
“A closer look at the trailing twelve months provides greater insight as to the current direction of the luxury space,” says Pat Shea, president of Lyon Real Estate. “The average number of monthly closed sales was up 48 percent in past 6 months when compared to the prior period. Pending sales are up 41% in the same comparison, indicating that buyers remain very enthusiastic about the variety of luxury homes currently available and the tremendous value in our market.”
Placer County typically holds the highest inventory of homes in the $900,000 and above price point for the region, and ended September with 160 on the market. Placer finished the quarter with a 67 percent increase in pending sales when compared to the third quarter in 2013. Placer posted 18 new open escrows in September, the 2nd highest number in any month for the past two years.
“Sacramento, El Dorado and Yolo counties individually enjoyed significant increases in pending sales in the 3rd quarter as well, while standing inventory numbers remained almost unchanged. These metrics highlight a sustained consistency in luxury buyer activity throughout our entire region,” says Shea. “Some reporting agencies often include data from Lake Tahoe and the San Francisco Bay Area. It’s great to see Greater Sacramento standing tall on its own in the luxury market.”
The Sacramento region currently holds ten to eleven months of properties available for sale in the $900,000 and above price range. “That amount of inventory actually is very normal for our market,” states Shea. “The good news is that any property that is priced competitively, staged properly and marketed professionally has an excellent chance to sell.”