Luxury Homes Sales Are Still The Rage
Last year, Greater Sacramento continued a multi-year trend of algebraic growth in Luxury Home Sales with 970 closed transactions. Now once again, first quarter sales throughout the Greater Sacramento region flourished as 228 new pending sales were placed under contract. This number slightly surpassed those posted for the same period in 2018 which already boasted the highest in any given quarter for over 10 years.
Luxury Portfolio International recognizes home sales above $900,000 in the Greater Sacramento region as properties that map most accurately toward consumer expectations regarding luxury real estate. Approximately 3.5 percent of the total home sales throughout the region occurred in the luxury space throughout 2018. Nearly 85 percent of luxury transactions across the Greater Sacramento region appear in the $900,000 to $1,500,000 price range.
First quarter, closed luxury property sales actually signaled the potential to surpass last year’s annual total as recordings were up 8 percent year over year. The better start in 2019 is largely due to much stronger December open escrow activity when compared to the previous year. The average sales price for the quarter rested at $1,230,000, just 1 percent higher than last year. The market is currently considered to be “balanced” with approximately 5 months of supply available for the current rate of sales. All market information presented by Lyon Real Estate is based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
“Luxury home buyers and sellers throughout Greater Sacramento were clearly undeterred by national economic uncertainty and record-setting rainfall throughout the first quarter of 2019,” says Pat Shea, president of Lyon Real Estate. “Inventory increased by 17 percent versus last year and buyers thoroughly enjoyed the choices and values presented in the market. Early April returns reflect that spring weather has further fueled momentum and all market metrics point to another exciting year in the luxury space.”
About Lyon Real Estate
Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal). We are proud to be homegrown, locally owned and internationally known. Lyon has served the area for over 70 years. In 2018, the company closed 6,411 transactions worth a total of $2.9 billion in sales volume. Lyon Real Estate has over 900 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to GoLyon.com and follow us on Facebook.com/LyonRealEstate.
About TrendGraphix, Inc.
TrendGraphix, Inc. is a real estate reporting company based in Sacramento that uses local Multiple Listing Service (MLS) data to provide highly-visual market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix’s programs are currently used by tens of thousands of agents in more than 250 brokerages in 48 states. For more information about TrendGraphix, visit www.trendgraphix.com.
Category Real Estate
Cathy Harrington is Lyon Real Estate’s director of marketing, overseeing the content on the Lyon Local blog, website and social media channels.