Real Estate

Luxury home sales jump

By From page HS11 | August 01, 2014

El Dorado Hills leads tri-county region

SACRAMENTO — The greater Sacramento area’s luxury housing market continued to gain strength in the second quarter with high-end home sales climbing more than 20 percent compared to the same quarter in 2013, 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 Sacramento, El Dorado and Placer counties.
There were 188 luxury home sales in the region from April through June, up 20.5 percent from the 156 transactions in the second quarter of 2013. Sales were also up sharply from the first quarter’s 100 transactions.
Meanwhile, the median sale price of a luxury property in the second quarter stood at $917,500, off fractionally from the $924,500 median a year ago.
As has been the trend lately, the upper end of the luxury market continued to be especially strong in the latest quarter with 67 home sales over $1 million, up from 63 in the second quarter of last year and 42 in the first quarter of 2014.
Other key indicators of the luxury market were positive as well. Homes sold at a faster pace and sellers received a higher percentage of their asking price on average during the most recent quarter compared to a year ago.
“We’re getting a little more inventory coming online, and that certainly has helped boost sales figures in the upper end of the Sacramento area’s housing market,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “With demand remaining strong in the luxury market and the local economy growing, the ingredients are in place for a solid housing market through the 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, four-bath approximately 5,500-square-foot home in Granite Bay that sold for $2,089,000;
  • El Dorado Hills boasted the most luxury sales with 43, followed by Granite Bay with 34, Sacramento with 33, and Lincoln and Loomis with 11 each;
  • Homes sold in an average of 67.6 days on the market compared to 75.1 days a year ago and 92.8 days the previous quarter;
  • Sellers received an average of 98 percent of their asking price, up from 97 percent a year ago and the previous quarter.

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