SACRAMENTO — The greater Sacramento area’s luxury housing market began 2014 right where it left off last year with high-end home sales climbing 19 percent in the first quarter of 2014 compared to the same quarter in 2013, according to a new report by Coldwell Banker Residential Brokerage.
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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 100 luxury home sales in the region from January through March, up from 84 during the first quarter of 2013. The median sale price of a luxury property climbed to $955,000, up 5.2 percent from a year ago.
The upper end of the luxury market continued to be especially strong in the new year with 42 home sales over $1 million, up 55 percent from the 27 million-dollar sales in the first three months of last year. Homes also sold at a faster pace on average during the most recent quarter.
Luxury home sales in January through March did trail the previous quarter’s level of 136 transactions, but a seasonal decline between the last quarter of a year and the first three months of the new year isn’t unusual.
“The greater Sacramento area’s luxury market has started the year extremely strong, due in part to a gradual increase in inventory and continued confidence in our market,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “There continues to be extremely strong demand from well-qualified buyers who want to purchase homes here, and now we are finally starting to see more listings come on the market to meet that demand.”
Vogt stressed, however, that the market could still use more inventory. “We still don’t have enough good listings given the robust demand, but we’re moving in the right direction,” he said. “Word is finally getting out to homeowners that this is a great market to sell your home. Hopefully we’ll see even more inventory as spring continues.”
Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report: