LUXURY HOME SALES SET NEW RECORDS
2nd quarter new open escrows up 52 percent over last year
(SACRAMENTO, CA) – New open escrows in the Greater Sacramento luxury home market lit up the scoreboard during the months of April, May and June following what was already a very strong start to the year. During the 2nd quarter, 343 properties were placed under contract, a 45 percent jump over the prior 3 months and a 52 percent increase over the same quarter of 2017.
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.
Closed sales for the quarter consequently followed suit as 340 properties changed hands. This reflected a 54 percent increase over the 2nd quarter of 2017. The market surge resulted in 484 total closed sales at mid-year, a 56 percent increase over the same time last year. Luxury homes that closed escrow in the 2nd quarter sold at an average of $301 per square foot, received 98 percent of list price and were on the market an average of 48 days. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Active and available luxury inventory rested at 566 properties on June 30th, 17 percent higher than last year at this time. Only 386 of those homes were available in the $900,000 - $1,500,000 price range where 85 percent of the luxury home sales typically take place in Greater Sacramento. Based upon the rapid rate of sales, that narrower market segment was left with just 3.6 months of inventory. Four or fewer months is widely considered to be a “seller’s market.”
“Last year, Greater Sacramento enjoyed the highest number of luxury home sales since 2005,” says Pat Shea, president of Lyon Real Estate. “That record will most certainly be broken again this year. New open escrows over the past 3 months range from 25 to 50 percent higher than any other quarter in past 3 years. Transactions above 2 million dollars have increased as well, including a $4,250,000, Granite Bay sale in May. We remain a coveted location in Northern California due to our excellent community amenities and amazing values in all price points.”
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 home grown, locally owned and internationally known. Lyon has served the area for over 70 years. In 2017, the company closed 7,333 transactions worth a total of $3 billion in sales volume. Lyon Real Estate has 950 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.