LUXURY HOME SALES MAINTAIN STEADY PACE
2nd quarter new open escrows up 10 percent versus last year
(SACRAMENTO, CA) – New open escrows in the Greater Sacramento luxury home market met and exceeded those that lit up the scoreboard last year during the months of April, May and June. This followed what was already another strong start to the year and signals an opportunity to repeat 2018’s record-setting, closed sales performance. During the 2nd quarter, 364 properties were placed under contract as new open escrows. This is nearly a 70 percent jump from the prior 3 months and a 10 percent increase over the same quarter last year.
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. Less than 4 percent of the homes sold year to date, fall into the luxury category.
Closed sales for the quarter lagged slightly with 320 properties changing hands. This resulted in a 7 percent decline versus the 2nd quarter of 2018. The year to date market activity, however, reflected 476 total closed sales on June 30th, only 13 shy of last year at this time. Luxury homes that closed escrow in the 2nd quarter sold for an average of $314 per square foot, received 97 percent of list price and were on the market an average of 47 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 627 properties on June 30th, 8 percent higher than last year at this time. Only 70 percent 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 new open escrows, that narrower market segment was left with just 4.2 months of inventory. Considering 2019 market metrics in general, this currently is viewed as more of a balanced market with no special advantage to seller or buyer.
“Amazing home values, a strong local economy and persistent migration from the San Francisco Bay Area are causing Greater Sacramento luxury home sales to reach new heights year after year,” says Pat Shea, president of Lyon Real Estate.
“Closed sales in the luxury space maintained a steadier pace thus far this year but nearly equaled year to date, 2018 figures by June 30th. New open escrows for the month of June were up 15 percent compared to last year signaling strong momentum remains in the air for the summer months ahead.”
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.