LUXURY HOME SALES ARE POPPING IN GREATER SACRAMENTO
First quarter sales nearly double compared to last year
(SACRAMENTO, CA) – First quarter luxury home sales throughout the Greater Sacramento region popped like spring flowers, as 243 new pending sales were placed under contract. This number is nearly double that posted for the same period last year and the highest in any given quarter for over 10 years. It also followed a remarkably strong fourth quarter of 2017, defying the typical seasonal respite and affirming the momentum is real. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
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 2.5 percent of the total home sales throughout the region occurred in that price segment throughout 2017.
Closed luxury property numbers were subsequently quite strong as well. The region enjoyed a 55 percent increase in first quarter transactions versus last year. March alone saw 72 transactions recorded, nearly double that of February and 67 percent higher than March of 2017.
“There is normally a much higher volume of inventory in the luxury space compared to the number of buyers active in the market,” says Pat Shea, president of Lyon Real Estate. “That gap however, is ratcheting down. Although inventory is up 6 percent versus last year at this time, the algebraic lift in buyer demand is keeping our market exceptionally tight. The region’s luxury sweet spot - $900,000 to $1,500,000 - is extremely fierce as more than 80 percent of the sales occurred there in the first quarter.”
Last year, Greater Sacramento witnessed a 25 percent jump in luxury homes sales compared to what is typically regarded as a solid performance in 2016, and luxury sales reached their highest peak since 2005. Shea concluded, “we are off to a very precipitous start in 2018 and this could very well be the new normal for luxury buyers and sellers in our market.”
About Lyon Real Estate
Ranked the number one brokerage in annual home sales in the greater Sacramento region by the Sacramento Business Journal, Lyon Real Estate 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.