Luxury home sales in the greater Sacramento area soared 23 percent in the fourth quarter of 2015 from the same period a year ago as the region’s luxury market closed out the year on high note, 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 the tri-county region of Sacramento, El Dorado and Placer counties.
There were 198 luxury home sales in the region in the three-month period from October through December, up from the 161 transactions in the same quarter in 2014. Sales were off from the third quarter of 2015’s 257 transactions, although a seasonal decline from the third to fourth quarter is normal.
Meanwhile, the median sale price of a luxury property in the fourth quarter climbed to $899,000, up 3.45 percent from a year ago when it stood at $869,500. The median was also up fractionally from the third quarter, when it reached $890,000.
The upper end of the luxury market was particular strong with 62 homes selling for more than $1 million in the most recent quarter, up 34.7 percent from 46 a year ago, and four homes selling for more than $2 million, level with the same period last year.
“The greater Sacramento area’s luxury housing market finished up 2015 on a roll with outstanding sales numbers across the board,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “The local economy remains strong, mortgage rates continue to be near historic lows, and both of those factors should continue to drive our luxury market into 2016.”
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, six-bath approximately 8,300-square-foot home in Sacramento that sold for $2.6 million;
- Sacramento boasted the most luxury sales with 43; followed by Granite Bay with 28, El Dorado Hills with 23, and Roseville with 13;
- Homes sold in an average of 81.7 days on the market, down from 85.8 days a year ago but up from 75 days the previous quarter;
- Sellers received an average of 97 percent of their asking price, up from 96 percent a year ago and the same as the previous quarter.
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 agents and 12 offices. For more information, please call 925-771-5285.