LUXURY HOME SALES MAINTAIN FAST PACE
New open escrows in the 3rd quarter up 50 percent over 2016
Active and available luxury home inventory rested at 471 properties on September 30th, as peak selling season and the third quarter of 2017 came to a close. This number was a mere 9 fewer homes than the supply on hand at June 30th, the end of a prolific second quarter of luxury property activity. The month end count however, did reflect a 6 percent increase when compared to the close of September last year. 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.
Sold and closed sales for the third quarter remained quite strong as 195 properties were recorded. Even though this number fell 13 percent below the remarkable 220 posted in the second quarter of this year, it did mark an 18 percent improvement over the third quarter of 2016. Interestingly, the median sales price for June, July and August averaged slightly below $1,100,000 in both this year and last. Our average sales price followed the same pattern at slightly below $1,200,000. Both metrics highlight the fact that approximately 87 percent of the luxury price point sales typically occur between $900,000 and $1,500,000 throughout the Greater Sacramento region.
New open escrows for the third quarter are what truly paved the way for over achievement at year end as 231 properties were placed under contract. This nearly matched the 236 reported from the robust months of April, May and June. More importantly, it reflects a 50 percent increase when compared to the same time period in 2016.
“Greater Sacramento’s luxury home activity was less than stellar early in the year,” says Pat Shea, president of Lyon Real Estate. “Since the first of March however, buyers just keep coming out of the woodwork. Closed sales for the year already total 506 properties recorded. The 50 percent jump in third quarter open escrows cautions us not to wait until next year. Now is absolutely your best time to list and sell.”
About Lyon Real Estate
Lyon Real Estate is ranked the number one brokerage in annual home sales in the greater Sacramento region and has served the area for 70 years. In 2016, the company closed 7,688 transactions worth a total of $2.97 billion in sales volume. Lyon Real Estate has 945 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 www.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.