The total number of luxury home sales in the Greater Sacramento area increased during the second quarter of 2017 compared to Q2 of 2016, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading provider of real estate services.
As total luxury sales in the area jumped by 34 percent, the median sales price held steady at $880,000, a modest .1 percent increase as compared to Q2 of 2016. A total of 441 luxury properties sold in El Dorado, Sacramento and Placer Counties in Q2. The statistics are based on sales of luxury residential properties with a sales price of $750,000 and above in Sacramento, El Dorado and Placer counties recorded by the Multiple Listing Service.
Throughout Q2, luxury home buyers paid an average of 97 percent of the home’s list price, compared to 96 percent in Q2 of 2016. Homes sold in an average of 57 days, down from 76 days on the market in Q1 of 2017 and 65 days in Q2 of 2016.
“It’s very encouraging to see such a strong increase in luxury sales throughout the second quarter,” said Mike James, president of Coldwell Banker Residential Brokerage Sacramento/Tahoe. “Not only are more homes selling, but they’re selling at a much quicker pace without negatively affecting the price for buyers.”
Additional highlights from the Sacramento Tri-County Q2 report include:
- Granite Bay saw the most expensive sale with a four-bedroom, six-bathroom home which sold for $2,562,500
- Six luxury homes sold at or above $2,000,000 in Q2 of 2017, compared to 10 sales in Q2 of 2016
- 98 out of 441 total luxury sales sold in one week or less in Q2 of 2017
- The top 10 most expensive luxury sales were primarily concentrated in Granite Bay and Sacramento