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February 2019
Lyon Real Estate
Luxury Home Sales Booming the Greater Sacramento Area

Annual closed sales up 33 percent over 2017

Greater Sacramento continued a multi-year trend of algebraic growth in luxury home sales throughout 2018 with 970 closed transactions. This year-end total surpassed 2017’s record-breaking performance by 33 percent. All market information presented by Lyon Real Estate is based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.

During the fourth quarter alone, 211 closed luxury home sales were posted throughout the region. This figure fell just 4 percent shy of the same period last year in spite of a notable fourth quarter cool down in the entry-level and move-up price points. New pending sales were actually 4 percent higher in December versus the prior year indicating that momentum for luxury home transactions will likely continue moving into 2019.

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 3.5 percent of the total home sales throughout the region occurred in the luxury space throughout 2018.  Nearly 85 percent of the 2018 luxury transactions however, took place in the $900,000 to $1,500,000 price range and only 250 properties were left on the market in that narrower bracket at year-end.

Luxury homes that closed during the fourth quarter were on the market an average of 83 days from their original list date and received on average, 91 percent of their original list price. The average sales price for the quarter was $1,232,000, up slightly more than 1 percent compared to the same period last year. The average price per square foot came in at $304 for properties that closed escrow during the fourth quarter.  

Annualized luxury home transactions throughout the region followed a very typical pattern as Placer County recorded 34 percent of the sales in calendar year 2018, followed by: Sacramento County with 31 percent, El Dorado County 25 percent and Yolo County 10 percent. There was approximately 6 months of inventory available on December 31st based upon the current rate of closed sales. This is widely considered a balanced market when considering both buyer and seller interests.

Pat Shea, president of Lyon Real Estate, states that “the local economic climate and our amazing luxury home values continue to inspire move-up buyers within our region. Continued job growth and upward pressure on employee compensation appear to remain in play all throughout Northern California. Mortgage interest rates are still favorable and toggling between 4% and 4.5%. Migration from the San Francisco to San Jose corridor will persist as those with equity elsewhere, can sell and find tremendous home values in our region. Buyers have jobs, money, financing and excellent choices in Greater Sacramento. Look for 2019 to be another very strong sales year in the luxury space.”

It's Time for Winter Farmer’s Markets
Farmers markets are often associated with the summer and fall months, but did you know that some of your favorite local farmer's markets are open year-round? Why not plan a day and visit your local winter farmers market? You can learn about what produce is available seasonally and support local farmers and vendors!

Make a round-trip without buying anything first

Taking the time to do a once-through of the winter farmers market gives you the opportunity to scope out what is available and if there are vendors that offer the same product at a lower price. You can make a plan to gather items strategically so that you do not have to worry about dropping items or making multiple trips to your car.

Ask questions

Winter farmers markets tend to be less populated than summer or fall farmers markets, which allows the farmers to spend more time talking with their customers. You can ask them about the products they offer, how to use the products, any recipes they recommend, or how they grow or make it.

Find a new favorite

Usually, the winter crops will produce many root vegetables like potatoes, rutabaga, and onions. You can also find many unique looking squash, some citrus like limes and lemons, leafy greens like arugula, and other vegetables like asparagus, peas and brussels sprouts. Vendors will often offer “value-added” products during the winter months; this can include things like honey or organic lotions.

Remember to dress for the colder weather and bring an open mind ready to try seasonal cooking! Click here to check out Seasonal Farmer’s Markets in the Greater Sacramento Area.
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Jessica was fantastic throughout the entire process. We were first-time home buyers purchasing an older home and she did a great job managing the transaction. Jessica stayed in contact with the sellers and provided us with everything we needed at every step. She was friendly and professional throughout. We would highly recommend Jessica to anyone buying or selling a home.
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