The third quarter saw general improvement in the Sacramento housing market, but luxury homes in particular had increased interest through the greater Sacramento area, according to recent trend data from Trendgraphix.
The Sacramento Business Journal reported that luxury home sales for Q3 are up 26 percent as compared to last year, with a 48 percent increase over the last six months compared to the previous six. Furthermore, pending sales rose by 41 percent between the two six-month periods as well.
Despite growth across Sacramento real estate listings, luxury home sales were relatively flat. Throughout Placer county, which is home to the largest number of luxury houses in the area, however, listings and sales have risen, with a 67 year-over-year increase in sales across the county. Sacramentom, Yolo and El Dorado counties also saw increases in pending sales through the third quarter.
This momentum has been accompanied by lower interest rates, which is positive for buyers.
At the same time, demand for new construction has also been high, particularly near Sacramento's urban core. According to The Sacramento Bee, planned developments for young professionals and first-time home buyers have recently continued anew now that the market is seeing much greater recovery. New homes are selling at a brisk pace, nearly faster than they can be built, and many new developments are selling before construction is completed.
"It's what we've been projecting all along," Kevin Smith, with San Diego-based Ranch Capital, told the news source. "We've always looked at the demand for infill housing being underpinned by demographics. The largest generations in the history of the U.S. are the baby boomers and Millennials. A significant proportion want downtown living instead of driving too far to live in a house that's too big."
If you're interested in buying luxury homes or new construction in Sacramento, Placer county or the surrounding areas, contact me, top real estate agent Jon Hesse. With more than $100 million in completed transactions and a decade working in the local market, I have the experience necessary to help you buy your new home at the best possible price.