Thursday, March 24, 2016

The Luxury Report; High-end real estate by the numbers

When it comes to the housing market, real estate prices, sales activity, and market trends vary greatly depending on the neighborhood you’re in. But there is another segment of the market that is usually a completely different animal than typical residential home sales: luxury homes sales.

Here is a synopsis of the current state of luxury home sales in the U.S., and also in the Greater Sacramento region.

This data is based on a survey of 22,922 luxury homes that are currently on the market in the U.S. These luxury homes are all listed for at least $500,000 in the top 10 zip codes in 31 major metropolitan housing markets around the U.S.

To put these numbers in perspective, the median list price in Sacramento is now $269,900, with an average price per square foot of $186 and

$1,519,677
Median listing price for all luxury homes.

$393
Current median price per square foot for all luxury homes for sale.

176
Average days on market for all current luxury home inventory.

33%
Percentage of listed properties that have had at least one price reduction.

12%
Percentage of properties that were relisted, effectively resetting their DOM (Days o Market)

4%
Proportion of luxury homes that were flipped – or fixed up and relisted.

1,627
Average number of luxury homes that sell each week

2,190
Average new listings per week hitting the luxury market.

3,845
Median square footage of all luxury homes for sale

0.50 – 1.0
Property size in acres of median luxury home for sale

28
Age of average luxury home for sale

8%
Percent of luxury homebuyers with household incomes of $200,000 or more

9%
Percent of all buyers who purchased luxury homes worth $500,000 or more

10%
Percent of buyers who purchased home with 3,501 or more square feet

28
Market Action Index rating for the luxury housing market. Any rating below 30 means it is a buyer’s market, but at 28, it is still relatively balanced

$915,865
Median price for all luxury homes in Sacramento, El Dorado, Placer counties and Lake Tahoe. (The Greater Sacramento region.)

2,844
Median square footage for all luxury homes in the Greater Sacramento region.

316
Number of luxury homes for sale in the Greater Sacramento region.

23
New luxury listings per week in the Greater Sacramento region.

25
Luxury homes sold weekly in the Greater Sacramento region.

195
Average days on market for all luxury listings in the Greater Sacramento region.




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