What I’m Seeing in the Sacramento Valley Luxury Market

The luxury market in the Sacramento Valley is still moving, but buyers are definitely being more selective.

Granite Bay is a good example. As of August, the median sold price was around $1.26 million, up about 2% from a year ago, while the median list price was approximately $1.33 million. Homes were spending a median of about 44 days on the market. (Source: Realtor.com)

Across Placer County, the median sale price was about $717,000, up nearly 4% year over year, and homes were selling for roughly 98.7% of asking price. (Source: Redfin)

What does that mean for luxury buyers and sellers?

What I’m seeing is that buyers are still willing to pay for a great home — but they aren’t willing to overlook poor pricing, dated presentation or weak marketing like they might have a few years ago.

That becomes even more important in the luxury market.

A buyer looking at a $1.5 million, $2 million or $3 million home usually has options. The home has to stand out. Photography, presentation, pricing, online exposure and how the property is positioned all matter.

On the other side, buyers have a little more room to be patient and negotiate. In Granite Bay, more than half of recent sales were reported below the original asking price. (Source: Zillow)

So I wouldn’t call this a slow luxury market. I’d call it a more selective market.

The best homes are still selling. You just have to give buyers a reason to choose yours.

If you're thinking about buying or selling in Granite Bay, Loomis, Roseville, Folsom or anywhere in the Sacramento Valley, give me a call. I’m always happy to talk real estate.

Rob Ditter | The Rob Ditter Team

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