What’s been happening at the top end of the real estate market in Sacramento County? As you can see in the graph below, there were 809 sales above one million dollars in Sacramento County over the past ten years since March 2002. It’s not much of a surprise, but there were far more million dollar sales before the “bubble” burst and there has been a clear trend downward in recent years too. In fact, the number of million dollar sales has been fairly thin over the past few years compared to earlier in the decade.
I condensed the graph above to include only sales under $2,500,000 and it helps show the trend more clearly. What do you see?
This bar graph shows how the 809 sales above were dispersed on the sales spectrum.
What challenges is the top of the market facing right now in the Sacramento area? Why are we seeing fewer sales above the one million dollar level?
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I have seen a distinct drop off in multi-million dollar homes in my area as well Ryan. We have seen a lot of these homes go into foreclosure as much as the lower priced ones and this has contributed to the downward trend. Thanks for sharing whats happening in the Sacramento area.
Tom, it seems like there are more and more articles in national news outlets about high-end properties going into foreclosure. I suppose nobody is exempt from financial struggle. Thanks, Tom.