California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

Million Dollar Home Sales Jump To 7,763

Yesterday we wrote about the Bay Area increase in homes sales, so we thought we would follow up with post about the increase in million dollar home sales.

California saw the numbers jump for homes sold for a million dollars or more last quarter to its highest level in nearly five years. Some reasons for this increase have to deal with an improving economy (in some areas like the Bay Area), the rise of prices and some banks actually lending on these jumbo loans.

DataQuick reported that a total of 7,763 homes sold for $1 million plus during the April-to-June period. That number shot up a whopping 79.5 percent from 4,325 during the first quarter, and up 18.5 percent from 6,553 in 2011’s second quarter.

A closer look reveals that the jump in million-dollar sales last quarter outpaced overall home sales. Total California home sales, which included all price ranges, increased 10.3 percent year-over-year last quarter, from 109,713 in second-quarter 2011 to 121,058 last quarter.

Last quarter’s $1 million-plus sales marked the highest number since third-quarter 2007, when 10,946 changed owners. Just to note, the apex for $1 million real estate occurred in the third-quarter of 2005, when 15,898 homes sold for $1 million or more.

A closer look at the $1 million dollar sales statewide saw 188 homes sold for $5 million or more last quarter, while 122 closed in the $4-$5 million range, 316 fell into the $3-$4 million range, 909 sold for between $2-$3 million, while the majority of homes (5,100) fell into the $1-$2 million category.

Beverly Hills Home Tops The Chart

Topping the charts, a 17,908-square-foot, 9-bedroom, 14-bathroom Beverly Hills mansion built in 2008 which sold for $34,500,000 in May marked the most expensive (and largest home) confirmed purchase last quarter.

While single family houses made up the majority of the $1 million homes, condo sales made up 8.8 percent of the million-dollar category, up slightly from 8.6 percent. Not surprisingly, most of the $1 million-plus condos sales occurred in Los Angeles, San Diego and right here in the San Francisco Bay Area.

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

California Million-Dollar Home Sales Highest Since 2007

Advertisements

Leave a comment

Filed under Banks, California, San Francisco

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s