Anna Child Group

Million-Dollar Home Sales Up Again in the Golden State

CA Million + Home SalesThe number of California homes that sold for a million dollars or more rose to its highest level in seven years last quarter, the result of rising home prices and an improving economy.

A total of 12,826 homes sold for a million dollars or more during the April-through-June period. That was up 60.4 percent from 7,994 during this year’s first quarter, and up 9.1 percent from 11,758 in second-quarter 2013. Last quarter’s $1 million-plus sales were the highest for any quarter since 13,681 homes sold for $1 million or more in second-quarter 2007.

The all-time high was third-quarter 2005, when 15,898 Golden State homes sold for a million dollars or more.

The nine-county San Francisco Bay Area stood out last quarter: The 5,734 sales there of $1 million or more represented an all-time high. The previous peak was 5,699 in second-quarter 2005.

In Orange County, the number of $1 million-plus home sales have been nearly flat… less than 1% increase. During the last six months 1,987 homes sold, during the same period last year there were 1,972 homes sold (0.75% increase).

In Huntington Beach, the number of $1 million-plus home sales rose 1.6%. During the last six months 136 homes sold, during the same period last year there were 117 homes sold.

While statewide $1 million-plus home sales rose 9.1 percent year-over-year in the second quarter, total sales across all price categories fell 7.4 percent.

Two of the main reasons for the increase in $1 million-plus sales are increased demand, and robust price appreciation that over the past year has pushed more homes up over the million-dollar threshold.

A total of 265 homes sold for more than $5 million last quarter, an all-time high. In the $4-$5 million range, a record 213 homes sold. In the $3-$4 million range, 469 homes sold, also a record. In the $2-$3 million range, 1,595 homes sold, another high.

In the $1-$2 million range, 8,381 sold last quarter, still behind the record 9,885 sold in second-quarter 2005.

The most expensive confirmed purchase last quarter was a 11,637-square-foot, 4-bedroom, 6-bathroom Westwood mansion built in 1931 which sold for $45,000,000 in May. The largest was a 16,840 sq.ft. 6-bedroom, 13-bathroom mansion in Indian Wells that sold for $4.5 million.

The median-sized $1 million-plus home was 2,400 sq.ft. with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes last quarter was $729, up 7.6 percent from $678 in second-quarter 2013.

There are 8.85 million houses and condos in California. Of those, 277,666 are assessed for more than a million dollars by county assessor offices.

Thanks for Reading!  And, keep the homebuyer & homeseller referrals coming… those people you send allow me to have the time and resources to publish this Market Update each month!  Please share this information via: word of mouth, email link, and/or social media.  I really appreciate it!