Million Dollar Home Sales in California On Historic Rise

The Million Dollar Market is Gleaming in the Golden State

The sales of million dollar homes in California are on a historic rise. Due to a nine percent sale increase in the second quarter of last year, 12,826 properties were scooped off of the market, launching million dollar sales to a 7 year peak. Home prices have appreciated a robust 11.6% in the last year, the Silicone Valley is minting a high number of new millionaires, there has been an influx of international buyers, the economy is improving and interest rates are historically low, in particular on jumbo loans. All of these factors have served to springboard the flurry of activity on million dollar home sales in California, and local agents believe that the area will remain ripe for large deals.

Impressive Million Dollar Home Sales Data

• California set all-time records for the sales of homes at the two, three, four and five million dollar ranges
• A remarkable 265 houses sold for more than $5 million.
• Manhattan Beach ranked first with 146 properties selling for more than a $1 million.
• A Westwood mansion built in 1931 was the top end of the spectrum, exchanging hands for $45 million.
• Last quarter, 3,882 of the million dollar homes sold were purchased with cash.
• The median down payment for financed million dollar properties was 30%.