Million Dollar Home Sales at Record Levels
According to county assessor offices, a little over 3 percent of the 8.8 million homes and condos in the Golden State are assessed for more than 1 million dollars. The sales of many of those 270,591 residences made an attention-grabbing impact on the California housing market in 2013. The San Diego based property research and marketing company DataQuick recently released a report highlighting a six year peak of million dollar homes sales achieved in the past year. The million dollar home market increased to the tune of 45.1 percent in 2013, outdistancing the growth of the housing market for the rest of the state combined over the same period. This surge was driven by record highs in the sales of a range of price points over 1 million dollars and a $45 dollar appreciation per square foot of real estate.
Price Pointing Million Dollar Homes
A new standard was set in the over 5 million dollar price range, driven by the sales of 840 residences in 2013 amounting to a 20 percent increase over the previous year. Gains of 30 and 31.3 percent in the 4-5 million and 3-4 million dollar ranges also established new benchmarks at their respective price points. In the 2-3 million dollar range, 4,492 sales led to a 37.4 percent jump However, the 1-2 million range yielded to be the largest increase, 42.5 percent, a bump propelled by the sales of 17,791 homes. The Brentwood and Pacific Palisades markets accounted for 723 of those sales respectively, pushed by the transactions of 16.0 and 17.5 million dollar homes.
Million Dollar Homes Demands Are Up
An improved consumer confidence in the economy, rising home prices and the demand for luxury are all essential factors reflected in these record-setting numbers. A total of 39,175 sales of million dollar homes were made in 2013, contributing to a healthy and growing luxury market.