California Million Dollar Home Sales Rise After Four Year Slump

February 14, 2011 No Comments »

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Despite an overall decrease in home sales last year in California, million dollar sales finally saw an increase after a four year slump, according to DataQuick.

During 2010, 22,529 homes in the Golden State sold for $1 million or more, a 21 percent increase from numbers seen a year earlier.

Million-dollar home sales peaked in 2005 at a staggering 54,773, but had declined each year through 2009.

Meanwhile, California home sales totaled 418,578 in 2010, down from 460,166 a year earlier.

Roughly one in 20 homes sold for a million dollars last year, compared to one in 25 in 2009 and one in 16 in 2008.

DataQuick attributed the rise to improvements in certain segments of the economy, coupled with bargain shopping by high-end home shoppers.

Here’s a breakdown of million dollar + home sales in California last year:

– 463 homes sold for more than $5 million
– 304 homes sold in the $4-$5 million range
– 782 homes sold in the $3-$4 million range
– 2,333 homes sold in the $2-$3 million range

The remainder, nearly 79 percent, sold for between $1 and $2 million.

And 3,380 of the homes that sold for less than $1 million in 2010 had previously sold for $1 million or more, thanks to home price depreciation.

The most expensive confirmed purchase was a 35,378-square-foot, 15-bedroom, 7-bathroom Bel Air home,which sold for $50,000,000 in June.

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