The number of California homes that sold for a million dollars or more rose last year to the highest level in six years, the result of rising home prices and an improving economy, among other factors. The strongest sales gains were at the luxury market’s high end, with record sales above the $2 million mark, a real estate information service reported.
A total of 39,175 homes sold for a million dollars or more in 2013, up 45.1 percent from 26,993 in 2012. It was the highest number sold since 42,506 in 2007, according to San Diego-based DataQuick.
The all-time high was in 2005, when 54,773 homes sold for $1 million or more. Last year’s 45.1 percent year-over-year increase in $1 million-plus sales easily eclipsed the state’s housing market as a whole: Overall home sales totaled 446,319 last year, down 0.6 percent from 449,059 in 2012. Last year’s increase in luxury home sales reflects the combination of rising demand and sharp price appreciation that pushed many homes up over the million-dollar threshold.
“The luxury home market is unique, always has been. It responds to its own set of economic factors. Things like job growth, mortgage interest rates and migration patterns do not play the same role as IPOs, stock market performance or how well one type of investment does compared to another, and where one wants to park one’s excess money. The $2 million threshold seems to be a more interesting cutoff point. Homes selling below that level do seem more responsive to the more traditional market factors,” said John Walsh, DataQuick president.
The most expensive confirmed purchase last year was a 15,355-square-foot, 8-bedroom, 14-bathroom beachfront Malibu mansion built in 1993 which sold for $74,500,000 in January. The largest was a 25,447-square-foot, 16-bedroom, 18-bathroom mansion in Indian Wells that sold for $2,250,000.
In some communities virtually all of the home sales were in the million-dollar category. Among them: Santa Monica, Rancho Santa Fe, Atherton and Los Altos.
The median-sized million-dollar home sold in California last year was 2,504 square feet, with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all $1 million-plus homes in 2013 was $682, up 6.9 percent from $637 in 2012. For the overall California market, the square-foot median was $208 last year, up 28.1 percent from $162 in 2012, DataQuick reported.
There are 8.8 million houses and condos in California. Of those, 270,591 are assessed for more than a million dollars by county assessor offices, DataQuick reported.
Million Dollar Home Sales, ranked by 2013 sales #s
|90266||Manhattan Beach||372||439||$9.5 mill.|
|92037||La Jolla||345||398||$18.5 mill.|
|92660||Newport Beach||362||376||$16.5 mill.|
|92651||Laguna Beach||307||374||$33.0 mill.|
|90210||Beverly Hills||330||360||$29.6 mill.|
|90272||Pacific Palisades||303||352||$17.5 mill.|
|94025||Menlo Park||370||321||$5.5 mill.|
|92130||Del Mar||225||310||$5.8 mill.|
|90274||Rolling Hills Estates||262||297||$8.8 mill.|
|95120||San Jose||167||275||$5.0 mill.|
|94022||Los Altos||255||267||$14.3 mill.|
|90275||Rancho Palos Verdes||205||265||$4.5 mill.|
|94941||Mill Valley||215||258||$4.9 mill.|
|94024||Los Altos||311||257||$14.2 mill.|
|94070||San Carlos||189||256||$4.0 mill.|
|92625||Corona Del Mar||256||252||$8.0 mill.|
|92657||Newport Beach||228||252||$15.8 mill.|
|95032||Los Gatos||213||243||$4.8 mill.|