Thursday, January 31, 2013

LaTi: High-End Home Sales on a Roll in California

The number of homes statewide in California selling at more than $5 million reached an all-time high last year, reports LaTi.

More from LaTi:
In activity reminiscent of real estate's bubble years, the number of homes statewide selling at more than $5 million reached an all-time high last year, while those selling at $1 million or more rose to the highest level since 2007, a real estate information service has reported.[...]

"Last year was gangbusters," said Dave Fratello, an agent with the Real Group in Manhattan Beach, the busiest Southern California community for $1-million-plus sales in 2012. "We flipped very quickly from a buyer's market to a seller's market."

Across California, 697 homes sold for more than $5 million, beating the previous high of 491 in 2011, according to San Diego-based DataQuick. The 2012 sales mark was the highest since DataQuick began tracking such sales in 1988.

The 26,993 homes sold at $1-million-plus represented a 26.9% jump from 2011, DataQuick said. In comparison, 42,502 home sales exceeded the million-dollar mark in 2007, before the mortgage meltdown dragged down prices across the housing market.

The record was set in 2005, when 54,773 homes sold for $1 million or more. The luxury market outpaced overall sales, which were up 8.2% statewide.

"The very top, it is a record level — well beyond what it was in the bubble period," said John Karevoll, analyst for DataQuick.

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