Sales of $1,000,000 jump across the State of California and are hyper-sensitive to the Orange County and Southern California regional market, the highest jump since 2007
Irvine CA. In the biggest jump in six years, homes selling for greater than one million dollars increased in California to the highest level since 2007, right before the National market crash. 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. This did not quite meet the record high which occurred in 2005 when nearly 55,000 homes sold in the State of California according to San Diego based DataQuick.
The luxury home market has always operated differently than the more predictable general housing market. It operates in its own unique set of economic factors. High end home sales don’t fluctuate to items such as job growth or mortgage interest rates but rather are better predicted by the stock market in items such as IPOs and, stock market performance.
The most expensive confirmed purchase last year was a 15,000 square-foot plus, 8-bedroom, 14-bathroom beachfront Malibu mansion which sold for $74,500,000 in January. The largest was a 25,447-square-foot, 16-bedroom, 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.
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, according to DataQuick.
In Orange County CA, Here is a breakdown of Million Dollar Home Sales:
Newport Beach Number 376 Most Expensive $16,500,000
Laguna Beach Number 374 Most Expensive $33,000,000
Corona Del Mar Number 256 Most Expensive $8,000,000
Newport Beach (92657) Number 252 Most Expensive $15,800,000