Industry News

California million-dollar home sales surge

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Million-dollar home sales in the Golden State soared to record levels last year, the result of strong appreciation rates and a robust real estate market, according to DataQuick Information Systems. A total of 19,080 homes sold for $1 million or more last year, up 37.6 percent from 13,871 in 2002, DataQuick reported. Sales in Southern California were up 48.7 percent from 7,611 in 2002 to 11,316 last year. Bay Area sales were up 21.1 percent from 5,477 to 6,598. "Home sales overall were up last year by 7.6 percent. Additionally, the market as a whole saw a 16.2 percent rise in value and a lot of homes that were near the million-dollar price point have appreciated up past that threshold," said Marshall Prentice, DataQuick president. Statewide, there were 107 sales for more than $5 million last year, 126 sales were in the $4-$5 million range, 414 in the $3 million range, 1,517 sales in the $2 million range, and the rest between $1 million and $2 million. The most expensive confirmed...