Industry News

Coldwell Banker reports record year in luxury real estate

Los Angeles has highest volume of sales above $1 million

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Coldwell Banker today announced that its 2005 total sales volume of U.S. and Puerto Rico homes valued at $1 million or more hit a record high of $55.9 billion, up 24 percent from a previous record of $45.2 billion set in 2004. Coldwell Banker-affiliated companies nationwide participated in more than 31,000 luxury transaction sides in 2005. There are two sides to every real estate transaction: a buy side and a sell side. The average sales price for luxury-home transactions listed and/or sold by Coldwell Banker affiliated companies in 2005 was $1.79 million, according to the announcement. Among the findings in the latest annual Coldwell Banker Luxury Home Sales Report: In California, the Coldwell Banker organization reported more than six times more sales volume of luxury homes than any other state, at almost $31 billion, representing 55 percent of all Coldwell Banker luxury sales. The top eight cities with the highest total Coldwell Banker luxury-home sales volume were all in Cali...