Industry News

High-end real estate listings crowd California market

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Sales of homes priced above $2.5 million in a seven-county region in Northern California increased from 210 homes in third-quarter 2005 to 214 homes in third-quarter 2006, according to a report by the Alain Pinel Realtors brokerage company. Based on a search of multiple listing service information for San Francisco, San Mateo, Santa Clara, Santa Cruz, Monterey, Contra Costa and Alameda counties, sales volume declined from $715.2 million in third-quarter 2005 to $679.3 million this year -- a 5 percent decrease. Similarly, 216 homes above $2.5 million sold in the seven counties, and the overall volume dropped 5.5 percent compared with second-quarter 2005. At the price range between $1.5 million to $2.5 million level, 645 homes sold in the seven counties in the third quarter, down 23 percent compared with 840 homes sold in that price range in third-quarter 2005, according to the "Distinctive Homes and Estates" report. Sales volume fell from $1.5 billion to $1.2 billion for homes in this...