California sees huge increase in sales of high-end homes in 2013

Sales of California homes priced at $1 million or more jumped a whopping 45.1% in 2013 with the most homes in this bracket sold since 2007.  Not surprisingly, Silicon Valley was among the leading regions in million-dollar home sales.The San Jose Mercury News reports that seven communities within the valley were among the state’s top sellers of homes valued at $1 million-plus.  Here are those communities along with the number of million-dollar homes sold and the most expensive single homes among them.

Menlo Park: 321 sales/$5.5 million 

Cupertino: 317 sales/$3.8 million

Los Altos: 267 sales/$14.3 million 

Woodside: 273 sales/$12 million

Los Gatos: 243 sales/$4.8 million. 

Hillsborough: 436 sales/$13.3 million

Saratoga: 332 sales/$12.3 million

These numbers were generated by DataQuick of San Diego.

Rising home prices and a strengthening economy surely contributed to the overall increase of luxury home sales in 2013.  The total number of California homes sold in the million-dollar-plus bracket last year was 39,175, up from 26,993 in 2012.  It was the largest number of homes in this price range sold since 2007, when 42,506 were sold.

More stats in the luxury homes market

  • Sales of homes valued at more than $5 million reached 840 in 2013, an all-time high.
  • 596 homes in the $4 million-$5 million price range were sold last year, another record.
  • Home in the $3 million-$4 million and the $2 million-$3 million brackets also sold at record levels in 2013.
  • 2013’s most expensive sold home was a $74.5 million ocean-front mansion in Malibu encompassing 15,355 square feet and featuring eight bedrooms and 14 bathrooms.
  • The number of million-dollar-plus homes in California bought with cash in 2013 was 10,602, setting a record and eclipsing the 7,791 sold in this bracket a year previously.
  • Including both homes and condos, 270,591 California properties are currently assessed for more than $1 million.

What do these statistics tell us?  They tell us that buyers are seeing the rising prices in the luxury homes market and are making their purchases now instead of in an unknown future.  If you’re one of those buyers looking for the ideal Silicon Valley neighborhood in which to live and grow, give me a call at (650) 947-2942 today and let’s start planning for your next home.

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