Luxury home sales jump 21% statewide

Feb. 11, 2011 5:44 PM PT

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Home sales were down overall statewide last year, but they were up 21% in the $1-million-and-up category, according to a report released Friday by DataQuick Information Systems.

Some 22,529 California homes sold in the million-dollar-plus price range last year, up from 18,621 the previous year. Why? Reasons included greater availability of jumbo loans, the stock market rebound and buyers’ desire to get in while prices are still low.

The jump in million-dollar-plus sales compares with a 9% drop in overall home sales statewide. Last year there were 418,578 sales, down from 460,166 in 2009.

Among last year’s million-dollar-plus sales, 463 homes sold for more than $5 million, 304 in the $4-million-to-$5-million range, 782 in the $3-million-to-$4-million range and 2,333 in the $2-million-to-$3-million range.

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