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Posted by on Sep 6, 2012 in North County Coastal, Sales and Price Check, Thinking of Buying?, Thinking of Selling? | | Print Print

Million-Dollar Sales Are Strong

Admittedly it is a slow time for those reporters who are looking for negative real estate news, so there was no surprise to hear rumblings about the million-dollar market experiencing “double the foreclosures since 2007″ yesterday.

How is the $1,000,000+ market doing?  Sales are up 56% since 2009, and we’re averaging 87 million-dollar-plus sales per month in 2012:

NSDCC Detached Sales between January and August, OVER $1,000,000

Year # of Sales Avg SF Avg $/sf DOM
2009
449
3,922sf
$553/sf
98
2010
583
4,094sf
$475/sf
97
2011
652
4,033sf
$490/sf
96
2012
701
4,195sf
$495/sf
93

NSDCC Detached Sales between January and August, UNDER $1,000,000

Year # of Sales Avg SF Avg $/sf DOM
2009
902
2,311sf
$309/sf
61
2010
1,081
2,317sf
$325/sf
69
2011
1,100
2,369sf
$308/sf
69
2012
1,320
2,440sf
$302/sf
70

The under-$1M market has been less exuberant, but sales still increased 46% from 2009 to 2012.

There hasn’t been any other dramatic changes to report, other than mortgage rates being at all-time lows each of these years.  Once rates get back into the 4%s buyers will be a little bummed but it won’t stop them from buying.  It’s once they hit 5% and higher, then buyers will likely pause.