Million-Dollar Sales Are Strong

North County Coastal | Sales and Price Check | Thinking of Buying? | Thinking of Selling?

September 6, 2012

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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.