Big bump in $1-million+ California homes

manhattanbeach2.jpgAnother signal that the housing market is turning around: Statewide, more than 7,700 homes sold for $1 million or more in the April-June quarter, a nearly 80 percent jump from the previous three months and 18.5 percent higher than a year earlier, according to Dataquick. The quarterly sales figure was the highest since the July-September period in 2007. Part of the jump could be due to a general increase in prices, pushing a home that had been valued in the high six figures to $1 million or more. The vast majority of homes - 5,100 - were in the $1-million to $2-million range, while only 188 were sold for $5 million of more. As you can see by the chart below, Manhattan Beach (photo) had the largest number of million-dollar sales in Southern California, followed by Newport Beach, and Beverly Hills. From press release:

"This market always responds to its own set of incentives. Most homebuyers agonize about income, down payments and mortgage interest rates. And while there may be some of that in the prestige market, buyers there also watch what kind of returns their assets are bringing from investments and savings. If your money is parked in a savings account or something else that is low-risk, you're not making much and real property might look good," said John Walsh, DataQuick president.

Ranking below is by ZIP code, location, number of sales in quarter and most expensive home.

94010 Hillsborough 134 $5.28 mill.

95070 Saratoga 126 $5.35 mill.

90266 Manhattan Beach 119 $5.50 mill.

92660 Newport Beach 110 $7.20 mill.

95014 Cupertino 105 $2.45 mill.

94024 Los Altos 102 $6.00 mill.

94025 Menlo Park 100 $4.80 mill.

92037 La Jolla 98 $7.05 mill.

90210 Beverly Hills 97 $34.50 mill.

90049 Brentwood 96 $9.95 mill.

90274 Rolling Hills Estates 87 $5.80 mill.

94539 Fremont 83 $3.39 mill.

92625 Corona Del Mar 80 $15.00 mill.

92651 Laguna Beach 80 $14.00 mill.

90272 Pacific Palisades 78 $15.00 mill.

92130 Del Mar 69 $6.10 mill.

95032 Los Gatos 67 $4.00 mill.

94022 Los Altos 65 $6.15 mill.

94114 San Francisco 65 $3.25 mill.

93108 Santa Barbara 63 $16.80 mill.

94306 Palo Alto 62 $3.15 mill.

95030 Los Gatos 62 $4.66 mill.

94507 Alamo 61 $2.33 mill.

90265 Malibu 60 $21.00 mill.

91011 La Canada Flintridge 60 $3.41 mill.

Source: DataQuick;

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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