2012 Saw Huge Jump in Sales of Million-Dollar Homes

While overall home sales in California increased by a solid 8.2 percent in 2012, it was the high-end of the real estate market that particularly surged. According to the Los Angeles Times, sales of million-dollar homes in the Golden State last year reached heights not seen since prior to the housing crash.

There was a 26.9 percent spike in the number of homes that sold for more than a $1 million in California last year. The 26,933 homes that sold past that threshold in 2012 was the most since 2007, but still far from the all-time mark of 54,773 million-dollar homes that were sold in 2005. Particularly pushing the increase was the sale of multi-million dollar homes, according to the Times’ analysis of a recently-released DataQuicks report.

To illustrate that point, the story notes the number of homes that sold for more than $5 million in California, 697, was a 42 percent jump from 2011.

Among the top 10 locales for million-dollar home sales in 2012 were Beverly Hills and the Brentwood section of Los Angeles. Silicon Valley was the site of the most homes that changed hands for a million dollars or more last year. That includes the highest-priced home sold in the state. A home in the Woodside section of Silicon Valley featuring 8,930-square-feet of living space and nine acres of land sold for $117.5 million.

DataQuick officials noted safe-haven investing and return on investments available given the current low interest rates played a key role in the surge of million-dollar home sales last year.

One final note–it was revealed that 7,791 high-end buyers paid cash for their homes, which is the highest number ever recorded and a big leap from 2011 when 5,082 million-dollar homebuyers paid cash.


About Gary Gold

Gary Gold is a marquee name in luxury real estate and his sale of The Playboy Mansion sets a record as the first residence to sell over $100,000,000 in Los Angeles. Gary is also one of its most successful trend setting agents. He’s an internationally recognized expert known for his creative use of technology, marketing and publicity to sell some of the finest homes in the world. Gary is further distinguished by the rare ability to secure high net worth, qualified buyers from digital marketing. This success, year after year, continues to produce a steady stream of buyers from not only the Los Angeles area, but throughout North and South America, Europe, and Asia.

Gary has sold thousands of estates and luxury properties over the course of his career. High-end developers have consistently relied on Gary’s broad expertise on projects ranging from luxury condominium developments to major estates. He is a sought after speaker, panelist and educator at industry conferences. Gary has been cited as an expert for publications and broadcasts that include CNN, Fortune, Barron’s, Wall Street Journal, The Washington Post, Access Hollywood, CBS Evening News, e! Entertainment Television and The London Telegraph.

Gary Gold began his career in real estate over 25 years ago and has been a top producer with Hilton & Hyland since its inception. Hilton & Hyland is Beverly Hills preeminent luxury real estate firm, with over $2.7 billion in annual sales.