Million Dollar Home Sales Drop in California

According to the research firm MDA DataQuick, million-dollar homes in California dropped for a fourth consecutive year to hit a seven year low.

In a report released last week, DataQuick reported that over 18,000 homes were sold for at least $1 million in 2009.

That number is down 24% from the year before and 66% from its height in 2005.

San Diego’s total of 1,578 transactions was 28.8 percent off the 2,216 sales of 2008 and 63.2 percent off the record 4,287 in 2005.

Million-dollar-plus sales in Southern California declined 19.4 percent; statewide, they were off 23.8 percent.

Locally, La Jolla regained its number one status with the most sales, 259, last year after falling behind Carmel Valley in 2008.

DataQuick said there were 4,925 default notices against million-dollar-plus homes last year and 2,698 went through foreclosure.

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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