Million dollar house sales in the Bay Area
In a sign that some Bay Area residents still aren’t comfortable shelling out the big bucks, sales of homes priced at $1 million or more fell by 27% in the region last year, outpacing the 24% decline in such sales statewide, according to MDA DataQuick. The Bay Area saw 7,261 sales of million-dollar-plus homes in 2009, down from 10,006 in 2008 and 18,926 in 2005. Santa Clara County saw the most, with 2,378 sales of such homes, while Solano County had the fewest, with 20. Reluctant buyers and a tight mortgage market contributed to the decline, DataQuick said. Meanwhile, Bay Area home sales at all price levels rose 16% last year from 2008, while sales statewide climbed 17%. One in 25 California home sales crossed the $1 million mark in 2009, compared with one in nine in 2006, according to DataQuick.
Yipes. That certainly doesn’t look very good to an untrained eye. But real estate professionals, they know that this is normal – after all, real estate is cyclical.
2009 was the bottom out year 2010 is when the chart is going to come back up. Haven’t you seen all those billboards on 101 plugging Zynga? The startup community is back… and with a vengeance! Jobs are starting to flow like water from the sierra nevadas.
It’s only a matter of time before million dollar homes become the norm again. You just wait.
March 14th, 2010 at 1:40 pm
The missing sales are those who purchased million dollar plus places for just under $1M… And using your appraisal formula, we all know the homes are really worth much more.
lol
March 14th, 2010 at 2:30 pm
I’m not buying it. Our helper says that living in the RBA is like the mortgage meltdown never happened. I’m staying in my cocoon of denial!
March 14th, 2010 at 6:45 pm
it’s all these million dollar houses in Tracy and Merced that have all been sold by now, and the homeowners are happy with them so they’re not re-selling them
March 14th, 2010 at 7:46 pm
No doubt. And, even if for some crazy reason they did want to sell, they couldn’t!
March 16th, 2010 at 12:14 am
Guys,
Check out this report:
That said, the biggest problem facing the local market right now is lack of quality inventory: quality meaning priced right and in the best neighborhoods.
From all accounts, there is a lot of pent-up demand
March 16th, 2010 at 12:43 am
she’s saying that if you just bought a house, chances are it’s low quality or in the wrong neighborhood. That’s a cheerful realtor!
March 16th, 2010 at 6:47 am
Faux Estater,
Priced right being the operative words. The decent houses being sold are way overpriced.
Buy now and be bagholder!
March 16th, 2010 at 8:45 am
On here, we care about the RBA, right?
The high-end market has problems with appraisals, if you need a loan, and we’re beginning to see a few foreclosures in that market.
There’s a little problem.
March 16th, 2010 at 1:27 pm
Guys,
Check out this report:
—-
What an authoritative “report”. I must believe it.
The funny thing is that she put all the charts and her so-called “report” in same page. And “3 month moving average” chart and her “report” contradict with each other. If she was smart, she wouldn’t keep them in same page. Actual facts and Realtorish(TM) facts don’t go together.
March 16th, 2010 at 10:05 pm
Check out the product of two great RBA schools:
David Liu of Lynbrook High places second overall, and Lynnelle Ye of Palo Alto High is fourth in the prestigious Intel Science Talent Search.
March 16th, 2010 at 10:10 pm
Great news: Financial Engines from Palo Alto went IPO.
April 7th, 2010 at 2:25 pm
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