California million dollar home sales “down, but not out”

In 2006, million dollar home sales in California were clicking along at a brisk rate – one home sale in every nine was at the million dollar or above price point.  In 2009, sales of California’s million dollar properties had skidded to just one sale in every 25, for a total of 18,621 million dollar sales in the Golden State for the year. 

Around 29% of the buyers in the upper tier paid all cash.  On the other side of the coin, in 2009, there were 4,925 notices of default (step one in a foreclosure) recorded on homes which had previously sold for at least a million dollars. 

This is all according to a new report from San Diego based MDA DataQuick.  

State wide, the company reports that of California’s million-dollar-plus sales: 

• 332 sales were for more than $5 million
• 228 sales were $4 million to just under $5 million
•  590 sales fell in the $3 million to just under $4 million
• 1,902 sales were $2 million to just under $3 million
• 15,569 sales were between $1 million and $2 million

Wondering what you got for your money last year?  DataQuick reports a median luxury home size of 2,646 with four bedrooms and three baths.  Median price for luxury homes for the year was $605 per square foot (down about 10% from 2008)

The most expensive confirmed purchase in California last year was a 22,721-square-foot, 9-bedroom, 10-bathroom Bel Air house built in 2008 which sold for $26,500,000 in July.