Home Sales Data of Million Dollar Califoria Real Estate

According to Dataquick, California real estate sales in the million dollar or more range have soften by 11.4% in the third quarter. Here are some of the highlights of the report:

• 8,985 California homes sold for 1 million of more form July to September.
• Up 53.4% over the same period last year.
• The second quarter of this year was the highest sales count ever in California

Here are some statewide facts from last quarter:

• 41 home sales over 5 million
• 61 in the 4-5 million
• 191 in the 3 million
• 807 in the 2 million
• Remainder in the 1-2 million
• Most expensive home sold was on the Newport Coast for 9.5 million.
• Largest home was 13,949 square feet in Westlake Villiage

The median million dollar home was 2,610 square feet with 4 bedrooms and three baths at an average cost of $505 a foot. Last year it averaged $464 a foot.

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Know you may be asking how do these people afford these million dollar homes. Here are some details of the report:

• Average down payment is 28%
• 12% paid cash (5 years ago it was 25% paid cash)

While we are on mortgages. Mortgage rates have come down slightly and are near 6 month lows. Also interesting is the fact that over 31.9% of home buyers are selecting adjustable rate mortgages for financing their homes.

Home equity lines of credit are still a popular option vs. mortgage refinancing the first mortgages as these interest rates are still very low.

Thanks for Reading
Jessie