San Diego Real Estate, Million Dollar Homes
Posted by Bob Crain
A million Dollars Just isn't what it used to be. In the San Diego real estate market there are over 2,200 Homes actively For Sale that are priced over $1,000,000! Over the last 8 months San Diego County has had 2130 Luxury Home Sales (homes priced over $1,000,000). Is this trend going to continue? Over the last 5 years prices have increased 118% and several San Diego County zipcodes have over 50% of their sales in the Luxury Home price range.
San Diego county has always been known for its Luxury Homes, yet in 2004 San Diego County luxury home sales (homes over $1,000,000) hit an incredible 2774 total units, an increase of almost 170% over total sales in 2003! In the entire State of California, A total of 33,107 homes sold for a million dollars or more last year. That was up 73.5 percent from 19,080 in 2003. The total was 13,871 in 2002, according to DataQuick Information Systems. "A million dollars just isn't what it used to be when it comes to San Diego real estate. Because of appreciation, low interest rates, and San Diego's Draw as a retirement community, more homes are in the million-dollar category than was the case earlier. In fact, so far in 2005 San Diego County MLS shows that there has already been 2130 homes Sold in San Diego County for over $1,000,000 with an additional 607 that are currently in escrow! Looks like another record year. Million-dollar sales accounted for 5.0 percent of all California home purchases in 2004. In San Diego Count, Million-dollar home sales accounted for 6.5% of the total Attached and Detached San Diego County Real Estate Sales. Statewide, there were 221 sales for more than $5 million last year, 237 sales were in the $4-$5 million range, 690 in the $3 million range, 2,894 sales in the $2 million range, and the rest between $1 million and $2 million. The numbers include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, teardowns, and large farm or ranch properties. Home sales to companies were included, as were sales to trusts.
Rancho Santa Fe in San Diego County is a community where virtually all home sales were in the million- dollar category. According to DataQuick; Around 15 percent of the buyers paid cash, up from 12 percent in 2003. Of those who financed their purchase, the median down payment was 25 percent of the purchase price. Lending institutions most willing to provide mortgage financing were Washington Mutual, Countrywide Home Loans and Wells Fargo. With San Diego Counties amazing price appreciation, the incredible climate, and the constraints on real estate development... it is this real estate professionals opinion that San Diego County will soon have many zip codes with nothing buy $1,000,000+ home sales. Bob Crain - President
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