What a difference a year makes—especially for California luxury real estate. Sales for homes priced $1 million+ were up by double digits percentages in five California cities in 2014 compared to 2013, according to the latest list of Top 20 U.S. Cities for Luxury Home Listings and Sales from Coldwell Banker Previews International® and Real Data Strategies, Inc.
Buoyed by the tech boom, the Bay Area continued its dramatic growth trajectory on the luxury side. San Francisco ranked No. 1 on the list for sales priced $1 million+ with 2,485 closed sales—up 56% from 2013 (and beating out stronghold New York for the second time this year). Los Angeles followed at No. 2 with 2,170 closed sales—up nearly 35% from last year. San Jose (No. 4), however, saw the biggest jump in the $1 million+ category with 1,119 sales—up a staggering 76% from the year prior. It marked the first time this Silicon valley anchor city ranked in the top five U.S. cities for luxury sales. Moving back down south, San Diego ranked No. 9 with 927 sales, followed by Santa Barbara (No. 15) with 594 sales and Newport Beach (No. 17) with 582 sales.
At the highest end of the price spectrum, luxury real estate remains hot too. Luxury strongholds Beverly Hills (No. 2) and Los Angeles (No. 3) recorded 28 and 25 luxury sales over $10 million+ in 2014—both up from the year prior. Meanwhile, affluent Silicon Valley enclave Atherton (No. 7) doubled its sales in the $10 million+ range from last year. Meanwhile, Burlingame, about a mile from tony Hillsborough, also showed up on the $10 million+ list for sold homes for the first time. The emergence of Burlingame points to an adjacency trend at the high end, most likely driven by low inventory in the Bay Area’s most sought-after ZIP codes. (These same Silicon Valley cities were absent from the active listings ranking in all price categories.)
To explore the complete list of the top affluent cities, download the full Luxury Market Report at www.previewsLMR.com.