While overall California home sales declined 9 percent in 2010 the number of homes that sold for more than $1 million rose for the first time in five years -a result of the bargain hunting on the part of high-end home shoppers.
This price range showed a 21% increase in sales from the year before.
Nationwide after four straight years of declines sales of million dollar homes and condos also rose last year in all of the nation’s 20 major metro areas. On average these cities saw a 18.6% jump high end homes sale. This trend was led by San Jose, Ca. which saw a 27.4% jump in sales.
This is directly attributed to the drop in home values. A home that may have sold for $4 million before now will sell for $3 million and so on.
Another bit of good news is that polls show an increase in American’s confidence in the real estate market. Currently 86% of Americans believe that buying real estate is a good investment. 68% pecent of respondents believe that the real estate market will begin to recover in the next year or two.
All of this is a bit of good news! Lets hope we are all right!