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6-Year High for $1 Million Homes

In 2013 home buyers in San Diego County purchased the most $1 million-plus properties since 2007.

The real estate tracker DataQuick reported that in 2013, 3,519 properties worth $1 million and more sold in the county, a jump of 48.7 percent. This is highest number of $1 million plus homes sold since 2007. Over the summer, median home values in San Diego realized a 24 percent increase in appreciation year-over-year. DataQuick reports that greater demands and the increase in appreciation caused home values to recover back into the $1 million plus range.

A Del Mar home at 1936 Ocean Front was the county’s biggest sale last year. This home went for $18.75 million. According to public records La Jolla’s zip code (92037) incurred the county’s most $1 million-plus sales in 2013. 398 $1 Million plus homes were sold in La Jolla making it the third in the state. La Jolla keeps appreciation stronger than other areas naturally. The impressive view of the water will never go away and creates much allure to this area.

John Walsh, president of DataQuick stated that unique economic factors are what the luxury market reacts to. Referring to mortgage interest rates, job growth and migration patterns he said that they do not play the same role as stock market performance, IPO’s or how well different investment types perform in comparison to another.

The only other ZIP codes to rank in the top 25 was the Del Mar Zip code (92014). The 92014 boasted 310 sales above $1 million. Not to be outdone was Manhattan Beach with a staggering 439 sales above $1 million.

According to DataQuick, there are 8.8 million homes and condos in California. Approximately, 270,590 of them are assessed at more than $1 million in value. The real-estate tracker stated that in 2013 sale prices for 6,440 properties were unavailable. This could be due to the size of the mortgage exceeding $1 million.

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