Record California Million-Dollar Home Sales

July 29, 2003

La Jolla, CA.----Sales of million-dollar homes in California set a new record during the second quarter, the result of sustained demand and strong appreciation rates, especially in Southern California.

A total of 4,847 homes sold for a million dollars or more during the April-to-June period, an all-time high. That was up 55.8 percent from 3,111 for the prior quarter and up 15.5 percent from 4,195 for last year's second, according to DataQuick Information Systems.

Sales in Southern California were up 29.2 percent from 2,203 a year ago to 2,846. Bay Area sales were down 3.5 percent from 1,776 to 1,714.

"While most of the sales increase is due to appreciation rates that are lifting many homes up into the million-dollar category, we're still seeing an active prestige-home market. We do expect sales to ease back a notch this quarter as the real estate market adjusts to today's somewhat higher mortgage interest rates and other economic trends," said Marshall Prentice, DataQuick president.

Statewide, there were 24 sales for more than $5 million last quarter, 28 sales were in the $4-$5 million range, 111 in the $3 million range, 350 sales in the $2 million range, and the rest between $1 million and $2 million.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

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.

The most expensive confirmed purchase was a 3,107 square-foot 4-bedroom, 4-bathroom Pacific Palisades house which went for $6,750,000 in May. The largest was a 6-bedroom, 6.5-bathroom 13,107 square-foot Rancho Santa Fe house on 2.4 acres which went for $6,150,000 in April.

Ross in Marin County and Rancho Santa Fe in San Diego County were the communities where virtually all home sales were in the million-dollar category.

Newly-built homes accounted for 494 of the sales, up 28.3 percent from 385 for 2Q2002. San Diego, Orange and Los Angeles counties were the most active million-dollar new home markets, DataQuick reported.

There were 214 condo sales in the million-dollar category, up 29.7 percent from 165 a year ago. Most were sold in West Los Angeles, San Diego and San Francisco.

The median million-dollar home was 2,904 sq.ft. in size with 4 bedrooms and 3 bathrooms. The median price per square-foot for all million-dollar homes was $456, down 4.4 percent from $477 a year ago, DataQuick reported.

Around 15 percent of the buyers paid cash. Of those who financed their purchase, the median down payment was $387,000. Lending institutions most willing to provide mortgage financing were Washington Mutual, Wells Fargo and Bank of America.

Top 25 California Zip Codes
Ranked by the number of million-dollar homes sold in 2Q2003

Community	Zip Code	2Q2002 Sales#	2Q2003 Sales#	2Q03's Most Expensive
Manhattan Beach	90266	91	109	$2.35 mill.
Newport Beach	92660	70	82	$3.05 mill.
Hillsborough	94010	68	78	$3.38 mill.
La Jolla	92037	87	66	$5.83 mill.
Pacific Palisades	90272	59	65	$6.75 mill.
Calabasas	91302	53	64	$3.40 mill.
Rolling Hills Estates	90274	70	60	$5.30 mill.
Los Altos	94024	65	57	$2.53 mill.
Brentwood	90049	63	56	$4.50 mill.
Malibu	90265	55	56	$3.65 mill.
Laguna Beach	92651	57	56	$4.10 mill.
Los Altos	94022	38	55	$3.44 mill.
Saratoga	95070	73	55	$2.50 mill.
Rancho Santa Fe	92067	63	52	$6.15 mill.
Del Mar	92130	43	52	$2.25 mill.
Beverly Hills	90210	58	51	$6.75 mill.
Alamo	94507	62	51	$2.85 mill.
Trabuco/Coto	92679	48	50	$2.75 mill.
Danville	94506	59	50	$3.40 mill.
Encinitas	92024	19	46	$2.15 mill.
Mill Valley	94941	52	46	$2.05 mill.
Newport Beach	92657	33	44	$5.40 mill.
Rancho Palos Verde	90275	22	42	$2.50 mill.
La Canada Flintridge	91011	37	42	$3.73 mill.
Coronado	92118	23	40	$5.00 mill.

Media Inquiries: John Karevoll (909) 867-9534

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