Record for luxury home sales
Coldwell Banker reports a 47 percent increase in the number of million-dollar homes sold by firm affiliates in 2004.

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NEW YORK (CNN/Money) - The million-dollar house isn't such a novelty it seems.

According to a survey of Coldwell Banker affiliates, which is one of the largest national sellers of luxury property, the number of houses that sold for at least seven figures increased 47 percent in 2004.

The firm's affiliate closed a total of 20,292 such transactions, with the average sale price for this segment ringing in at a record $1.7 million.

California accounted for more than half of this segment's total sales volume, with nearly $20 billion in luxury home sales. Florida took a distant second with about $3 billion in total luxury sales recorded by the firm, followed by Massachusetts, Illinois, Connecticut, New Jersey and New York.

The largest single transaction for Coldwell Banker was a $30 million house in Beverly Hills.

In Irvine, Calif. the number of million-dollar properties sold by Coldwell Banker quadrupled and in Longboat Key, Fla. the number of such sales tripled.

Rising household wealth and escalating home values have resulted in a significant increase in the number of million-dollar homes in recent years. In the most expensive housing markets, in fact, a million-dollar house may not even meet most buyers' definition of "luxury."

Below are the top 75 luxury markets ranked by Coldwell Banker's total sales volume for this category.

City State Sales
volume
Change
Irvine CA $141,547,542 215%
Longboat Key FL $176,049,422 150%
Laguna Beach CA $485,251,829 139%
Miami Beach FL $317,156,740 138%
Burlingame CA $121,504,856 135%
Cupertino CA $122,343,225 133%
Tarzana CA $124,026,700 131%
Montecito CA $460,292,000 127%
Sherman Oaks CA $97,058,240 124%
Mercer Island WA $147,994,430 119%
New Canaan CT $126,125,100 116%
San Jose CA $249,121,123 105%
Redwood City CA $112,039,391 97%
Newport Beach CA $821,168,950 89%
Palo Alto CA $405,854,862 89%
Corona Del Mar CA $218,027,260 86%
Washington DC $305,380,626 85%
Newport Coast CA $273,362,844 78%
San Diego CA $184,715,270 78%
Carmel CA $241,921,495 76%
Calabasas CA $228,962,697 76%
Boston MA $339,552,317 74%
San Mateo CA $120,886,775 71%
Honolulu HI $282,379,834 69%
Atherton CA $302,850,250 66%
Pebble Beach CA $163,701,625 62%
Granite Bay CA $96,843,959 62%
Beverly Hills CA $1,015,602,005 61%
Westport CT $276,719,388 59%
Del Mar CA $140,418,900 59%
Rancho Palos Verdes CA $112,339,750 58%
Los Angeles CA $1,677,115,327 56%
Annapolis MD $101,283,697 54%
Los Gatos CA $375,387,112 52%
Wilmette IL $100,955,000 50%
San Francisco CA $859,196,439 49%
Chicago IL $266,560,442 48%
Wellesley MA $215,175,880 47%
New York NY $165,161,540 47%
Rancho Santa Fe CA $384,449,132 46%
Greenwich CT $220,041,958 44%
Hancock Park CA $127,805,950 44%
Saratoga CA $314,393,174 40%
La Jolla CA $183,095,068 39%
Scottsdale AZ $168,171,371 38%
Menlo Park CA $315,983,621 37%
Pasadena CA $214,895,808 36%
San Marino CA $136,908,913 36%
Mill Valley CA $113,647,794 35%
Los Altos Hills CA $196,328,072 30%
Fort Lauderdale FL $206,909,907 28%
Weston MA $161,389,225 26%
Miami FL $161,944,115 24%
Newton MA $128,951,715 21%
Coral Gables FL $121,874,750 21%
Los Altos CA $379,779,485 20%
Lake Forest IL $172,878,725 17%
Malibu CA $669,607,770 16%
Santa Monica CA $399,851,703 16%
Winnetka IL $153,772,050 16%
Portola Valley CA $150,805,750 16%
Naples FL $183,168,264 15%
Pacific Palisades CA $440,591,357 14%
Sarasota FL $108,874,135 11%
Santa Barbara CA $284,939,717 9%
Paradise Valley AZ $154,370,211 2%
Hillsborough CA $117,321,812 1%
Palos Verdes Estates CA $121,349,503 -1%
Boca Raton FL $197,009,351 -3%
Encino CA $105,866,250 -11%
Westlake Village CA $114,565,235 -14%
Kihei HI $104,820,000 -14%
Woodside CA $180,494,000 -15%
Dallas TX $122,649,105 -23%
Brentwood CA $119,197,835 -30%
City State Sales
volume
Change
Source: Coldwell Banker. Released February 24, 2005




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