The volume of luxury homes sales in certain markets suggests high-net-worth individuals are undeterred by rising home values.
Spanning July 2014 to June 2015, nine major metros, along with one smaller market, accounted for a combined 18,878 luxury sales transactions where the price tag exceeded $1 million.
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With 6,752 luxury sales, New York led all markets during the 12-month period, according to a report from Coldwell Banker Previews International.
New York City skyline image via Shutterstock.
Los Angeles and San Francisco followed with, respectively, 2,685 sales and 2,324 sales, respectively. Los Angeles’ figure represents a 23 percent year-over-year gain.
The 927 luxury sales that closed in Atlanta equated to a 70 percent year-over-year uptick, marking the largest seen in any cities analyzed.
New York, along with Chicago, San Diego and Naples, Florida, all saw luxury sales jump by at least 36 percent on an annual basis. The latter three markets saw between 1,098 (Chicago) and 999 (Naples) luxury sales.
Other top markets for luxury transactions included San Jose (1,241 sales), Houston (955 sales) and Washington D.C. (854 sales).
Coldwell Banker Previews noted that $1 million-plus sales may be leveling off in Miami and San Francisco, which are two traditionally hot markets. In Miami, demand is largely driven by wealthy international buyers, with the technology sector pushing luxury activity in San Francisco.
$1 million home sales by quarter
When it comes to $10 million-plus sales, California dominants the landscape. The state accounted for 10 of the top 16 luxury home markets.
Beverly Hills and Los Angeles both saw 34 homes trade for more than $10 million a piece. These locales were only outdone by New York, which saw 217 homes sell above $10 million.
Other top California markets included Malibu (15 sales), Atherton (11 sales), San Francisco (11 sales) and Pacific Palisades (9 sales).
Montecito, Laguna Beach, Delray Beach and Santa Barbara all saw eight deals breaking $10 million mark.
Outside of the Golden State, Aspen, Colorado (24 sales), along with Miami Beach (20 sales) and Naples, Florida (12 sales), all saw a common thread of high-priced home deals.
