As we enter the summer season, the results of the year to date sales of high-net-worth homes remain outstanding, and that might be an understatement.
As of May 15, 2017, there have been:
- 202 sales of $5+ million homes compared to 187 by the same time last year
- 73 sales of $10+ million homes versus 58 by the same time last year
- 24 sales of $20+ million homes this year versus 8 by the same time last year
- 11 sales of $30+ million homes this year versus 1 by the same time last year
- In addition, there are approximately 103 sales currently pending over $5 million
The market under $5m is as strong or stronger than ever before. There are so many multiple offers occurring that it makes our collective heads spin. No one knows how long this will last, but as Los Angeles increasingly becomes a more desirable city to live in and new technology and financial industries continue to relocate here, it looks like the market will remain strong.
Also of great interest is where buyers are coming from. Of the sales in excess of $20 million: 17 were purchased by Americans, 4 by Chinese, 1 British, 1 Indonesian, and 1 Scottish. Interestingly, more buyers are either local or from other parts of the United States. This is all good news for our local market, as we are clearly not dependent on buyers coming from outside the United States.