California Continues "Gold Rush" of Luxury Home Sales

In California, the Coldwell Banker organization reported more than six times more sales volume of luxury homes than any other state, at almost $31 billion, representing 55 percent of all Coldwell Banker luxury sales. The top eight cities with the highest total Coldwell Banker luxury home sales volume were all in California, with Los Angeles boasting the highest luxury sales volume in the United States. A $39.3 million home sale in Beverly Hills, Calif., was the largest closed transaction side by a U.S. Coldwell Banker sales associate in 2005. California featured 13 home sales priced between $20 million and $25 million in 2005. Around the Country Florida ranked second in the nation with $5 billion in Coldwell Banker luxury home sales volume. Massachusetts, New Jersey, Illinois, Connecticut, Arizona and New York joined California and Florida as states reporting more than $1 billion in Coldwell Banker luxury home sales volume. Arizona featured two cities in the top 10 in luxury home sales volume: Paradise Valley ranked ninth with more than $637 million in sales volume, while Scottsdale ranked 10th, reporting over $593 million in sales volume. Hot Markets In 2005, Kansas (309 percent), Idaho (189 percent) and Arizona (177 percent) reported the highest percent increases in luxury home sales volume. The top five cities reporting the largest increases in luxury home sales volume in 2005 over 2004 are: Paradise Valley, Ariz., increased 251 percent and jumped 43 places in the ranking. Scottsdale, Ariz., increased 205 percent, rising 37 places from the 2004 standings. Glencoe, Ill., climbed 90 percent and is ranked 44th in total luxury home sales volume. Glencoe rose 28 places in the 2005 Coldwell Banker luxury market report. Naples, Fla., increased 82 percent and now is ranked 27th in total sales volume. Naples climbed 17 places from 2004. Phoenix rose 79 percent and is now ranked 69th in total sales volume. Phoenix soared 44 places in the ranking.