The market for luxury homes in California is not suffering as much as the standard homes in the area. According to DataQuick Information Systems, a firm that provides up-to-date real estate data, about 22,529 luxury homes were sold in the state for the year 2010, just about 21 percent increase since 2009. Two years ago, the Golden State only sold 18,621 luxurious homes, in the record.
In Chicago, sales for its luxury homes had also increased in 2010 compared to 2009 as people with the money increase their demand, according to Trump Sales & Leasing Chicago. The number of sales for luxury homes and condominium went up because prices went up.
The president of DataQuick, John Walsh said, the rich and wealthy home buyers are said to respond differently motivation in the residential real estate market than ordinary people.
In accordance with locations in the state, Hillsborough County, has recorded about $300 million for expensive homes. In Manhattan Beach, a record number of 326 people moved into luxurious homes in the area.
In terms of average homes sales price, according to Trulia.com, the Golden State — California has the highest home selling across the United States. Average home selling price in the state starts at $566,467.
Florida would be second inline at $354,253 for an average home selling price, and Texas hits the third place at $260,277.
Luxury homes are houses that are worth $1 million and above.
According to DataQuick Information, this is the first time since 2005 that the Golden State’s luxury homes sales increase.