In the second quarter of 2012, a total of 7,763 homes sold for a million dollars or more in California, up 18.5 percent from the second quarter of 2011. Ranked by total sales per zip code, Hillsborough/Burlingame (94010) sat atop the list with 134 million-dollar-plus sales in the second quarter, up from 118 last year, and with a top sale of $5.28 million.
Eleven other Bay Area zip codes made the top 25 in terms of sales. In fact, combining Los Altos zip codes 94022 and 94024 would top the list of California communities with 167 million dollar sales in the second quarter of 2012, up from 147 the year before and with a top sale of $6.15 million.
A combined 95030 and 95032 would rank Los Gatos third with 129 sales, up from 75 the year before and with a top sale of $4.66 million. The only San Francisco zip code to make the top 25 list was 94114, ranked number 19 with 65 sales last quarter, up from 50 in the second quarter of 2011 and with a top sale of $3.25 million which was 350 Hill Street.
The other Bay Area zip codes to make the top 25 list:
2. Saratoga (95070): 126 sales (up from 93) with a $5.35 million top sale
5. Cupertino (95014): 105 sales (up from 88) with a $2.45 million top sale
7. Menlo Park (94025): 100 sales (down from 124) with a $4.8 million top sale
12. Fremont (94539): 83 sales (up from 52) with a $3.39 million top sale
21. Palo Alto (94306): 62 sales (down from 69) with a $3.15 million top sale
23. Alamo (94507): 61 sales (up from 28) with a $2.33 million top sale
Also of note, leverage has increased as 31.0 percent of the million-dollar-plus buyers in the second quarter paid cash, down from 37.7 percent in the first quarter, down slightly from 31.9 percent in the second quarter of 2011. In the five million dollars or more segment, 59.4 percent of the purchases were cash.
∙ California Million-Dollar Home Sales Highest Since 2007 [dqnews.com]
∙ No Hill Street Blues For This Maniscalco Designed Home [SocketSite]