COLDWELL BANKER U.S. LUXURY HOME SALES VOLUME CLIMBED TO A RECORD
$55.9 BILLION IN 2005
Coldwell Banker(R) System Reported a 24 Percent Increase in Luxury
Sales Volume Last Year
Report Highlights Nation's Hottest Luxury Home Markets and Prices
Coldwell Banker®, a leader in luxury home sales, today
announced that its 2005 total sales volume of luxury homes (valued at $1
million or more) in the United States and Puerto Rico surged to an
all-time high of $55.9 billion, surpassing its previous record of $45.2
billion set in 2004, a 24 percent increase. Coldwell Banker affiliated
companies nationwide participated in more than 31,000 luxury transaction
sides in 2005. The average sales price for luxury home transactions
listed and/or sold by Coldwell Banker affiliated companies in 2005 was
$1.79 million.
"The demand for luxury homes continues to be fueled by baby boomers
who remain in their prime home buying years," says
Jim Gillespie, president and chief executive officer, Coldwell
Banker Real Estate Corporation. "This group has amassed great wealth
through investments, inheritances and equity and appreciation of their
homes. Their strong buying power, coupled with the historically low
mortgage interest rates we have enjoyed over the last few years, have
spurred the luxury home buying segment, which also includes second homes
and new construction."
In this release, the Coldwell Banker organization highlights its top
luxury home markets by state and city, and includes a list of its top 50
transactions nationwide. The data provided represents only Coldwell
Banker luxury home sales volume figures.
Highlights from the 2005 Coldwell Banker® Luxury Home Sales
Report include:
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.
2005 Luxury Market Overview
- The Coldwell Banker® brand reported 30,412 transaction sides in
luxury homes priced between $1 million and $5 million. This was the
brand's most active luxury segment.
- The brand also reported 640 transaction sides in the $5 million to
$10 million segment.
- In 2005, the Coldwell Banker system reported 118 transaction sides
between $10 million and $30 million, and one transactional side over
$30 million in 2005.
TOP 30 STATES RANKED BY COLDWELL BANKER LUXURY
HOME SALES DOLLAR VOLUME
JANUARY 1 -- DECEMBER 31, 2005
Source: Coldwell Banker Real Estate Corporation
|
State |
2005 Rank |
2005 Total Sales Volume |
2004 Rank |
2004 Total Sales Volume |
% Change |
|
California |
1 |
$30,713,884,031 |
1 |
$25,768,279,929 |
19% |
|
Florida |
2 |
$5,171,509,336 |
2 |
$3,666,385,837 |
41% |
|
Massachusetts |
3 |
$2,880,542,883 |
3 |
$2,749,152,699 |
5% |
|
New Jersey |
4 |
$2,328,297,230 |
5 |
$1,628,931,009 |
43% |
|
Illinois |
5 |
$2,091,967,784 |
4 |
$1,650,398,670 |
27% |
|
Connecticut |
6 |
$1,779,455,598 |
6 |
$1,620,320,279 |
10% |
|
Arizona |
7 |
$1,588,044,565 |
12 |
$572,626,787 |
177% |
|
New York |
8 |
$1,523,615,164 |
7 |
$1,058,260,561 |
44% |
|
Hawaii |
9 |
$992,037,158 |
10 |
$644,356,734 |
54% |
|
Minnesota |
10 |
$971,187,946 |
9 |
$826,910,016 |
17% |
|
Maryland |
11 |
$895,548,473 |
11 |
$606,843,838 |
48% |
|
Colorado |
12 |
$677,905,501 |
13 |
$535,335,134 |
27% |
|
Virginia |
13 |
$492,056,533 |
16 |
$278,735,651 |
77% |
|
Washington, D.C. |
14 |
$451,888,879 |
14 |
$389,537,005 |
16% |
|
Texas |
15 |
$439,207,148 |
15 |
$305,171,856 |
44% |
|
Georgia |
16 |
$352,651,476 |
18 |
$232,747,549 |
52% |
|
Missouri |
17 |
$287,615,391 |
20 |
$146,622,566 |
96% |
|
Nevada |
18 |
$284,220,624 |
17 |
$264,099,843 |
8% |
|
North Carolina |
19 |
$247,194,793 |
21 |
$138,666,405 |
78% |
|
Pennsylvania |
20 |
$210,986,180 |
19 |
$165,449,424 |
28% |
|
Utah |
21 |
$197,111,249 |
24 |
$93,927,366 |
110% |
|
Michigan |
22 |
$123,937,326 |
22 |
$117,465,080 |
6% |
|
Oregon |
23 |
$116,772,871 |
26 |
$88,445,135 |
32% |
|
Wisconsin |
24 |
$116,316,418 |
23 |
$106,863,000 |
9% |
|
Washington |
25 |
$109,527,450 |
8 |
$901,205,662 |
- 88% |
|
Ohio |
26 |
$108,274,330 |
27 |
$86,893,432 |
25% |
|
Montana |
27 |
$81,859,000 |
29 |
$56,118,000 |
46% |
|
South Carolina |
28 |
$81,500,672 |
25 |
$88,726,062 |
- 8% |
|
New Hampshire |
29 |
$71,048,410 |
28 |
$77,940,275 |
- 9% |
|
Idaho |
30 |
$67,226,100 |
37 |
$23,295,000 |
189% |
TOP 75 CITIES RANKED BY COLDWELL BANKER®
LUXURY HOME SALES DOLLAR VOLUME
JANUARY 1 -- DECEMBER 31, 2005
Source: Coldwell Banker Real Estate Corporation
|
City |
State |
2005 Rank |
2005 Total
Sales Volume |
2004 Rank |
2004 Total Sales Volume |
% Change |
|
Los Angeles |
CA |
1 |
$2,838,149,176 |
1 |
| |