The state of California is currently dominating the luxury real estate market in the United States. On a recent index of luxury residential real estate properties, seven of the listed top 10 counties are in the Golden State. Of these seven counties, four are in the San Francisco market, while the others are San Mateo, Marin and Santa Clara.
Prices in San Francisco and San Mateo, in particular, have increased by 6.8 percent and 9 percent, respectively, when compared to the first half of 2016. Meanwhile, residential prices went down a little more than 7 percent in Marin, and stayed flat in Santa Clara. The price bracket of $3 million to $5 million is current driving the market.
More expensive homes, such as those in the $20 million range, are taking a little longer to sell. Part of the reason for this is that buyers are generally anxious about the economy as well as the election. However, the market for homes closer to $3 million remains extremely active. Los Angeles is also in the list of top 10 counties, with its average luxury price being about $1.3 million. This is an increase of more than 3 percent year over year and almost 21 percent in 2013.
As the luxury residential real estate market in California continues to draw interest, now may be a wise time to start shopping for homes or selling homes in this market. However, if a person does not approach a deal in the proper manner, it may end up falling through. Appropriate legal guidance can help all parties proceed with real estate transactions in a way that will help them to meet their particular buying or selling goals.
Source: mansionglobal.com, “State of Luxury: California Dominates List of Counties With Most Expensive Real Estate“, Kathryn Hopkins, Oct. 4, 2016