Coldwell Banker Real Estate Corp. today announced its affiliates sold 13,816 luxury homes priced more than $1 million during 2003, an increase of 24 percent from 2002. In addition, Coldwell Banker’s luxury-home sales volume surged 23 percent to $23.3 billion, compared to the $18.9 billion mark set in 2002.
Coldwell Banker reported that California continues to dominate the country in luxury-home sales, with six times more sales in this category than any other state. California total luxury-home sales topped $12.6 billion and also claimed the highest luxury homes transaction conducted by a Coldwell Banker sales associate for 2003–$22.66 million for a home in Malibu.
Florida had the second largest luxury-home volume activity with more than $2 billion.
In 2003, the most active segment of luxury homes was in the $1 million to $5 million range. Coldwell Banker sold more than 13,000 homes in this price range. In addition, the company reported sales of more than 200 homes in the $5 million to $10 million price range; 22 homes in the range of $10 million to $20 million; and two homes that were sold at over $21 million, one of which was in Montecito, Calif. (Santa Barbara County) at $21.6 million.
The average sales price of luxury homes sold by Coldwell Banker affiliates in 2003 was $1.69 million.
“The luxury-home market is enjoying one of its most active periods ever,” said Alex Perriello, president and CEO, Coldwell Banker Real Estate Corp. “Homeowners have built equity in their homes, and, as a result, we are seeing a significant migration of homeowners into the luxury category. We expect activity to remain strong in the luxury category with a rebounding economy, continued low interest rates and strong demographic trends that will keep demand high.”
Coldwell Banker Real Estate Corp., a subsidiary of Cendant Corp. (NYSE: CD), is a full-service residential real estate company.
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