so says CNNMoney.com
After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6% jump in high-end home sales.
San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4% spike in sales last year; Phoenix saw the smallest increase at just 0.4%.
Meanwhile, sales outside of this price point actually fell 2.8%.
"It hasn't been a good six months for all people, but it was a good six months for rich people," said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. "When Wall Street goes up, rich people buy homes."
And Wall Street has gone up: Stock values have nearly doubled from their March 2009 lows.
Read all about it > Who's buying homes? The rich
The market is improving and, no surprise, the drumbeat is getting louder.
I’ve said it here many times before, the Tucson Foothills real estate market lags other larger markets – NY, LA, Chi, SF … – by 3 to 6 months or so.
And that’s on both the down and the upside. Stay tuned.
see thefoothillsToday.com
to find your Foothills home
