There was a significant increase in the number of sales of single-family homes above $1,500,000 in December – a 134% rise over December 2019. This is the highest number monthly sales we’ve seen all year – the second highest was 52 sales in September. As of January 20th, there are 103 luxury single-family homes in escrow. The median price rose 5.39%; homes sold at an average of 10 days slower this past December. Price per square foot increased from $726.53 in December 2019 to $865.67 in December 2020.
The luxury condo market suffered a strong hit at the start of the pandemic and is taking longer to recover than single-family homes. This could be due to the fact that the pandemic has led to people changing their needs and moving to larger homes with more lifestyle amenities that are not shared. The median price in December 2020 was $2,327,500, a 16.37% increase from December 2019. There were 6 luxury condo sales last month and condos sold at an average of 15 days slower.
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