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COLDWELL BANKER U.S. LUXURY HOME SALES VOLUME CLIMBED TO A RECORD $55.9 BILLION IN 2005

Coldwell Banker 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.

Who's Buying luxury homes? "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."  (luxury home survey)

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:
     
    1. Paradise Valley, Ariz., increased 251 percent and jumped 43 places in the ranking.
    2. Scottsdale, Ariz., increased 205 percent, rising 37 places from the 2004 standings.
    3. 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.
    4. Naples, Fla., increased 82 percent and now is ranked 27th in total sales volume. Naples climbed 17 places from 2004.
    5. 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

$2,189,498,325

30%

Newport Beach

CA

2

$1,435,546,573

3

$1,229,299,765

17%

San Francisco

CA

3

$1,254,472,594

4

$1,038,578,119

21%

Beverly Hills

CA

4

$1,199,879,311

2