In the $5 million-plus category of home sales, the Golden State dominated 60% of the list with 12 total spots, including five of the top 10 spots.
Leading the way was Southern California with eight total cities, including Beverly Hills and Los Angeles, which ranked second and third, respectively. The exclusive Southern California beachside destination of La Jolla was a clear frontrunner, doubling its sales in this range from 2014 to 2015. Meanwhile, Santa Barbara, Pacific Palisades, Malibu, Newport Beach and Newport Coast took the other top positions. In Northern California, the San Francisco Peninsula and Silicon Valley took the top positions with San Francisco, Atherton, Burlingame and Los Altos.
A new component to the report this year — average-list-price to average-sale-price ratio (ALP/ASP) — drills more deeply into identifying cities that may be hot sellers or buyers markets. Not surprisingly, tech centers like San Francisco and San Jose scored the highest ALP/ASP ratings in the $1 million+ category, suggesting sellers still have the upper hand in these sought-after cities.
Newport Coast, one of the newest California coastal communities to join the $10 million-plus top 20, experienced a massive 175 percent increase in luxury sales more than $10 million. Outside of New York, Beverly Hills continues to hold the top position for sales more than $10 million. Combining all cities that made the list in Los Angeles County, there were 96 unit sales more than $10 million, an increase of 17 percent in 2015. A stand out for luxury home sellers was the star-studded Pacific Palisades, commanding a 95 percent ratio of list to sales price.
More on the hottest U.S. cities and markets for luxury real estate can be found by downloading the Spring 2016 Luxury Market Report, here.