California’s luxury residential real estate business was an incredible record-breaking year in 2021. Overall, we completed the best year ever in high-end sales on the Westside with Beverly Hills and Malibu accounting for almost half of the priciest sales.
Let’s do the local numbers for 2021: Closed sales of $5 million and more were up 82% year-over-year (1,319 in 2021 vs. 725 in 2020). 21 of these sales were $40 million plus (a 163% increase); 33 were $30 million plus; 101 were $20 million plus and 395 of these sales were $10 million plus, an increase of 80% year-over-year. More than one-third of the $20 million plus sales were not listed publicly when sold. The buyers were predominantly American (61%).