We all know the high-end took a pricing hit in 2009 but now we can see how well we did on a unit sales basis. As is well known, some cities did well and others took huge hits. Look at the sales drop-off in Saratoga. If you wonder why prices have dropped so much there, look at sales.
Here's the article in the SJ Mercury News this morning about the high-end:
For Los Altos Hills, sales increased from 157 units in 2008 to 174 units in 2009. Keep in mind that includes sections of Los Altos with a 94022 zip code. However, we also know from past posts here that the unit sales and average sales prices in Los Altos increased strongly last year.
In Los Altos and specifically the 94024 zip code, sales increased from 204 in 2008 to 211 in 2009.
The only other luxury market in the area to see a move up in sales volume was Palo Alto. The hardest hit areas were Sunnyvale and Saratoga.
While I don't think we're back to a boom market at all, we're starting to see a more normal market and I think that will continue in 2010.