Home prices continue on an upward trend, and mansions are continuing to assist in these price gains, particularly in some of the country’s most upscale and exclusive neighborhoods. Aspen, the posh Hamptons and Beverly Hills are among the rich enclaves seeing positive activity.
During the fourth quarter, single-family home prices in Beverly Hills skyrocketed by over fifty percent when compared to the previous year, resulting in a median price of about $5.5 million. Aspen also had gains, albeit not quite as high as Beverly Hills. The median price of single-family prices in this neighborhood increased by more than thirty percent to $6.7 million.
Last year also proved to be the most successful ever in terms of sales for Aspen, with homes selling for an average of $7.9 million, an increase of more than forty percent. Along with Aspen’s best year ever, in the Hamptons, a record number of homes managed to sell for more than $5 million. In fact, the average sales price managed to achieve an all-time record of just over $2 million.
It’s important to note that these numbers are based on activity during the fourth quarter and, therefore, do not reflect current market activity during the first quarter which could result in declines.
Do you think the first quarter will continue all of the recent sales success among mansions?