Media Coverage
Pacific Union International's Latest Results Indicate High End Homes Sales Bounce Back
Pacific Union International’s Latest Results Indicate High End Homes Sales Bounce Back
San Francisco, CA, November 2, 2009 -- Pacific Union International Inc. Chief Executive Officer Mark A. McLaughlin reports that high-end home sales bounced back from July 1 through October 30, 2009 with 24 homes sold for more than $3 million in the above period by the two brands operated by Pacific Union International – Pacific Union Real Estate and Morgan Lane Marin Inc.
During the period from July 1 – October 31, 2009, an average of six homes per month sold for more than $3 million. This contrasts with 3.78 homes greater than $3 million sold per month from October 1, 2008 through June 30, 2009. During that nine month period there were far fewer sales over $5 million and none over $9 million.
The aggregate sales figures were most telling in terms of a recovering high-end home sales market. In the recent four months, Pacific Union and Morgan Lane Marin sales professionals generated nearly $232 million in gross sales for the 24 homes sold in the period, compared with approximately $193 million in gross sales for the 42 homes sold in the nine month period from October 1, 2008 to June 30, 2009. Pacific Union and Morgan Lane Marin have 16 offices in Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma Counties.
“After a really quiet period in high-end home sales at the end of last year and followed by a sluggish first half of this year, buyer confidence returned in mid-summer. We attribute the real estate market bounce to the hard work of our sales professionals, a recovering stock market and overall sense that the weakest period of the general economy is behind us,” said McLaughlin.
The difference in aggregate sales figures in the high-end category, according to McLaughlin, was attributed to sales in homes priced greater than $5 million.
From October 1, 2008 through June 30, 2009 just five homes sold for more than $5 million and none over $9 million. By comparison, from July 1 this year through the end of October, 11 homes sold for more than $5 million while three homes were sold by the company for more than $9 million, McLaughlin said.
Through the first 10 months this year, Pacific Union and Morgan Lane Marin represented sellers and buyers in 45 sales over $3 million with an average price in this category of $4.2 million, making Pacific Union International a market leader in high-end home sales. McLaughlin reports that the two companies have 10 sales pending at an average closing price of $6.9 million.
McLaughlin added that it was not just the high-end and luxury market that exhibited signs of a recovery.
“During the month of October ’09 we closed 265 sales. It was one of the top three months for closed sales by units since July 2007. Our average closed sales price for the month was $865,000 and we are very proud of this as it supports our vision and mission statement that we define luxury by the quality of our people and services, not by the price point of a home,” he said.
About Pacific Union International, Inc.
Pacific Union is the San Francisco Bay Area’s premier international luxury real estate brand operating offices in Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma Counties for 34 years. With its exclusive relationship with Christie’s Great Estates in the San Francisco Bay Area, Pacific Union delivers international reach in its property marketing programs and provides clients with access to international investors. Pacific Union defines luxury not by the price of a home, but by the quality of its people and the unparalleled level of their service. Locally owned and operated, Pacific Union supports the communities in which its professionals live and work while continually defining its position in the marketplace as the industry leader dedicated to delivering “The Fine Art Of Fine Property™.” For more information visit: www.pacunion.com.
