Boston Real Estate for Sale

Million dollar plus sales

Some places have lost ‘million-dollar city’ status

California has the most million-dollar cities, with 210. That is 12 more than a year ago and more than the next five runner-up states — New York, New Jersey, Florida, Massachusetts and Colorado — combined, Zillow found.

Even though there are more million-dollar cities this year, the record amount is connected to how the lock-in effect is affecting an area’s supply, according to Olsen.

“The seller is as sensitive to the interest rate [as buyers],” she said.

Meanwhile, some areas lost the “million-dollar” status. In places where many homeowners already had interest rates between 6% and 7%, the lock-in effect is not as strong.

Such places are seeing an increase in supply with more sellers willing to put homes on the market, Olsen said.

“In those places where we’ve lost million-dollar cities … they’re not as locked in, and they have a lot more of that new construction that helps that picture, too,” she said.

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Million dollar plus sales

Pricey properties in some of Boston’s toniest zip codes are stalling in sales.

The number of homes, including single-family, multi-family and condos, that sold for $1 million or more in Boston last month fell to just 14, from 27 in Janaury, 2008, according to LINK.

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