How Many $1 Million Homes Are Selling in UP?

Ran into Jeff Duffey this morning as were walking our pups (not a euphemism) — mine, Elvis, his, Toby — and he said he was crunching some numbers for high-end University Park home sales. Fascinating stuff. Go here to read the full post, but here’s some stats to chew on from it:

2005 - No. of homes sold: 108 over $1 million
Median sales price: $1.369 million
Median DOM: 50 days

2006 - No. of homes sold: 122 over $1 million
Median sales price: $1.399 million
Median DOM: 30 days

2007 - No. of homes sold: 146 over $1 million
Median sales price: $1.498 million
Median DOM: 40 days

So there are more $1 million homes selling than even in 2005, and for more money (and in fewer days on the market). Someone smarter than me (Candy?) can tell me how this dovetails with the other trend I keep seeing on markets nationwide: number of home sales down in entire metro areas, but median prices staying steady or increasing (and average prices often going up significantly). Discuss.