Silicon Valley Luxury Home Sales Dip but Prices Edge Higher, Coldwell Banker Residential Brokerage Reports
Silicon Valley's luxury market saw sales decline last month, but the median sale price increased, according to the region's leading real estate services company, Coldwell Banker Residential Brokerage.
- San Jose, CA (1888PressRelease) November 24, 2011 - Luxury home sales in Silicon Valley declined slightly in October compared to the previous month, but the median sale price edged higher, according to Coldwell Banker Residential Brokerage, the South Bay's leading provider of luxury real estate services.
A total of 161 homes sold for more than $1 million in Santa Clara County last month compared to 168 in September. At the same time, the median sale price of a million-dollar-plus home climbed 1.5 percent to $1,350,000 from the previous month.
Sales in October were off more sharply when compared to 2010 when 204 high-end properties changed hands. The median sale price was also 2.5 percent lower than last year when it stood at $1,385,000.
While the million-dollar market was mixed last moth, other metrics offered more encouraging signals about the luxury market overall in Silicon Valley this year.
The upper end of the luxury market has fared extremely well in 2011. There were 90 sales over $3 million year to date versus 69 last year at this time. And 19 homes have already sold for $5 million or more this year, more than double the nine transactions in that price range last year to date.
The figures were derived from Multiple Listing Service data of all homes sold in Santa Clara County for more than $1 million last month and year to date.
"Silicon Valley's high-end market continues to be one of the strongest segments of the local real estate market," said Rick Turley, president of Coldwell Banker Residential Brokerage. "This is consistent with what we're seeing elsewhere around the Bay Area, especially in San Francisco, the Peninsula and Marin County."
Turley said that the numbers, while showing a much-improved luxury market in 2011, don't tell the entire story. "A number of very expensive sales weren't even reported on the MLS, so the actual increase in sales could be much higher," he said. "Affluent buyers are viewing real estate as a good, long-term investment at current prices, especially compared to the volatility of the stock market.
Some key findings from this month's Coldwell Banker Residential Brokerage luxury report:
o The most expensive sale in Santa Clara County last month was a four-bedroom, five-bath 5,348-square foot home in Los Altos that sold for $7.25 million;
o San Jose boasted the most million-dollar sales last month with 41, followed by Los Altos with 35, Palo Alto with 21, Los Gatos with 16, and Cupertino with 14;
o Homes sold faster last month, spending just 40 days on the market on average compared to 45 the previous month and 48 a year ago;
o Sellers received on average 99 percent of their asking price versus 98 percent a year ago and the same percentage last month.
The Silicon Valley Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage serves Santa Clara County with 21 offices from Palo Alto to Hollister. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT has 750 offices and 45,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy's company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE # 00313415.
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