Silicon Valley Luxury Home Sales Dip in December but Median Sale Price Edges Up, New Report Shows

Million-dollar sales off 8%, median sale price up 3.6 percent from last year

Sales of million-dollar homes in Silicon Valley dropped last month, but the median sale price of luxury properties moved higher, according Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 158 homes sold for more than $1 million in Santa Clara County in December, down 4.8 percent from November and 8.1 percent from December 2009 when 166 and 172 properties sold, respectively.

However, the median sale price of million-dollar properties rose to $1,350,000, up 2.5 percent from the previous month and 3.6 percent from the year-ago level.

Two other key market indicators were higher as well in December. It took 59 days on average to sell a million-dollar home in the county last month, down from 61 days a year ago. And sellers received 97 percent of their asking price, up from 93 percent last year.

The figures were derived from Multiple Listing Service data of all homes sold in Santa Clara County for more than $1 million last month.

“The upper end of Silicon Valley’s housing market generally saw solid improvement in 2010, although sales did cool off a bit late in the year,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Part of the reason is that closings were so strong late last year and the first half of this year that it was a high bar to top. But in general, the luxury market is trending in the right direction again.”

Turley said that gains in the stock market, coupled with continuing improvement in the overall economy, bode well for high-end buyers. “There are a lot of positives for buyers right now, including solid inventories to pick from, attractive pricing and very low mortgage rates, so I’m encouraged by the prospects for the market as we head into the new year.”

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in Santa Clara County in December was a five-bedroom, seven-bath 4,727-square foot home in Los Altos that sold for $3,610,000;
  • Los Altos boasted the most million-dollar sales with 35, followed by San Jose with 30, Palo Alto with 29, Los Gatos with 18, and Cupertino with 16;
  • It took an average of 59 days to sell a million-dollar home in the county, down from 61 days a year ago but up from 49 days the previous month.

The Santa Clara County Million-Dollar Home 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.

 

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