Million-dollar home sales in Silicon Valley surged 24 percent in March from a year ago as the South Bay’s luxury market continued its strong turnaround in the new year, according Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 215 homes sold for more than $1 million in Santa Clara County last month, up from 173 during the same period a year ago. Additionally, high-end sales more than doubled from February’s level of 101 properties. Although sales typically rise from February to March, the jump last month was far more than normal.
March’s sales total was the most of any month since last summer, when 221 properties changed hands in August. By comparison, the 215 homes sold in March was more than four times the 51 luxury properties that sold in February 2009, right before the stock market bottomed out.
The median sale price last month reached $1.4 million, up 3.2 percent from February and up fractionally from March 2010.
Other metrics also indicated that the luxury market is gaining momentum. A total of 36 multi-million-dollar homes ($2 million and up) sold in March, double the number from February and up from 28 last March. And homes sold on average in just 51 days of being listed for sale, down from 63 days in February and 53 a year ago.
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 high-end housing market really has been strengthening here in Silicon Valley and other parts of the Bay as this year progresses,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “More affluent buyers are coming off the sidelines and into the market as they see some very good investment opportunities.”
Turley said the luxury market is often the first to recover from a housing downturn because well-healed buyers have the means to invest quickly when they see a turnaround forming, sometimes with all cash.
“The so-called smart money has been moving back into the luxury market over the past year or so, and it will be interesting to see if that leads the way for a solid recovery in the rest of the housing market,” he said.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Santa Clara County last month was a nine-bedroom, 13-bath 10,980-square foot property in Los Altos that sold for $6,860,000;
- Palo Alto boasted the most million-dollar sales with 44, followed by Los Altos with 41, San Jose with 39, Los Gatos with 25, and Saratoga with 13;
- It took an average of 51 days to sell a million-dollar home in the county, down from 53 days a year ago and 63 days the previous month;
- Sellers received 98 percent of their asking price on average compared to 99 percent the previous month and a year ago.
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.