Luxury Home Sales in Silicon Valley Continue Improving, Coldwell Banker Residential Brokerage Reports

Million-dollar home sales in Silicon Valley continued to improve in April with sales up from the previous month and year ago, according Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services. 

A total of 237 homes sold for more than $1 million in Santa Clara County last month, up 10.2 percent from March and 3.5 percent from April 2010 when 229 high-end properties changed hands. Additionally, multi-million-dollar sales also jumped with 42 transactions over $2 million, up from just 32 a year ago and 36 the previous month.

April’s million-dollar sales total was the most of any month since last July, when 244 properties changed hands.

While sales continued to climb last month, the median sale price was relatively flat. The median was $1,380,000, down 1.1 percent from a year ago and 1.4 percent from March.

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

“Silicon Valley’s high-end market continues to be very robust as well-healed buyers take advantage of the good values they see in the marketplace,” said Rick Turley, president of Coldwell Banker Residential Brokerage.

Turley said the luxury market has recovered faster than the overall market for a number of reasons. High-end buyers have generally benefited from strong gains in the financial markets. Additionally, many Silicon Valley investors have enjoyed stock options and other company incentives that they’ve been able to put into the real estate market.

“The overall market has been moving in the right direction here in the valley and elsewhere in the Bay Area, but we’ll probably have to see more improvement on the employment front and a boost in consumer confidence before the rest of the housing market really gets traction,” 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 six-bedroom, nine-bath 8,680-square foot property in Los Altos that sold for $8.3 million;
  • Palo Alto boasted the most million-dollar sales with 62, followed by Los Altos with 31, San Jose with 30, Saratoga with 28, and Cupertino with 26;
  • It took an average of 41 days to sell a million-dollar home in the county, up from 39 days a year ago but down from 51 days the previous month;
  • Sellers received 100 percent of their asking price on average compared to 98 percent the previous month and 99 percent 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.

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