Luxury Home Sales in Silicon Valley Dip But Prices Up, Coldwell Banker Residential Brokerage Reports

Million-dollar home sales in Silicon Valley took a step back in May but the median sale price moved higher from the same month last year, according Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services. 

A total of 230 homes sold for more than $1 million in Santa Clara County last month, down from 237 in April and 251 in May 2010. But at the same time, the median sale price jumped 5.3 percent from last year to $1,368,500 in May. The median was essentially flat from April’s level.

Other market indictors were stable or improving last month. A total of 42 multi-million-dollar homes sold in May, up from 35 a year ago and the same as April. Buyers on average received 100 percent of their asking price, up from 99 percent last year. And homes sold faster last month, taking an average of 34 days compared to 41 in April and last May.

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 South Bay’s high-end market continues to show strength and resiliency,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Although sales did ease slightly, it’s encouraging for sellers and all homeowners that prices are gradually moving higher again. That trend bodes well for the market’s recovery.”

Turley noted that in many communities, including Palo Alto, Los Altos and Cupertino, it’s not uncommon for homes to attract three or more offers and to sell for more than the asking price. “This obviously doesn’t happen in every city or every home on the market, but we’re seeing increased demand from buyers in many upper-end neighborhoods,” he said.

Although the national economic news has been mixed, Turley said the South Bay economy and local housing market have both been reasonably strong of late. “I think high-end buyers in Santa Clara County understand that housing is really a local matter,” he said. “They realize that Silicon Valley is doing well and the housing market here, in the long run, will be a great place to invest.”

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, eight-bath 7,035-square foot property in Los Gatos that sold for $5.75 million;
  • Palo Alto boasted the most million-dollar sales with 52, followed by Los Altos and San Jose with 41 apiece, Cupertino with 22, and Los Gatos and Saratoga with 20 each;
  • It took an average of 34 days to sell a million-dollar home in the county, down from 41 days the previous month and a year ago;
  • Sellers received 100 percent of their asking price on average compared to 99 percent a year ago and the same as 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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