Silicon Valley Luxury Home Prices Jump in December, Coldwell Banker Residential Brokerage Reports

Luxury home prices in Silicon Valley moved higher once again last month as the region’s high-end market continued to gain momentum, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services. 

The median sale price for a million-dollar-plus home in Santa Clara County reached $1,471,000, up 8.9 percent from a year ago and 6 percent from November, when it stood at $1,387,000.

While prices moved higher, luxury sales were flat as the year came to a close. Some 155 homes sold for more than $1 million, down fractionally from 158 sales in December 2010. Sales were down more sharply from November, when they stood at 232.

However, the number of multimillion-dollar sales climbed to 33 in December, up from just 22 a year ago.  There were 46 sales of more than $2 million in November.

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

“There continues to be solid demand for homes priced above $1 million in Silicon Valley and throughout the Bay Area, for that matter,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’ve seen really good activity in the upper end of the market for the better part of the past year. That’s a healthy sign for the overall market because history has shown that sustainable recoveries in the housing market typically begin with the luxury segment.”

Turley said the challenge for the South Bay’s real estate market continues to be a shortage of homes for sale, not lack of buyers.

“I think it’s important for sellers to get the message that the market is getting better in many areas and there are buyers willing to pay competitive prices for homes,” he said. “If you’ve been thinking about putting your home on the market, you shouldn’t wait any longer. It’s time to jump in.”

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

  • The most expensive sale in Silicon Valley last month was a five-bedroom, seven-bath 6,143-square-foot home in Los Altos that sold for $5.65 million;
  • Los Altos also boasted the most million-dollar sales with 34, followed by San Jose with 24, Palo Alto with 21, Saratoga with 19, Los Gatos with 18, and Cupertino and Mountain View with 11 each;
  • Homes sold in 65 days on average, up from 54 days the previous month and 59 days a year ago;
  • Sellers on average received 98 percent of their asking price compared to 99 percent the previous month and 97 percent a year ago.

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.

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