Silicon Valley’s Luxury Home Sales Jump 27% in June

Silicon Valley’s luxury home sales jumped 27 percent in June and the median sale price moved higher as the high-end market continued to gain momentum, according to a new report by Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services. 

A total of 146 homes sold for more than $1.5 million in June, up sharply from the 115 properties that changed hands a year ago. Last month’s sales were down fractionally from May when 148 luxury homes sold

The upper end of the luxury market was particularly strong in June with 71 sales above $2 million compared to 52 a year ago, and 20 transactions over $3 million, nearly double the 12 sales at that price range last year.

Meanwhile, the median sale price for a luxury home also moved higher, reaching $1,965,000 in June, up 3.4 percent from a year ago and 4.1 percent from the previous month, when the median price stood at $1,887,500.

The figures were derived from Multiple Listing Service data of all homes that sold for more than $1.5 million last month in Santa Clara County.

“Silicon Valley’s luxury market continues to gain strength as the year goes along,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “As with other luxury markets in the Bay Area, including San Francisco and the Peninsula, there just aren’t enough listings to meet the demand of well-qualified buyers.”

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

  • The most expensive sale in Silicon Valley last month was a six-bedroom, nine-bath 11,000-square-foot home in Los Altos that sold for $6.15 million;
  • Los Altos also boasted the most luxury sales with 46, followed by Saratoga with 28, Palo Alto with 26, Los Gatos with 23, and Cupertino with eight;
  • Homes sold in an average of 32 days compared to 49 days a year ago and 36 days the previous month;
  • Sellers on average received 101 percent of their asking price compared to 103 percent the previous month and 100 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.

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