Coldwell Banker Residential Brokerage issued a report today showing that Silicon Valley’s luxury home sales soared again last month, nearly doubling the number of sales a year ago. The report was based on Multiple Listing Service data of all homes sold for more than $1 million last month in Santa Clara County.
A total of 152 homes sold for more than $1.5 million in July, up sharply from the 80 properties that changed hands a year ago. Last month’s sales were also up 4.1 percent from the 146 transactions in June.
The upper end of the luxury market continued to be especially robust in July with 73 sales above $2 million, more than double the 34 sales a year ago, and 23 transactions over $3 million compared to just 10 at that price range last year.
“The upper end of Silicon Valley’s housing market continues to gain momentum,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The demand for premium properties remains extremely strong in the South Bay, as it does in San Francisco, the Peninsula and Marin County.”
Meanwhile, the median sale price for a luxury home last month was $1.95 million, down fractionally from June and but up 1.6 percent from a year ago, when the median stood at $1,918,944.
Turley said the biggest challenge for the luxury market – like the rest of the Bay Area housing market – is the lack of inventory of homes for sale.
“Listings are down as much as 50 percent from where the market was last year,” he said. “Until more properties come on the market, it will be hard for sales to keep climbing at such a fast pace. The demand is there – the market just needs more homes.”
- The most expensive sale in Silicon Valley last month was a five-bedroom, 10-bath 8,280-square-foot home in Los Altos that sold for $14.8 million;
- Los Altos also boasted the most luxury sales with 49, followed by Palo Alto with 31, Saratoga with 23, San Jose with 15, and Los Gatos with 13;
- Homes sold in an average of 30 days compared to 40 days a year ago and 32 days the previous month;
- Sellers on average received 101 percent of their asking price, the same as the previous month but up from 99 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, Coldwell Banker 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.