Silicon Valley luxury home sales surged again last month, nearly doubling the number of a year ago, according to a new report by Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.
The report was based on Multiple Listing Service data of all homes sold for more than $1.5 million last month in Santa Clara County.
A total of 93 homes sold for more than $1.5 million in September, up nearly 79 percent from 52 sales in September 2011. The upper end of the luxury market was especially strong with 40 sales above $2 million, up from 24 a year ago, and nine transactions over $3 million compared to just five at that price range last year.
Other key market indicators were all positive last month. Homes sold at a faster pace in September than the previous month and year-ago period, and sellers received a higher percentage of their asking price on average than last September.
“Luxury home sales in Silicon Valley remain very strong as we go through the fall selling season,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market.”
Meanwhile, the median sale price of a luxury home in Santa Clara County reached $1.9 million last month, up fractionally from a year ago and the same as the previous month.
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, eight-bath approximately 7,300-square-foot home in Los Altos that sold for $6 million;
- Los Altos boasted the most luxury sales with 26, followed by Palo Alto with 22, Saratoga with 17, and Los Gatos with 11;
- Homes sold in an average of 34.5 days compared to 54.7 days a year ago and 37 days the previous month;
- Sellers on average received 101 percent of their asking price, the same as the previous month but up from 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, 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.