Luxury home sales in Silicon Valley soared again last month, more than doubling the number of transactions recorded last October, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
The figures are 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 133 homes sold for more than $1.5 million in October, up from 61 the same month a year ago and 93 in September. The median sale price of a luxury home closing last month was up fractionally from the previous month and year ago figures to reach $1.93 million.
Other key indicators for the luxury market all improved last month. There were 64 sales over $2 million compared to 23 a year ago and 40 in September, and there were 13 sales of over $3 million versus five a year ago and nine the previous month. Homes also sold at a much faster pace year over year and sellers on average received a higher percentage of their asking price.
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 8,400-square-foot home in Los Altos that sold for $11.1 million;
- Los Altos again boasted the most million-dollar sales with 48, followed by Palo Alto with 34, Los Gatos with 12 and Saratoga with nine;
- Homes sold in an average of just 25 days, down from 48 days a year ago and 35 days the previous month;
Sellers received an average of 103 percent of their asking price, up from 98 percent a year ago and 101 percent the previous month.
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.