Luxury home sales in Silicon Valley jumped 21 percent last month from the same period a year ago, 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 121 homes sold for more than $1.5 million in November, up from 100 in November 2011. The median sale price of a luxury home closing last month was down 1.8 percent from a year ago at $1.89 million.
On a monthly basis, sales in November were down from October’s level of 133 transactions and the median sale price also was slightly lower than October’s $1.93 million.
Most other key indicators for the luxury market improved last month from the same period a year ago. There were 50 sales over $2 million compared to 46 a year ago, homes on average sold in fewer days, and sellers on average received a higher percentage of their asking price.
“The market continues to see solid year-over-year gains in the luxury market here in Silicon Valley,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “While there has been some slowdown from October, that seasonal decline is not unusual and often happens as we winter months approach.”
Turley said that sales remained particularly strong given the limited inventory of homes for sale on the market.
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 approximately 5,400-square-foot home in Saratoga that sold for $4.65 million;
- Palo Alto boasted the most luxury sales with 35, followed by Los Altos with 33, Saratoga with 18, and Los Gatos with 11;
- Homes sold in an average of 45 days, down from 57 days a year ago but up from 25 days the previous month;
- Sellers received an average of 101 percent of their asking price, up from 98 percent a year ago but down from 103 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.
Coldwell Banker Residential Brokerage serves Santa Clara County with 21 offices from Palo Alto to Hollister. For more information, please call 925-275-3085.