Sales climb 8 percent, median sale price rises 5.7% from July 2009

Million-dollar home sales and the median sale price in Silicon Valley rose again in July over last year, although sales were off from June’s two-year high level, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 244 homes sold for more than $1 million in Santa Clara County in July, up 8 percent from July 2009 when 226 properties changed hands.  It was the sixth straight monthly year-over-year sales improvement for the high-end market.

The median sale price of million-dollar homes also rose last month to $1.36 million, up 5.7 percent from last year and 4 percent from June’s $1.31 million median price. The only down note last month was that sales were off from June, when 266 homes sold. The drop was anticipated following the expiration of the federal tax credit deadline.

Two other gauges offered encouragement: It took an average of 41 days to sell a million-dollar home in Santa Clara County in July, down from 53 days a year ago, and sellers received 99 percent of their asking price on average, up from 94 percent in July 2009.

The figures were derived from Multiple Listing Service data of all homes sold in Santa Clara County for more than $1 million last month.

“Overall, the numbers we saw last month offered encouraging signs that the high-end housing market in Silicon Valley has not only stabilized but is returning to a more normal market,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “We still have challenges ahead from the economy and the job market, but the housing market appears to be getting healthier.”

Turley said it was expected that sales would dip from June to July with the expiration of the federal tax credit. Many buyers accelerated transactions that otherwise might have closed later in the summer. He added that the year-over-year comparison offered a more accurate reflection of how the market is faring.

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

  • The most expensive sale in Santa Clara County in July was a five-bedroom, seven-bath 5,400-square foot home in Los Altos that sold for $6.15 million;
  • Los Altos boasted the most million-dollar sales with 50, followed by San Jose with 44, Palo Alto with 40, Cupertino with 26, Saratoga with 24 and Los Gatos with 23;
  • It took an average of 41 days to sell a million-dollar home in the county, down from 53 days a year ago but up from 39 days the previous month.

The Santa Clara County Million-Dollar Home 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.

Coldwell Banker Residential Brokerage serves Santa Clara County with 21 offices from Palo Alto to Hollister. For more information, please call 925-275-3085.