Median sale price edge up 2.8% from last year to $1.33 million

Million-dollar home sales in Silicon Valley dipped slightly in September compared to a year ago but the median sale price edged higher, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 183 homes sold for more than $1 million in Santa Clara County in September, down from 188 properties in September 2009. It was the first time in eight months year-over-year sales in the luxury market didn’t increase.  However, the median sale price was up 2.8 percent to $1.33 million from a year ago.

Both sales and the median sale price were off from August when 221 homes sold for more than $1 million. The median sale price was fractionally lower from the August level of $1.35 million.

But other measurements offered encouragement for a gradually improving market. It took just 45 days on average to sell a million-dollar home in Santa Clara County, down from 54 days a year ago. Sellers also received 98 percent of their asking price, up from 94 percent last year.

Additionally, the upper end of the luxury market continued to see increased sales. There were 24 homes that sold for more than $2 million in the county, up from 18 a year ago. And four of those homes sold for more than $3 million compared to just one a year ago.  Finally, the most expensive home sale was nearly $8 million, more than double the highest-price sale in September 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.

“Silicon Valley’s luxury housing market continues to show signs of stabilization and gradual improvement,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “The recovery has been coming in fits and starts – much like the economy itself. Not every month has seen equal gains, but in general we appear to be moving in the right direction – especially in the top end of the luxury market.”

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

  • The most expensive sale in Santa Clara County in September was an eight-bedroom, six-bath 5,505-square foot home in Palo Alto that sold for $7,995,000;
  • San Jose boasted the most million-dollar sales with 35, followed by Palo Alto with 33, Los Altos with 27, Los Gatos with 23, Cupertino with 21, and Saratoga with 20;
  • It took an average of 45 days to sell a million-dollar home in the county, down from 54 days a year ago but up from 36 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.