Million-dollar sales decline 13.5%, median sale price dips 5.1% from last year

Sales of million-dollar homes and the median sale price of luxury properties in Silicon Valley both declined last month from their year-ago levels, according to a new housing market by Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 166 homes sold for more than $1 million in Santa Clara County in November, down 13.5 percent from November 2009. Sales were also off sharply from October, when 204 high-end properties changed hands. It marked just the third month this year that year-over-year sales of million-dollar properties decreased.

The median sale price of million-dollar properties also edged low to $1,317,500, down 5.1 percent from last year’s level and 4.8 percent from the October median.

Two other key market indicators showed improvement, however. It took just 49 days on average to sell a million-dollar home in Santa Clara County last month, down from 60 days a year ago. Sellers also received 98 percent of their asking price, up from 94 percent last year.

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

“For the most part, Silicon Valley’s luxury housing market has improved in 2010, but the recovery hasn’t always been even or smooth as the November closings prove,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Nonetheless, the high-end market gained momentum this year as it worked its way back towards a healthier market. Hopefully that will cascade down to the rest of the market in 2011.”

Turley said that while the housing market continues to face challenges from the slow economic recovery and stubbornly high unemployment levels, the opportunities for buyers are many in this market. “Buyers are enjoying a rare trifecta of near historically low interest rates, extremely attractive prices and a high level of inventory,” he said. “That combination won’t last as the economy starts picking up again.”

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

  • The most expensive sale in Santa Clara County in November was a five-bedroom, six-bath 5,162-square foot home in Monte Sereno that sold for $5,150,000;
  • Palo Alto boasted the most million-dollar sales with 37, followed by Los Altos with 30, San Jose with 24, and Cupertino and Saratoga with 20;
  • It took an average of 49 days to sell a million-dollar home in the county, down from 60 days a year ago but up from 48 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.