Median sale price edges up 4.3% from last year to $1.385 million

Sales of million-dollar homes and the median sale price edged higher in October as the upper end of the market continued to gain strength,  according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 204 homes sold for more than $1 million in Santa Clara County in October, up from 183 in September and 194 in October 2009. It was the eighth time in the past nine months that year-over-year sales in the luxury market increased.  Additionally, the median sale price of million-dollar properties reached $1,385,000, up 4.1 percent from September and 4.3 percent from a year ago.

Other market indicators showed improvement as well. It took just 48 days on average to sell a million-dollar home in Santa Clara County last month, down from 59 days a year ago. Sellers also received 98 percent of their asking price, up from 94 percent last year.

The upper end of the luxury market saw strong gains. There were 36 homes that sold for more than $2 million in the county, up from 23 in September and 28 a year ago. Six of those homes sold for more than $3 million compared to five the previous month and year ago.  Finally, the most expensive home sale was $8.2 million for a Los Altos property compared to less than $5 million for the highest-price sale in October 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 has steadily improved over the past year,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Buyers in the upper end of the market are seeing some very good values out there and they have the means to take advantage of this attractive market.”

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

  • The most expensive sale in Santa Clara County in October was five-bedroom, 10-bath 10,916-square foot home in Los Altos that sold for $8.2 million;
  • Los Altos boasted the most million-dollar sales with 43, followed by Palo Alto with 38, San Jose with 30, Los Gatos with 25, Cupertino with 21 and Saratoga with 20;
  • It took an average of 48 days to sell a million-dollar home in the county, down from 59 days a year ago but up from 45 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.