Silicon Valley’s luxury housing market continued its summer hot streak in August with sales surging 47 percent from 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 172 luxury homes sold in August, up from 117 sales in August 2012. On a monthly basis, high-end sales last month dipped 11.8 percent from July’s 195 transactions, although a seasonal decline from July to August isn’t unusual.
Meanwhile, the median sale price of a luxury home in Silicon Valley last month edged up 1 percent from the previous month and a year ago to $1,917,500 million.
The high-end of the luxury market continued to be in strong demand last month with 80 sales of more than $2 million, up sharply from the 46 sales a year ago. There were also 17 sales over $3 million compared to 16 last year. Other indicators were positive as well with homes selling faster on average and sellers receiving a higher percentage of their asking price.
“Silicon Valley’s luxury market remains very solid in all price ranges as summer draws to a close,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’re gradually starting to see a few more listings coming on the market to meet the strong buyer demand, and we’re hopeful this will continue into the fall to help balance out 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, six-bath approximately 3,800-square-foot home in Palo Alto that sold for $5.4 million;
- Los Altos boasted the most luxury sales with 44, followed by Palo Alto with 35, Saratoga with 27, San Jose with 14, and Los Gatos and Cupertino with 13;
- Homes sold in an average of 26 days, down from 37 days a year ago but up from 24 the previous month;
- Sellers received an average of 104 percent of their asking price, up from 101 percent a year ago but slightly lower than the 105 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.