Silicon Valley’s luxury housing market capped a strong year in 2013 with sales edging up 8.9 percent in December from a year ago, according to a new report by Coldwell Banker Residential Brokerage, the South Bay’s leading provider of 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 122 luxury homes sold in December, up from the 112 sales in December 2012. On a monthly basis, high-end sales last month were below November’s 151 transactions, although a decline from November to December isn’t unusual.
Meanwhile, the median sale price of a luxury home in Silicon Valley last month was $1,937,000, up nearly 1 percent from the previous month but down 3.6 percent from a year ago, when the median price was $2,009,750.
The upper end of the luxury market had 59 sales over $2 million, up from 57 a year ago. There were 13 sales in excess of $3 million, down from 19 a year ago.
Other key market indicators improved on an annual basis with homes selling faster on average in December versus a year earlier, and sellers receiving a higher percentage of their asking price on average.
“Silicon Valley’s luxury housing market had a great year in 2013 with sales increasing consistently on a year-over-year basis, especially in the upper end of the market,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “The only thing that kept sales from going even higher was the severe shortage of homes on the market.”
“We continue to have an imbalance between the supply of homes and the extremely strong demand from buyers in the Valley,” he said. “There are signs that is gradually starting to change with more inventory expected to come on the market in the weeks ahead. Hopefully that will bring the market back into a healthier balance in 2014, which will be good for everyone – buyers and sellers alike.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Silicon Valley last month was a four-bedroom, eight-bath approximately 4,300-square-foot home in Palo Alto that sold for $6.1 million;
- Palo Alto boasted the most luxury sales with 31, followed by Los Altos with 27, Saratoga with 22, and San Jose with 17;
- Homes sold in an average of 33 days, down from 60 days a year ago but up from 25 days the previous month;
- Sellers received an average of 104 percent of their asking price, up from 101 percent a year ago but down from 106 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.