May proved to be another month of growth in sales for 2014 in Northern California’s luxury home market. Looking at figures based on Multiple Listing Service data, the May reports from three key luxury markets around the San Francisco Bay Area bring us some exciting updates:
Luxury home sales (homes sold for more than $1 million) in the East Bay showed the strongest gain across the three metros: A total of 392 luxury homes changed hands in May, up 35.6 percent from the 289 transactions in May 2013. The upper end of the luxury market turned in a particularly strong performance last month with 55 sales over $2 million, more than double the 27 sales at that level a year ago and ahead of the previous month’s 42 transactions. Danville boasted the most luxury sales with 49, followed by Oakland with 43, Fremont with 42, Pleasanton with 33, Lafayette with 28, San Ramon and Piedmont with 25 each, and Orinda with 22.
Luxury Home Sales (homes sold for more than $1.5 million) in Marin County climbed nearly 23 percent in May from year-ago levels. There were a total of 86 luxury home sales in May, up from 70 in May 2013. Sales last month were also up sharply from the 65 luxury transactions in April. The high end of the luxury market was especially strong last month with 51 homes selling for more than $2 million, up from 40 during the same period last year. And there were 21 sales over $3 million, up from just 13 a year ago. Mill Valley boasted the most luxury sales with 21, followed by Tiburon with 14, San Rafael with nine and Kentfield with eight.
Luxury home sales ($1.5 million and above) and prices in Silicon Valley continued to climb in May with sales up nearly 16 percent from a year ago and the median price up nearly 8 percent from a year ago to reach $2,105,000. The upper end of Silicon Valley’s luxury market was by far the strongest segment in May with 121 sales over $2 million, up 31.5 percent from a year ago, and 36 sales over $3 million, up 24 percent from May 2013. Los Altos boasted the most luxury sales with 47, followed by Palo Alto with 45, San Jose with 27, Saratoga with 24, and Los Gatos and Cupertino with 21 each.
May Luxury Housing Market Reports can be found here:
Are you looking to buy or sell a luxury home? Do you think now is the right time?