LOS GATOS, Calif. – October 29, 2014 – Silicon Valley’s luxury housing market remained hot in September with sales climbing 21 percent over the same month last year, and median prices edging higher as well, according to a new report by Coldwell Banker Residential Brokerage, the South Bay’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 159 luxury homes sold in September, up from 131 sales in September 2013. The number of luxury sales last month did trend lower from August’s level of 185 transactions, although it’s normal to see a seasonal decline from August to September.
Meanwhile, the median sale price of a luxury home in Silicon Valley in September rose 5.3 percent from a year ago to reach $2 million. Prices were down from the August median of $2,125,000.
As has been the trend over the past year, the upper end of Silicon Valley’s luxury market was the strongest segment last month with 83 sales over $2 million, up from 59 a year ago, and 26 sales over $3 million, up from 20 in September 2013.
Other key market metrics were strong with homes selling faster on average than a year ago, and sellers receiving a higher percentage of their asking price.
“Silicon Valley’s luxury housing market remains robust with continued strong demand from very well-qualified buyers,” said Mike James, president of Coldwell Banker Residential Brokerage. “Buyers still see good value in real estate, and with the Valley’s tech economy continuing to grow, I’m optimistic that strong demand for luxury housing will continue to grow as well.”
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, four-bath approximately 2,700-square-foot home in Los Altos that sold for $8,644,560;
- Palo Alto boasted the most luxury sales with 27, followed by Los Altos and San Jose with 26 each, Cupertino with 18, and Saratoga and Mountain View with 16 each;
- Homes sold in an average of 24.9 days on the market, down from 33 days a year ago and 32.7 days the previous month;
- Sellers received an average of 106 percent of their asking price, up from 104 percent the previous month and year ago.
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 925.771.5285.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 57 office locations and more than 3,900 affiliated sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.