LOS GATOS, Calif. – January 29, 2015 – Silicon Valley’s luxury housing market closed out a strong 2014 with sales edging higher in December from previous year levels as the market continued to grapple with a shortage of listings, 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 125 luxury homes sold in December, up 2.4 percent from 122 sales in December 2013. The number of luxury home sales last month was also down from November’s level of 135 transactions.
Meanwhile, the median sale price of a luxury home in Silicon Valley in December was $1,915,000, off fractionally from a year ago when the median stood at $1,937,000. Prices were also down from November’s $2,030,000 median.
The upper end of Silicon Valley’s luxury market remained strong in December with 58 sales over $2 million, just one fewer than last year, and 24 sales over $3 million, nearly double the 13 sales at that level last year.
“The luxury market finished 2014 much the way it began with solid sales figures but not nearly enough listings to meet the robust buyer demand,” said Mike James, president of Coldwell Banker Residential Brokerage. “Our local economy continues to do well, homeowner equity continues to climb along with property values, and well qualified buyers are out there beating the pavement for homes. Those are all great ingredients for the luxury market. Now we just need more listings to sell in the new year.”
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 4,400-square-foot home in Los Altos that sold for $5.9 million;
- Los Altos also boasted the most luxury sales with 25, followed by Los Gatos with 19, Palo Alto with 18, San Jose with 14, Saratoga with 13, Sunnyvale with 12, and Cupertino with 10;
- Homes sold in an average of 35.5 days on the market, up from 33 days a year and 27.8 days the previous month;
- Sellers received an average of 104 percent of their asking price, the same as last year and 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.
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.
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