Silicon Valley’s luxury housing market begin the summer home buying season on a strong note with sales climbing 33 percent in June from a year ago after a similar performance in May, 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 322 luxury homes sold in June, up from 242 high-end sales in June 2014. It marked the second straight month that sales were up 33 percent on a year-over-year basis. Luxury home sales last month were also up from May 2015 when 299 homes changed hands for more than $1.5 million.
Meanwhile, the median sale price of a luxury home in Silicon Valley last month was $2,011,000, down fractionally from the median a year ago when it stood at $2,016,000. Last month’s median was also off from May’s level of $2.1 million.
The strongest segment of the market last month was the ultra-luxury segment with 55 sales over $3 million, up 66 percent from the same period a year ago. There were also 166 sales over $2 million, up sharply from 126 last June.
“Silicon Valley’s luxury housing market remained red hot in June as we kicked off summer,” said Mike James, president of Coldwell Banker Residential Brokerage. “The good news for buyers, though, is that inventory is slowly starting to bubble up a little. This is giving buyers a little more to choose from as we make our way through the summer home buying season.”
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 5,800-square-foot home in Los Altos that sold for $8.1 million;
- San Jose boasted the most luxury sales with 60, followed by Los Altos with 46, Palo Alto with 41, Saratoga with 34, Los Gatos with 32, Sunnyvale with 31, Cupertino with 26 and Mountain View with 25;
- Homes sold in an average of 21.4 days on the market, down from 21.8 days a year but up from 16.4 days the previous month;
- Sellers received an average of 108 percent of their asking price, up from 107 percent last year but down from 109 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.