Silicon Valley’s luxury housing market closed out the traditional summer selling season with a bang. Sales soared nearly 38 percent in August compared to a year ago, according to a new report by Coldwell Banker Residential Brokerage.
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 255 luxury homes sold in August, up 37.9 percent from 185 high-end sales in August 2014. Luxury home sales last month were fractionally lower than July’s 260 transactions, although a seasonal decline from July to August isn’t unusual.
The median sale price of a luxury home in Silicon Valley last month was $2,020,000, down 2.8 percent from the median a year ago when it stood at $2,125,000. However, last month’s median was up 3.9 percent from July’s level of $1,944,000.
The upper end of the luxury market was extremely strong last month with 134 sales over $2 million, up from 104 a year ago. And there were 45 sales over $3 million, up from 39 in August 2014.
“The Silicon Valley luxury market turned in a very strong performance in August as we moved toward the end of the summer season,” said Mike James, president of Coldwell Banker Residential Brokerage. “Buyers were out in force, and the only problem seemed to be a limited supply of homes to choose from. Hopefully we’ll see more listings come on the market in this fall.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Silicon Valley last month was a six-bedroom, four-bath approximately 5,400-square-foot home in Palo Alto that sold for $7.75 million;
- San Jose and Los Altos boasted the most luxury sales with 40, followed by Palo Alto with 39, Saratoga with 34, Sunnyvale and Cupertino with 26, and Los Gatos with 22;
- Homes sold in an average of 26.7 days on the market, down from 32.7 days a year ago but up from 23.1 days the previous month;
- Sellers received an average of 107 percent of their asking price, up from 104 percent last year and 106 percent the previous month.
To view recent luxury ($1M+) homes sales in Silicon Valley, click here.
For a look at luxury ($1M+) homes currently on the market in Silicon Valley, click here.
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.
Pictured: 643 Tennyson Avenue, Palo Alto. Sold for 7,750,000 on 8/3/15.