Silicon Valley’s luxury housing market kicked off the fall home buying season strong with sales surging more than 33 percent last month from a year ago, 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 227 luxury homes sold in September, up 33.5 percent from 170 high-end sales in September 2014. Luxury home sales last month were off from August’s 255 transactions, although a seasonal decline from August to September isn’t unusual.
The upper end of the luxury market continued to be particularly strong in September with 113 sales over $2 million, up from 88 a year ago. And there were 45 sales over $3 million, up 73 percent from the 26 sales at that level in September 2014.
Meanwhile, the median sale price of a luxury home in Silicon Valley last month was $1.9 million, off fractionally from the $2 million median a year ago and the $2,020,000 median the previous month.
“Fall is often one of our stronger home buying seasons in Silicon Valley, and this year certainly is starting off on the right foot in the luxury market,” said Mike James, president of Coldwell Banker Residential Brokerage. “We saw very strong sales throughout the region in September and hopefully this will continue through the fall and the end of the 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 five-bedroom, six-bath approximately 5,600-square-foot home in Los Altos that sold for $6,788,000;
- San Jose and Los Altos boasted the most luxury sales with 49, followed by Los Altos with 35, Los Gatos with 28, and Saratoga and Cupertino with 20 each;
- Homes sold in an average of 24 days on the market, down from 25 days a year ago and 26.7 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.
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.