Silicon Valley’s luxury housing market slowed a bit in June with home sales off slightly and the median sale price down fractionally compared to the same month 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 $2 million last month in Santa Clara County.
A total of 158 luxury properties changed hands in June, down 4.8 percent from the 166 sales in June 2015. Last month’s luxury home sales total was also off from May, when it stood at 173 units.
The upper end of the luxury market also cooled slightly with 50 sales over $3 million, down from 55 sales at that level a year ago, and 17 sales over $4 million, down from 29 sales last June.
Meanwhile, the median sale price of a luxury property in June dipped less than 1 percent from the same month last year to $2,597,500. Last month’s median sale price was also down from May’s level of $2.65 million.
“By any measurement, Silicon Valley’s luxury housing market – like the overall market –remains quite strong and healthy,” said Mike James, president of Coldwell Banker Residential Brokerage. “The only reason we’re seeing any easing at all is because we’re comparing it to the red-hot seller’s market we have experienced over the past year or two. More recently we’ve been moving a little closer to a more balanced, normal market. And in the long run, that’s much healthier for the housing market and both buyers and sellers.”
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, eight-bath approximately 8,200-square-foot home in Los Altos that sold for $10,895,000;
- Los Altos boasted the most luxury sales last month with 53, followed by Palo Alto with 32, Saratoga with 17, San Jose and Cupertino with 14, and Los Gatos with 13;
- Homes sold in an average of 22.2 days on the market, down from 25.5 days a year ago and 28 days the previous month;
- Sellers received an average of 103 percent of their asking price, down from 106 percent last year and 104 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.