Silicon Valley’s luxury housing market rebounded in September with sales increasing from both a year ago and the previous month, 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 125 luxury properties changed hands in September, up 9.6 percent from the 114 sales in September 2015. Last month’s increase was the first year-over-year rise in sales in the past four months. September’s sales total also outpaced August by 11.6 percent.
The upper end of the luxury market was mixed last month with 40 sales over $3 million, down from 46 a year ago, but 19 sales over $4 million, up from 17 last September.
Meanwhile, the median sale price of a luxury property in September fell 7.8 percent from the same month last year to $2,580,688. However, last month’s median sale price was up from August, when it stood at $2,475,000.
“Ever so slowly, we’re starting to see a few more listings come on the market and that’s resulting in improving sales of luxury homes in Silicon Valley,” said Mike James, president of Coldwell Banker Residential Brokerage.
“Inventory of homes for sale still is extremely low by historical standards, but it’s starting to inch up as we begin the fall home-buying season,” he said. “Silicon Valley remains one of the hottest markets in the country and demand for homes continues to be robust, thanks to our robust tech sector and overall strong economy. Now perhaps we’ll have a little more inventory for pent-up buyers to choose from.”
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, seven-bath approximately 7,200-square-foot home in Los Altos that sold for $10.3 million;
- Palo Alto boasted the most luxury sales last month with 36, followed by Los Altos with 35, Saratoga with 20, and Cupertino with 11;
- Homes sold in an average of 29 days on the market, up from 23 days a year ago but down from 43 days the previous month;
- Sellers received an average of 102 percent of their asking price, down from 106 percent last year but up from 100 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.