The Silicon Valley luxury home market saw a gain in total sales in May year-over-year and a gain in the average sales price from last month, according to a new report by Coldwell Banker Residential Brokerage, one of the Bay Area’s leading real estate services companies.
A total of 785 residential properties priced $1 million and higher were sold last month, a 14 percent increase from 688 sales in May 2016 and up from 610 sales in April. The median price for luxury properties sold in May rose to $1,475,000 from $1,450,000 last month, an increase of 1.7 percent. The data is based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.
“The Silicon Valley housing market continued an upward trend throughout the month of May with no signs of slowing down,” said Mike James, president of Coldwell Banker Residential Brokerage. “Not only are luxury homes selling at a higher volume, but they’re selling for well above asking price and in an even shorter time frame compared to this time last year.”
Sales in the upper end of the market also experienced gains. Of the luxury home sales in May, 67 were of homes priced $3 million and higher, compared to 62 a year ago and 53 properties in April.
Below are some additional findings from the May Coldwell Banker Residential Brokerage luxury report:
- The most expensive home sale in Silicon Valley in May was a 3,280-square-foot home in Palo Alto with four bedrooms and four baths that brought in $8,300,000
- Sellers received an average of 107 percent of their asking price in May, which held level from April, but increased from 104 percent when compared to May 2016
- Of the 785 total luxury sales in May, 619 sold at or above asking price
- Luxury homes sold in an average of 18 days on the market in May, compared to 21 days in May 2016
- With five of the top 10 most expensive sales, Los Altos claimed the top spot for luxury home sales. Last month, Palo Alto topped the list.
The Silicon Valley Luxury Housing Market Report is a monthly report produced by Coldwell Banker Residential Brokerage, which specializes in high-end real estate sales. Through its internationally renowned Coldwell Banker Global Luxury 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.