Luxury home sales in Silicon Valley jumped 17 percent in October from year-ago levels with sale prices rising as well, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of 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 156 luxury homes sold in October, up from 133 sales in October 2012. On a monthly basis, high-end sales last month were up 19 percent from September’s 131 transactions.
Meanwhile, the median sale price of a luxury home in Silicon Valley last month rose to $2,020,500, up 4.7 percent from a year ago and 6.3 percent from September, when the median stood at $1.9 million.
The upper end of the luxury market continued to be particularly strong last month with 82 sales of more than $2 million, up sharply from 64 a year ago. There were also 25 sales over $3 million, nearly double the 13 sales at that level last year.
Other indicators were positive as well with homes selling faster on average and sellers receiving a higher percentage of their asking price.
“Silicon Valley’s luxury housing market continues to march on with solid sales gains, especially in the upper end of the market, and good price increases,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Normally we start to see a bit of a seasonal slowdown around now, but we just didn’t see any letup in October.”
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, 10-bath approximately 7,000-square-foot home in Los Altos that sold for $7.95 million;
- Palo Alto boasted the most luxury sales with 43, followed by Los Altos with 33, Los Gatos with 16, Saratoga with 15, and Mountain View and Cupertino with 13;
- Homes sold in an average of 26.9 days, down from 33 days the previous month but up from 25 days a year ago;
- Sellers received an average of 104 percent of their asking price, up from 103 percent a year ago and even with 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.