Luxury home sales in Silicon Valley soared more than 43 percent last month compared to the year before as the South Bay’s high end market finished off the year in strong fashion, 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 184 luxury properties changed hands last month, up 43.7 percent from the 128 sales in December 2014. Last month’s total was also up 12.8 percent from November’s level of 163 sales.
Meanwhile, the median sale price of a luxury property last month climbed 5.4 percent from a year ago to reach $2,019,000. December’s median was also up from November’s level of $1,917,000.
The upper end of the luxury market was the strongest segment last month with 98 sales over $2 million, up from 58 a year ago and 77 the previous month. There were also 26 sales in excess of $3 million, up from 24 sales at that level in December 2014.
“Silicon Valley’s luxury housing market finished up 2015 on a roll with outstanding sales numbers and a solid increase in valuations,” said Mike James, president of Coldwell Banker Residential Brokerage. “We’re starting to see signs that more listings may be coming on the market in the next few months, and that would be great news for buyers who are competing for the limited number of homes for sale.”
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 6,000-square-foot home in Los Altos that sold for $6.72 million;
- San Jose boasted the most luxury sales with 30, followed by Palo Alto and Los Gatos with 27, Los Altos with 23, Cupertino with 18, and Saratoga and Sunnyvale with 17;
- Homes sold in an average of 33 days on the market, down from 35.5 days a year ago but up from 26 days the previous month;
- Sellers received an average of 103 percent of their asking price, down from 104 percent last year and 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.