Luxury home sales in Silicon Valley were down in July compared to the same month a year ago while sale prices were up slightly, 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 122 luxury properties changed hands in July, down 6.9 percent from the 131 sales in July 2015. Last month’s luxury home sales total was also off from June, when it stood at 158 units, although some of the decline was normal seasonal adjustments.
The upper end of the luxury market was mixed with 33 sales over $3 million, down from 38 sales at that level a year ago, but 13 sales over $4 million, up from 11 last July.
Meanwhile, the median sale price of a luxury property in July edged up 1.6 percent from the same month last year to $2,534,875. Last month’s median sale price was off slightly from June 2016, when it stood at $2,597,500.
“Silicon Valley’s luxury market is showing signs of finally leveling off after many months of being a red-hot seller’s market,” said Mike James, president of Coldwell Banker Residential Brokerage. “Buyers are still out there looking and we could use more listings for them to choose from, but overall the market is reaching a greater balance between 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 four-bedroom, six-bath approximately 5,600-square-foot home in Los Altos that sold for $5.91 million;
- Los Altos boasted the most luxury sales last month with 31, followed by Palo Alto with 26, Saratoga with 17, Los Gatos with 16, and San Jose with 12;
- Homes sold in an average of 33.3 days on the market, up from 28.5 days a year ago and 22.2 days the previous month;
- Sellers received an average of 101 percent of their asking price, down from 106 percent last year and 103 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.