The Silicon Valley luxury home market started off the year on the upswing, with both property sales and prices escalating in January compared to the same month a year earlier, according to a new report by Coldwell Banker Residential Brokerage.
A total of 62 residential properties priced $2 million and higher were sold last month, a 32 percent jump from 47 sales in January 2016, but 20.5 percent below the 78 sales recorded the prior month, December 2016. The data is based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.
Meanwhile, the median price for luxury properties sold in January climbed 7.6 percent to $2,577,500 from $2,395,000 during the same month last year. January’s median sales price for a luxury home was also 5.7 percent higher than the $2,438,000 median sales price recorded in December 2016.
“Sales and prices ticked up in January, kicking off the year on a strong note,” said Mike James, president of Coldwell Banker Residential Brokerage. “Luxury homes took an average of 54 days to sell during the month, which is a bit longer than a year earlier but still a relatively quick pace for homes in that price range. The region faced a restricted level of available homes for sale and a very healthy level of buyer demand.”
Sales in the upper end of the market also experienced gains. Of the luxury home sales in January, 24 were of homes priced $3 million and higher, compared to 12 a year ago and 19 sales in December. There were 12 sales over $4 million, up from three the prior year and seven in December.
Below are some additional findings from the January Coldwell Banker Residential Brokerage luxury report:
- The most expensive home sale in Silicon Valley in January was a 9,648-square-foot home in Saratoga with five bedrooms and six baths that fetched $10.5 million
- High-end homes sold in an average of 54 days in January, which is about a week longer than a year ago when homes sold in an average of 47 days
- Sellers received an average of 98 percent of their asking price in January, which is off from 101 percent a year ago
- With 19 sales of $2 million-plus homes during the month, Los Altos led the region, followed by Cupertino, Los Gatos, Palo Alto and Saratoga, which each had eight sales in that price range
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 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.