The Silicon Valley luxury home market saw a gain in total sales in June year-over-year, according to a new report by Coldwell Banker Residential Brokerage, one of the Bay Area’s leading real estate services companies.
A total of 870 residential properties priced $1 million and higher were sold last month, a 29 percent increase from 673 sales in June 2016 and up from 785 sales in May. The median price for luxury properties sold in June dipped to $1,438,844 from $1,455,000 in June of 2016, a 1 percent slip. The data is based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.
“While the number of home sales increased dramatically in June, home prices stayed level, which encouraged buyers,” said Mike James, president of Coldwell Banker Residential Brokerage San Francisco Bay Area.
Sales in the upper end of the market also experienced gains. Of the luxury home sales in June, 78 were of homes priced $3 million and higher, compared to 51 sales in the prior year and 67 properties in May.
Below are some additional findings from the June Coldwell Banker Residential Brokerage luxury report:
- The most expensive home sale in Silicon Valley in June was a 5,330-square-foot home in Palo Alto with five bedrooms and five baths that brought in $15,100,000
- Sellers received an average of 107 percent of their asking price in June, which held level from May, but increased from 103 percent compared to June 2016
- Of the 870 total luxury sales in June, 690 sold at or above asking price
- Luxury homes sold in an average of 17 days on the market in June, compared to 20 days in June 2016
- With six of the top 10 most expensive sales, Los Altos once again claimed the top spot for luxury home sales
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.