LOS GATOS, Calif. – July 26, 2012 – Silicon Valley's luxury home
sales jumped 27 percent in June and the median sale price moved higher as the
high-end market continued to gain momentum, according to a new report by
Coldwell Banker Residential Brokerage, the South Bay's leading provider of
luxury real estate services.
A total of 146 homes sold for more
than $1.5 million in June, up sharply from the 115 properties that changed
hands a year ago. Last month's sales were down fractionally from May when 148
luxury homes sold.
The upper end of the luxury market
was particularly strong in June with 71 sales above $2 million compared to 52 a
year ago, and 20 transactions over $3 million, nearly double the 12 sales at
that price range last year.
Meanwhile, the median sale price
for a luxury home also moved higher, reaching $1,965,000 in June, up 3.4
percent from a year ago and 4.1 percent from the previous month, when the
median price stood at $1,887,500.
The figures were derived from
Multiple Listing Service data of all homes that sold for more than $1.5 million
last month in Santa Clara
“Silicon Valley's luxury market
continues to gain strength as the year goes along," said Rick
Turley, president of Coldwell Banker Residential Brokerage. "As with other luxury markets in the
Bay Area, including San Francisco and the Peninsula, there just aren't enough listings to meet the
demand of well-qualified buyers."
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, nine-bath 11,000-square-foot home in Los Altos that sold for $6.15 million;
Los Altos also boasted the most luxury sales with 46,
followed by Saratoga with 28, Palo Alto with 26, Los Gatos with 23, and
Cupertino with eight;
Homes sold in an average of 32 days compared to 49
days a year ago and 36 days the previous month;
Sellers on average received 101 percent of their
asking price compared to 103 percent the previous month and 100 percent a
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, the
company is recognized around the world for its expertise in the luxury housing
Coldwell Banker Residential
Brokerage serves Santa Clara County with 21 offices from Palo Alto to Hollister. For more information,
please call 925-275-3085.
About Coldwell Banker
Coldwell Banker Residential
Brokerage is the largest residential real estate brokerage in Northern
California and serves the markets from Monterey
to Tahoe and nearly every market in between. The company has 62 office
locations and more than 3,600 sales associates throughout Northern
California. Last year the company handled 13.5% of all
dollar volume sold in Northern California,
more than double its nearest competitor. Through its internationally
renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern
California, representing more than 22% of all dollar volume sold
of properties over $1 million. Coldwell Banker Residential
Brokerage is part of NRT LLC, the nation’s largest residential real estate
brokerage company. NRT has 750 offices and 45,000 sales associates operating in
more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT
operates Realogy’s company-owned real estate brokerage offices. For more
information please visit www.CaliforniaMoves.com
or call 925.275.3085. DRE #01908304.