Luxury Market - Silicon Valley - an update...

Silicon Valley’s Luxury Home Sales Soar Again in May

Posted on June 20, 2012  - from our Coldwell Banker posts.
Silicon Valley’s luxury housing market turned in another stellar month in May as high-end property sales soared from the previous month and year-ago levels, according to a new report by Coldwell Banker Residential Brokerage.

A total of 148 homes sold for more than $1.5 million in May, up a whopping 59 percent from May 2011, when 93 high-end properties changed hands. Last month’s sales were also nearly 16 percent higher than April’s total. May had the most monthly sales since last November.

The upper end of the luxury market also turned in an extremely strong performance in May with 57 sales above $2 million compared to 42 a year ago, and 14 transactions over $3 million, nearly double the eight sales at that price range last year.

The median sale price for a luxury home was essentially flat from a year ago, measuring $1,887,500 last month and $1.9 million in May 2011.

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 County.

“Silicon Valley is showing all of the signs of a classic seller’s market with strong buyer demand, a severe shortage of home listings to choose from, and multiple offers on many properties,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “With inventory levels remaining near record lows, I suspect we’ll continue to see this scenario play out, at least for the near term.”

In many areas of the South Bay, inventory is down 30-50 percent from just a year ago, leaving the scales of supply and demand tipped heavily in favor of sellers. Multiple offers are becoming the norm in a number of communities and homes are often selling for more than the asking price – sometimes much more.

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, seven-bath 4,500-square-foot home in Palo Alto that sold for $5,098,000;
■Palo Alto and Los Altos tied for the most luxury sales with 40 apiece, followed by Saratoga with 23, and San Jose and Los Gatos with 15 each;
■Homes sold in an average of 36 days compared to 41 days a year ago and 35 days the previous month;
■Sellers on average received 103 percent of their asking price compared to 101 percent the previous month and 99 percent a year ago.

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 market.

Thanks for reading!
Francis
http://www.frolland.com/

Silicon Valley Luxury Home Prices Jump in December ...

Silicon Valley Luxury Home Prices Jump in December, Coldwell Banker Residential Brokerage Reports.

Luxury home prices in Silicon Valley moved higher once again last month as the region’s high-end market continued to gain momentum, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

The median sale price for a million-dollar-plus home in Santa Clara County reached $1,471,000, up 8.9 percent from a year ago and 6 percent from November, when it stood at $1,387,000. ....

....Turley said the challenge for the South Bay’s real estate market continues to be a shortage of homes for sale, not lack of buyers.

“I think it’s important for sellers to get the message that the market is getting better in many areas and there are buyers willing to pay competitive prices for homes,” he said. “If you’ve been thinking about putting your home on the market, you shouldn’t wait any longer. It’s time to jump in.”  .....

See the full article on this Coldwell Banker Residential Brokerage Report.

Francis

Silicon Valley Real Estate

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The digital edition of the Previews Magazine winter issue has just been released. Click to see some of the most spectacular homes Northern California has to offer.

Francis Rolland

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The luxury market in the Silicon Valley….

A total of 207 homes sold for more than $1 million in Santa Clara County in August, essentially flat from the previous month’s 208 transactions but down from the 221 sales recorded in August 2010.
However, the median sale price of a million-dollar home in the South Bay climbed to $1,387,000, up 2.7 percent from the $1.35 million median sale price recorded in July and August of last year.

Other metrics also showed the high-end market continues to recover: There were 41 multi-million-dollar sales last month, up from 34 in July and 36 in August 2010. And sellers received 100 percent of their asking price on average, up from 98 percent a year ago and 99 percent the previous month.

The figures were derived from Multiple Listing Service data of all homes sold in Santa Clara County for more than $1 million in August.

“The luxury segment of the Silicon Valley housing market continues to strengthen, along with the high-end markets in other parts of the Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Both sales and prices are firming up in the South Bay, San Francisco, the Peninsula and Marin County. That could be a leading indicator of how the overall market will fare in the months ahead.”

Turley noted that the high-end market often recovers first following a downturn. Last month, DataQuick, the La Jolla-based real estate research firm, reported that overall sales in the Bay Area last month rose 12.2 percent, although the median price dipped 3.9 percent.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

• The most expensive sale in Santa Clara County last month was a five-bedroom, nine-bath 6,400-square foot home in Los Gatos that sold for $5.2 million;

• Los Altos boasted the most million-dollar sales last month with 43, followed by Palo Alto with 33, San Jose with 32, Saratoga with 29, and Cupertino with 17;

• Homes closing last month stayed on the market an average of 38 days, the same as the previous month and up from 36 days a year ago.

The Silicon Valley Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales.

Thanks for reading!
Francis Rolland

Silicon Valley Real Estate

Local market trends

useful links