Santa Clara County Luxury Home Sales Rise in April, Coldwell Banker Residential Brokerage Reports
San Jose, CA, June 04, 2009 --(PR.com)-- Santa Clara County’s luxury housing market continued to show some encouraging signs in April with sales of million-dollar homes rising to their highest level since October and properties selling at a much faster rate, according to a new report by Coldwell Banker Residential Brokerage, Silicon Valley’s leading provider of real estate services. The median sale price continued to decline, but the drop has leveled off from recent months.
A total of 104 luxury properties changed hands in April, up from 91 in March and the highest level since last October. Homes also sold faster than in recent months, with sales closing in 51 days on average compared to 63 days the previous month. However, sales still were just about half of the 218 luxury homes that sold in the same month a year ago. The $1.3 million median sale price last month was down 3.7 percent from March and 8.9 percent from April 2008.
“Between sales picking up and homes selling faster, we continued to see some encouraging signs last month that the high-end housing market in Santa Clara County is gradually coming back to life,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “It’s too early to say for sure that we’ve turned the corner, but from all indications business certainly seems to be picking up in the luxury market.”
Turley said there appears to be a growing sentiment – from the national news media to consumers themselves – that the housing market has bottomed out. In addition, he said the stabilization of the financial markets, along with improvement in the stock market, seem to be triggering more positive attitudes among buyers.
“We are seeing increased activity in all of the cities in Santa Clara County,” Turley said. “We’ve been getting good turnouts of potential buyers at open houses, and there seems to be more serious buyers out there. I think people understand that this buyer’s market and the extremely low interest rates won’t last forever. This seems to be prompting more and more people to get off the sidelines and jump into the market while prices and rates are still low.”
As with the luxury end of the market, the overall housing market in the Bay Area has also shown signs of a bottoming out. Dataquick, the La Jolla-based real estate information services company, reported that the number of all homes sold in the Bay Area rose for the eighth month in a row in April, while the decline in median prices has eased from the sharp drop-off of recent months.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in April was a four-bedroom, four and a half bath, 5,713-square-foot home in Los Altos that sold for $7.8 million;
Palo Alto boasted the most million-dollar sales in April with 25, followed by Los Altos with 17 and Los Gatos and Cupertino with 12 each;
Homes sold for an average of 91 percent of their asking price, about even with the last month’s 92 percent but down from 99 percent a year ago.
The Santa Clara County Luxury Home 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. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
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 Residential Brokerage
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 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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 # 00313415.
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A total of 104 luxury properties changed hands in April, up from 91 in March and the highest level since last October. Homes also sold faster than in recent months, with sales closing in 51 days on average compared to 63 days the previous month. However, sales still were just about half of the 218 luxury homes that sold in the same month a year ago. The $1.3 million median sale price last month was down 3.7 percent from March and 8.9 percent from April 2008.
“Between sales picking up and homes selling faster, we continued to see some encouraging signs last month that the high-end housing market in Santa Clara County is gradually coming back to life,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “It’s too early to say for sure that we’ve turned the corner, but from all indications business certainly seems to be picking up in the luxury market.”
Turley said there appears to be a growing sentiment – from the national news media to consumers themselves – that the housing market has bottomed out. In addition, he said the stabilization of the financial markets, along with improvement in the stock market, seem to be triggering more positive attitudes among buyers.
“We are seeing increased activity in all of the cities in Santa Clara County,” Turley said. “We’ve been getting good turnouts of potential buyers at open houses, and there seems to be more serious buyers out there. I think people understand that this buyer’s market and the extremely low interest rates won’t last forever. This seems to be prompting more and more people to get off the sidelines and jump into the market while prices and rates are still low.”
As with the luxury end of the market, the overall housing market in the Bay Area has also shown signs of a bottoming out. Dataquick, the La Jolla-based real estate information services company, reported that the number of all homes sold in the Bay Area rose for the eighth month in a row in April, while the decline in median prices has eased from the sharp drop-off of recent months.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in April was a four-bedroom, four and a half bath, 5,713-square-foot home in Los Altos that sold for $7.8 million;
Palo Alto boasted the most million-dollar sales in April with 25, followed by Los Altos with 17 and Los Gatos and Cupertino with 12 each;
Homes sold for an average of 91 percent of their asking price, about even with the last month’s 92 percent but down from 99 percent a year ago.
The Santa Clara County Luxury Home 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. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
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 Residential Brokerage
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 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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 # 00313415.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
Stephen Maita
510.739.0620
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