Santa Clara County Luxury Home Sales Climb Again in July, Coldwell Banker Residential Brokerage Reports
Sales of million-dollar homes in Santa Clara County up to highest level since last fall, new report shows.
San Jose, CA, August 30, 2009 --(PR.com)-- Sales of million-dollar homes in Santa Clara County increased again in July to their highest level since last fall as the county’s luxury housing market continued to show encouraging signs of recovery, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 226 luxury properties changed hands in July, up from 215 in June and 148 sales in May. Sales still trailed last July’s total of 251, but the year-over-year gap has been narrowing each month this year. The $1.29 million median sale price last month was down just 2 percent from June and 6 percent from July 2008.
“Although we still have a ways to go, it’s encouraging to see that sales in the upper end of the South Bay market continue to improve and that prices are firming up as well,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The entry level segment of the housing market has been gaining momentum for some time, and we’re hopeful that the higher end is starting to gradually recover as well.”
Turley added that the current market represents an outstanding opportunity for move-up buyers who may be outgrowing their existing home. Although they may not be able to get as much for their property as they could have at the peak a year or two ago, larger and more expensive homes have also seen proportionate price declines that could translate into bigger savings for buyers.
“If your current home has declined 15 percent from its peak of $700,000, for instance, then you may net about $100,000 less when it comes time to sell,” he said. “But at the same time, it’s a good bet that the higher-priced home you’re considering has also dropped by 15 percent – if not more. So a home that was $1 million at its peak, for instance, may be on sale for $850,000 or $150,000 less, putting you ahead of the game when you trade up. The math can actually work in your favor.”
The improvement in Santa Clara County’s luxury market echoes the Bay Area’s overall housing market picture. DataQuick, the La Jolla-based research firm, announced earlier this month that sales in the Bay Area in July jumped to their highest level in four years, “as deals above $500,000 continue to accelerate,” the firm said in a statement. The median price paid for a home in the Bay Area also increased month-to-month for the fourth month in a row.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in July was an four-bedroom, 5,081-square-foot home in Monte Sereno that sold for $4.25 million;
San Jose boasted the most million-dollar sales in July with 50, followed by Palo Alto with 40, and Los Altos with 36;
It took an average of just 53 days to sell a million-dollar home in the county, the same as June and up from just 36 days a year ago;
Homes sold for an average of 94 percent of their asking price, up from 93 percent the previous month but down from 98 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.
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A total of 226 luxury properties changed hands in July, up from 215 in June and 148 sales in May. Sales still trailed last July’s total of 251, but the year-over-year gap has been narrowing each month this year. The $1.29 million median sale price last month was down just 2 percent from June and 6 percent from July 2008.
“Although we still have a ways to go, it’s encouraging to see that sales in the upper end of the South Bay market continue to improve and that prices are firming up as well,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The entry level segment of the housing market has been gaining momentum for some time, and we’re hopeful that the higher end is starting to gradually recover as well.”
Turley added that the current market represents an outstanding opportunity for move-up buyers who may be outgrowing their existing home. Although they may not be able to get as much for their property as they could have at the peak a year or two ago, larger and more expensive homes have also seen proportionate price declines that could translate into bigger savings for buyers.
“If your current home has declined 15 percent from its peak of $700,000, for instance, then you may net about $100,000 less when it comes time to sell,” he said. “But at the same time, it’s a good bet that the higher-priced home you’re considering has also dropped by 15 percent – if not more. So a home that was $1 million at its peak, for instance, may be on sale for $850,000 or $150,000 less, putting you ahead of the game when you trade up. The math can actually work in your favor.”
The improvement in Santa Clara County’s luxury market echoes the Bay Area’s overall housing market picture. DataQuick, the La Jolla-based research firm, announced earlier this month that sales in the Bay Area in July jumped to their highest level in four years, “as deals above $500,000 continue to accelerate,” the firm said in a statement. The median price paid for a home in the Bay Area also increased month-to-month for the fourth month in a row.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in July was an four-bedroom, 5,081-square-foot home in Monte Sereno that sold for $4.25 million;
San Jose boasted the most million-dollar sales in July with 50, followed by Palo Alto with 40, and Los Altos with 36;
It took an average of just 53 days to sell a million-dollar home in the county, the same as June and up from just 36 days a year ago;
Homes sold for an average of 94 percent of their asking price, up from 93 percent the previous month but down from 98 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.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
Stephen Maita
510.739.0620
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