Million Dollar Home Sales Rise 28% in Silicon Valley, Coldwell Banker Residential Brokerage Reports
Los Gatos, CA, September 18, 2010 --(PR.com)-- Million-dollar home sales in Silicon Valley rose sharply in August compared to a year ago but were down slightly from July as the region’s high-end market continued to recover from its recessionary lows, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.
A total of 221 homes sold for more than $1 million in Santa Clara County in August, up 28 percent from August 2009 when 172 properties changed hands. It was the seventh straight monthly year-over-year sales improvement for the high-end market. However sales did decline 9.4 percent from July. The drop was anticipated following the expiration of the federal tax credit deadline.
The median sale price of million-dollar homes dipped slightly last month to $1.35 million, down fractionally from $1.36 million in July and off 2.8 percent from $1.39 million a year ago.
Two other measurements showed improvement last month: It took an average of just 36 days to sell a million-dollar home in Santa Clara County, down from 53 days a year ago and 41 in July; and sellers received 98 percent of their asking price on average, up from 93 percent in August 2009.
In the upper end of the luxury market, 36 homes sold for more than $2 million in August, up from just 26 homes a year ago but down from 45 homes in July. In the $3 million and above category, six homes sold last month, the same as a year ago but down from 12 homes 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 last month.
“The high-end housing market in Silicon Valley continues to improve slowly but steadily,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Like the economy itself, the recovery in the housing market is fragile and is coming in fits and starts. But the numbers show we’re significantly ahead of where we were a year or two ago, and that’s reason for encouragement.”
Turley pointed to recent comments from California Association of Realtors chief economist Leslie Appleton-Young, who said the Bay Area is rebounding faster than other regions. "Right now, the Bay Area is leading California's recovery because the area has fewer subprime loans and…is truly unique, with unique properties," she said at a recent Silicon Valley Association of Realtors meeting in Palo Alto last week, according to Realty Times.
However, Turley cautioned that Silicon Valley’s high-end market – as other housing markets – will continue to face economic headwinds in the months ahead as long as the nation’s economic recovery remains fragile and the unemployment numbers high. “Silicon Valley certainly has a stronger economic base than most regions, but until the jobless numbers improve we’re likely to see more challenges to the housing market,” he said.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in August was a six-bedroom, seven-bath 6,614-square foot home in Saratoga that sold for $5.65 million;
San Jose boasted the most million-dollar sales with 52, followed by Los Altos with 38, Palo Alto with 33, Saratoga with 27, and Los Gatos and Cupertino with 19 each;
It took an average of 36 days to sell a million-dollar home in the county, down from 53 days a year ago and 41 days the previous month.
The Santa Clara County Million-Dollar 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.
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 58 office locations and more than 3,300 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 760 offices and 46,000 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 221 homes sold for more than $1 million in Santa Clara County in August, up 28 percent from August 2009 when 172 properties changed hands. It was the seventh straight monthly year-over-year sales improvement for the high-end market. However sales did decline 9.4 percent from July. The drop was anticipated following the expiration of the federal tax credit deadline.
The median sale price of million-dollar homes dipped slightly last month to $1.35 million, down fractionally from $1.36 million in July and off 2.8 percent from $1.39 million a year ago.
Two other measurements showed improvement last month: It took an average of just 36 days to sell a million-dollar home in Santa Clara County, down from 53 days a year ago and 41 in July; and sellers received 98 percent of their asking price on average, up from 93 percent in August 2009.
In the upper end of the luxury market, 36 homes sold for more than $2 million in August, up from just 26 homes a year ago but down from 45 homes in July. In the $3 million and above category, six homes sold last month, the same as a year ago but down from 12 homes 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 last month.
“The high-end housing market in Silicon Valley continues to improve slowly but steadily,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Like the economy itself, the recovery in the housing market is fragile and is coming in fits and starts. But the numbers show we’re significantly ahead of where we were a year or two ago, and that’s reason for encouragement.”
Turley pointed to recent comments from California Association of Realtors chief economist Leslie Appleton-Young, who said the Bay Area is rebounding faster than other regions. "Right now, the Bay Area is leading California's recovery because the area has fewer subprime loans and…is truly unique, with unique properties," she said at a recent Silicon Valley Association of Realtors meeting in Palo Alto last week, according to Realty Times.
However, Turley cautioned that Silicon Valley’s high-end market – as other housing markets – will continue to face economic headwinds in the months ahead as long as the nation’s economic recovery remains fragile and the unemployment numbers high. “Silicon Valley certainly has a stronger economic base than most regions, but until the jobless numbers improve we’re likely to see more challenges to the housing market,” he said.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Santa Clara County in August was a six-bedroom, seven-bath 6,614-square foot home in Saratoga that sold for $5.65 million;
San Jose boasted the most million-dollar sales with 52, followed by Los Altos with 38, Palo Alto with 33, Saratoga with 27, and Los Gatos and Cupertino with 19 each;
It took an average of 36 days to sell a million-dollar home in the county, down from 53 days a year ago and 41 days the previous month.
The Santa Clara County Million-Dollar 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.
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 58 office locations and more than 3,300 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 760 offices and 46,000 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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