Silicon Valley Million-Dollar Home Sales Jump to Highest Level in Two Years, Coldwell Banker Residential Brokerage Reports

Top Quote Silicon Valley's luxury housing market continues to rebound from its recessionary lows last month as sales of high-end properties jumped 24 percent from a year ago. End Quote
  • San Jose, CA (1888PressRelease) July 20, 2010 - Million-dollar home sales in Silicon Valley last month surged to their highest level in two years as the region's high-end housing market continued to improve, according to Coldwell Banker Residential Brokerage, the South Bay's leading provider of luxury real estate services.

    A total of 266 homes sold for more than $1 million in June, up 24 percent from the same period a year ago when 215 properties sold. Sales were also up 6 percent from May. It was the highest level for high-end sales since 288 properties changed hands in July 2008.

    While sales continued to jump, the median sale price of million-dollar homes was flat last month at $1.31 million, up fractionally from May's median of $1.3 million and down slightly from June 2009's median of $1.32 million. But home sellers are getting a higher percentage of their asking price - 99 percent on average last month compared to 93 percent a year ago.

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

    "Contrary to media reports that the housing market is struggling, home sales are still quite healthy, at least here in Santa Clara County," said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. "With interest rates at historic lows and sellers pricing their homes at attractive levels, buyers are responding."

    Turley cautioned that some of the sales could be related to the federal tax credit, which required buyers to be under contract by April 30 and close by June 30. Closed sales in June reflect transactions that were typically initiated a month or two before. With the credit expiring, the housing market could see a drop-off in the coming months, he said.

    "Between the expiration of the federal tax credit and the normal slowdown during the summer as people leave for vacations, it's possible that the market may pause to catch its breath," he said. "But I'm encouraged by the progress we've made so far this year, especially considering where we were just a year ago."

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

    The most expensive sale in Santa Clara County in June was a seven-bedroom, eight-bath 5,600-square foot home in Palo Alto that sold for $7.3 million;
    San Jose boasted the most million-dollar sales with 54, followed by Los Altos with 44, Palo Alto with 38, Saratoga with 31, Los Gatos with 29 and Cupertino with 27;
    It took an average of just 39 days to sell a million-dollar home in the county, down from 41 days the previous month and 53 days a year ago.

    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 or call 925.275.3085. DRE # 00313415.

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