Silicon Valley Luxury Home Prices Up in January, Coldwell Banker Residential Brokerage Reports
Summary
“With the rebound in the stock market, especially in the past few months, I think more buyers have the resources to make a sizeable purchase and are feeling more confident about the state of the economy going forward,” he noted.Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million.### Los Gatos, CA, March 04, 2012 --( PR.com )-- Luxury home prices in Silicon Valley jumped sharply in January from a year ago, although sales were essentially flat, according to a new report by Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.The median sale price for all homes over $1.5 million in Santa Clara County in January reached $2,067,500, up 18.5 percent from the same period a year ago and 8.8 percent from the previous month.While prices moved higher, luxury sales were flat during the first month of the new year.But as word gets out that the housing market is steadily improving and homeowners are getting good prices for their properties, I think more sellers will get off the fence and jump in.”There are a variety of factors spurring activity in the luxury market, Turley said, including an improving economy, continued low mortgage rates, and sharp gains in the financial markets.“With the rebound in the stock market, especially in the past few months, I think more buyers have the resources to make a sizeable purchase and are feeling more confident about the state of the economy going forward,” he noted.Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:- The most expensive sale in Silicon Valley last month was a five-bedroom, six-bath 7,851-square-foot home in Saratoga that sold for $4.35 million;- Palo Alto boasted the most luxury sales over $1.5 million with 10, followed by Saratoga with seven, Los Altos with four and Los Gatos with three;- Homes sold in 66 days on average, down from 87 days a year ago but up from 64 days the previous month;- Sellers on average received 101 percent of their asking price compared to 97 percent the previous month and 95 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 leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million.