Bay Area luxury home sales down in Silicon Valley, up in East Bay

Silicon Valley’s luxury home market took a hit in December, with both sales and prices down from a year earlier.

A monthly report from Coldwell Banker shows there were 78 sales of homes priced at $2 million and up, a 25.6 percent tumble from 98 sales in December 2015. The year-over-year median price for luxury properties dropped 6.5 percent, from $2,597,500 to $2,438,000. The upper tier of the market — $3 million and up — fell, too, with 19 sales in December, compared with 26 in December 2015.

The report is based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.

“Restricted inventory levels have certainly affected the luxury market, as many buyers have been frustrated by the lack of homes available for sale,” said Mike James, president of Coldwell Banker Residential Brokerage.

Still, James saw a silver lining: “Luxury homes were selling at a relatively quick pace last month… indicating that buyer demand is still very healthy. Silicon Valley continues to draw buyers because of its solid economy and jobs market.”

In the East Bay, the picture was sunnier as luxury sales and prices increased year-over-year in December. (Coldwell Banker defines a “luxury” home in Alameda and Contra Costa counties as one that sells for $1.5 million and up; in pricier Santa Clara County, “luxury” is defined as $2 million and up.)

In December, 92 homes priced at $1.5 million and higher sold in the East Bay, a 5.7 percent jump from 87 sales in December 2015. During the same period, the median price for luxury homes rose by about 3 percent, from $1,845,000 to $1,900,000. In the upper tier — $2 million and up — there were 37 sales in December, compared to 25 in December 2015.

“The East Bay’s luxury market saw a bump-up in sales in December as some consumers hurried to take advantage of the favorable mortgage interest rates and to make their purchase before the year’s end,” James commented. “The market experienced a shift during the year, however, as conditions that were once more advantageous to sellers became a bit more balanced.”

A couple of tidbits:

The most expensive sale in the East Bay was a 4,486-square-foot house with five bedrooms and six baths in Piedmont that went for $3,895,000.

The most expensive sale in Silicon Valley was a 7,800-square-foot house in Los Altos with seven bedrooms and eight baths that sold for $11.2 million.

Photo: A home for sale in Palo Alto. (Paul Sakuma/AP)

 

 

 

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