Luxury home sales jump in Silicon Valley

High-end home sales and prices shot up in Santa Clara County in January.

Sales of homes priced at $2 million or higher were up 32 percent — from 47 to 62 such sales — compared to a year earlier. The median price of a luxury single-family home rose 7.6 percent to $2,577,500 from $2,395,000 in January 2016.

Mike James, president of Coldwell Banker, noted that “luxury homes took an average of 54 days to sell during the month, which is a bit longer than a year earlier but still a relatively quick pace for homes in that price range. The region faced a restricted level of available homes for sale and a very healthy level of buyer demand.”’

The county’s most expensive January sale was in Saratoga, where a five-bed, six-bath home — 9,648 square feet — fetched $10.5 million. (In case you are wondering, it is not the house in the photo above.)

Coldwell Banker, which tracks the high-end market on a monthly basis, defines a luxury home in Santa Clara County as one priced at $2 million or above. In the East Bay, it defines “luxury” differently — as a home with a minimum price tag of $1.5 million.

Earlier this week, the brokerage noted a sharp January dip in luxury sales in the East Bay. Only 54 high-end homes sold in Alameda and Contra Costa counties, down 19.4 percent from the 67 sold in January 2016. January’s median price for luxury East Bay homes slipped about two percent to $1,760,000 from $1,795,000 a year earlier.

But one month does not make a trend in real estate. So we will wait and see what Coldwell Banker reports in the months ahead.

Interestingly, the PropertyRadar real estate service issued a report on Bay Area home sales earlier this week that showed year-over-year growth only in the $1 million-and-up slice of the market. Those January sales were up 1.5 percent. However, the region’s grand total of home sales, across all price categories, slumped 9.4 percent from January 2016.

Top: Winemaker Paul Masson’s former chateau in the hills above Saratoga, CA. Built in 1936, it was listed for sale in August 2016 for $7 million. (Courtesy of Coldwell Banker)

 

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