Sat08302014

Business & Real Estate

Luxury-home sales dip in county

Million-dollar home sales in Silicon Valley scaled back in May, but the median sale price moved higher from the same month last year, according to information from Coldwell Banker Residential Brokerage.

A total of 230 homes sold for more than $1 million in Santa Clara County last month, down from 237 in April and 251 in May last year. However, the median sale price jumped 5.3 percent more than last year’s to $1.37 million in May, while the median was essentially flat from April’s level.

Other market indicators remained stable or improved last month: 42 multimillion-dollar homes sold in May, up from 35 a year ago; buyers, on average, received 100 percent of their asking price, up from 99 percent last year; and homes sold faster last month, taking an average of 34 days compared with 41 in April and in May of last year.

“Although sales did ease slightly, it’s encouraging for sellers and all homeowners that prices are gradually moving higher again. That trend bodes well for the market’s recovery,” said Rick Turley, president of Coldwell Banker.

Turley noted that in many communities, including Los Altos, Palo Alto and Cupertino, it’s not uncommon for homes to attract three or more offers and to sell for more than the asking price.

Other key findings from Coldwell’s May luxury-home report:

•Â The most expensive sale in the county last month was a six-bedroom, eight-bath, 7,035-square-foot property in Los Gatos that sold for $5.75 million.

•Â Palo Alto boasted the most million-dollar sales with 52, followed by Los Altos and San Jose, with 41 each.

For more information, visit www. californiamoves.com.

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