Business & Real Estate

SV luxury home sales rise in September

The Silicon Valley luxury home market experienced a gain in total sales in September year-over-year, according to a report by Coldwell Banker Residential Brokerage.

A total of 59 residential properties priced $3 million and higher were sold in September, a 40 percent increase from 42 sales in September 2016. The median price for luxury properties sold in September dipped to $3.5 million from $3.875 million in September 2016, a slip of 9.7 percent. The totals are based on sales transactions recorded in Santa Clara County by the Multiple Listing Service.

“The luxury market in Silicon Valley is seeing a slight cooling in home prices,” said Mike James, president of Coldwell Banker Residential Brokerage, San Francisco Bay Area. “The slight dip in sales price year-over-year contributed to an increase in total sales throughout the month. Not only did sales spike, but homes also sold at a much faster pace.”

Sales in the upper end of the market remained steady. Of the luxury home sales in September, 19 were of homes priced $4 million and higher, the same as in the prior year.

Following are additional findings from the September Coldwell Banker Residential Brokerage luxury report.

• The most expensive home sale in Silicon Valley in September was a 7,683-square-foot home in Los Gatos with four bedrooms and five baths that sold for $9.8 million.

• Sellers received an average of 103 percent of their asking price in September, an increase from 98 percent in September 2016.

• Of the 59 total luxury sales in September, 35 sold at or above asking price.

• Luxury homes sold in an average of 34 days in September, compared to 40 days in September 2016.

• With six of the top 10 most expensive sales, Los Altos reclaimed the top spot for luxury home sales from Palo Alto.

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