Silicon Valley's Luxury Home Market Continues to Surge, Coldwell Banker Residential Brokerage Reports

San Jose, CA, May 26, 2012 --(PR.com)-- Silicon Valley's hot luxury housing market got even hotter last month with sales of high-end homes and the median sale price both surging, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area's leading provider of luxury real estate services.

A total of 128 homes sold for more than $1.5 million in April, up 16 percent from March and 23 percent from a year ago. Last month was the highest level since last November. The upper end of the luxury market also was extremely strong with 16 sales in excess of $3 million, six more than the previous month and one shy of last April's total.

Meanwhile, the median sale price for a luxury home also jumped last month. The median reached $2,072,500, up 8 percent from the previous month's price of $1,917,500 and up 7.5 percent from a year ago.

The figures were derived from Multiple Listing Service data of all homes that sold for more than $1.5 million last month in Santa Clara County.

“Silicon Valley's luxury market only seems to get hotter as we move through spring and toward the summer months,” said Rick Turley, president of Coldwell Banker Residential Brokerage. "With strong buyer demand and not enough homes on the market to go around we continue to see multiple offers on many homes and sales over asking price."

In some communities, inventory is down as much as 50 percent from a year ago. The shortage of listings has also resulted in homes selling faster and over the asking price, on average.

The properties that closed last month were on the market an average of just 35 days, down from 43 days the previous month and 50 a year ago. And sellers received 101 percent of their asking price on average compared to 98 percent last April.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

* The most expensive sale in Silicon Valley last month was a six-bedroom, seven-bath 4,154-square-foot home in Los Altos that sold for $5.75 million;

* Los Altos also boasted the most luxury sales with 34, followed by Saratoga with 31, Palo Alto with 27, Los Gatos with 14 and Cupertino with eight;

* Homes sold in an average of 35 days compared to 50 days a year ago and 43 days the previous month;

* Sellers on average received 101 percent of their asking price compared to 103 percent the previous month and 101 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 is recognized around the world for its expertise in the luxury housing market.

Coldwell Banker Residential Brokerage serves Santa Clara County with 21 offices from Palo Alto to Hollister. For more information, please call 925-275-3085.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. 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. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 750 offices and 45,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE #01908304.