Santa Clara County Luxury Home Sales Continue to Rise, Coldwell Banker Residential Brokerage Reports

San Jose, CA, July 25, 2009 --( Sales of million-dollar homes in Santa Clara County moved sharply higher again in June to their highest level since last fall as the county’s luxury housing market continued to show signs of a turnaround, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 215 luxury properties changed hands in June, up 45 percent from the 148 sales in May. Although sales still trailed last June’s total of 288, the year-over-year decline continued to shrink. The $1.315 million median sale price last month was off 6.8 percent from May and 6.6 percent from June 2008 as home buyers gravitated toward more affordable properties.

“With sales continuing to move higher, there are growing signs that the housing market – including the high-end – is leveling off and possibly starting to recover,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “The low end of the market has been in demand for a while now, but the improvement is beginning to cascade to other segments of the market, including the move-up market and luxury segment.”

Turley said open houses are attracting strong turnouts and buyers appear more confident about the economy and the housing market in particular. Although move-up sellers may not be able to get as much for their existing homes as they could have a year or two ago, the savings on their next home more than offsets the difference, he said.

The improvement in Santa Clara County’s luxury market is in line with the Bay Area’s overall housing market. DataQuick, the La Jolla-based research firm, announced this week that sales in the Bay Area jumped to their highest level in almost three years, “the result of improved mortgage availability and a perception among potential buyers that prices have bottomed out,” the firm said in a statement. The median price paid for a home increased month-to-month for the third month in a row.

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

The most expensive sale in Santa Clara County in June was an six-bedroom, five-bath, 6,855-square-foot home in Los Altos that sold for $7 million;
Los Altos boasted the most million-dollar sales in June with 48, followed by Palo Alto with 38, San Jose with 31, Cupertino with 28 and Saratoga with 25;
It took an average of 53 days to sell a million-dollar home in the county, the same as May and up from just 32 days a year ago;
Homes sold for an average of 93 percent of their asking price, the same as last month, but down from 98 percent a year ago;

The Santa Clara County Luxury Home 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. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.

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 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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 or call 925.275.3085.

Coldwell Banker Residential Brokerage
Stephen Maita