Luxury Home Sales in Silicon Valley Surge in January, Coldwell Banker Residential Brokerage Reports

Los Gatos, CA, February 26, 2011 --( Million-dollar home sales in Silicon Valley rose sharply last month compared to January 2010 as the upper end of the market continued to gain traction in the new year, according Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 98 homes sold for more than $1 million in Santa Clara County in January, up more than 80 percent from the same period a year ago when just 54 luxury homes changed hands. Last month’s sales were down from December’s level of 158, although sales typically fall from December to January.

The median sale price of million-dollar properties dipped to $1,297,500 in January, off 3.9 percent from December’s median and 4 percent from January 2010.

Two other key market indicators also improved in January. It took 68 days on average to sell a million-dollar home in the county last month, down from 73 days a year ago. And sellers received 97 percent of their asking price, up from 90 percent last year.

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

“The new year is off to a good start for the luxury market with a lot of interest by buyers who have been sitting on the fence over the past couple of years,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Consumers are feeling more confident every day that the economy is picking up and the job market is improving. That translates into greater confidence in real estate investments.”

Turley added that buyers of high-end homes are also greatly influenced by the financial markets, especially in Silicon Valley. And with tech companies reporting stronger earnings and the stock market up sharply over a year ago, many investors have the capital to move ahead with larger real estate purchases, he said.

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

The most expensive sale in Santa Clara County in January was a five-bedroom, seven-bath 7,500-square foot home in Los Altos that sold for $7.5 million;
San Jose boasted the most million-dollar sales with 25, followed by Los Gatos with 18, Los Altos with 14, and Palo Alto with 13;
It took an average of 68 days to sell a million-dollar home in the county, down from 73 days a year ago but up from the previous month’s average of 59 days.

The Santa Clara County Million-Dollar 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.

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 58 office locations and more than 3,300 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 760 offices and 46,000 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. DRE # 00313415.

Coldwell Banker Residential Brokerage
Stephen Maita