Wednesday, August 31, 2011

Silicon Valley Luxury Home Sales in California Down in July, Coldwell Banker Residential Brokerage Reports

Los Gatos, CA, Aug. 31, 2011 --( After a strong performance in June, the Silicon Valley luxury housing market took a breather in July with sales of million-dollar homes down from June and year-ago levels, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.

“Like the overall market, the luxury segment of the Silicon Valley housing market took a step back in July after a robust June,” said Rick Turley (top right photo), president of Coldwell Banker Residential Brokerage.

“It’s hard to put your finger on any single reason, but continued uncertainty over the economy and the geo-political events taking place, both in Washington and overseas, probably played a role. High-end buyers appeared to be sitting on the sidelines last month waiting for things to get sorted out.”

Turley said the same softness in Santa Clara County was seen throughout the Bay Area in July. According to DataQuick, the La Jolla-based information service company, 6,887 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 13.9 percent from 7,998 in June and up 1.7 percent from 6,773 in July 2010.

A total of 208 homes sold for more than $1 million in Santa Clara County last month compared with 244 homes in July 2010. Sales were off sharply from the 284 homes sold in June, which represented the most million-dollar deals in Silicon Valley for any month in nearly three years.

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Coldwell Banker Residential Brokerage
Stephen Maita

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