San Jose, CA, Nov. 25, 2011 --(PR.com)-- Luxury home sales in Silicon Valley declined slightly in October compared to the previous month, but the median sale price edged higher, according to Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.
A total of 161 homes sold for more than $1 million in Santa Clara County last month compared to 168 in September. At the same time, the median sale price of a million-dollar-plus home climbed 1.5 percent to $1,350,000 from the previous month.
Sales in October were off more sharply when compared to 2010 when 204 high-end properties changed hands. The median sale price was also 2.5 percent lower than last year when it stood at $1,385,000.
“Silicon Valley’s high-end market continues to be one of the strongest segments of the local real estate market,” said Rick Turley (lower right photo), president of Coldwell Banker Residential Brokerage. “This is consistent with what we’re seeing elsewhere around the Bay Area, especially in San Francisco, the Peninsula and Marin County.”
Turley said that the numbers, while showing a much-improved luxury market in 2011, don’t tell the entire story. “A number of very expensive sales weren’t even reported on the MLS, so the actual increase in sales could be much higher,” he said. “Affluent buyers are viewing real estate as a good, long-term investment at current prices, especially compared to the volatility of the stock market.”
For more information please visit http://www.californiamoves.com/ or call 925.275.3085. DRE # 00313415.
Contact:
Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
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