Luxury Million Dollar Home Sales

by vbrasil on February 23, 2010

Sales of million-dollar homes in Santa Clara County declined sharply in January from December and a year ago although the median sale price edged higher

Coldwell Banker reported that a total of 54 homes sold for more than $1 million in the county, down from 172 in December and 98 a year ago. While home sales typically fall from December to January, the decline was sharper than normal.

While sales fell, the median sale price climbed 3.6 percent from the previous month and 4 percent from January 2009 to $1.35 million.

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, 4.5-bath, 4,656-square-foot home in Monte Sereno that sold for $4.195 million;
  • Palo Alto had the most million-dollar sales in January with 12, followed by Cupertino, Los Altos and Los Gatos with eight each and San Jose with seven;
  • It took an average of 73 days to sell a million-dollar home in the county, up from 61 days the previous month and 71 days a year ago.

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