Luxury Home Sales Still Rising

Posted on February 6, 2014 by  
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StonebrookSilicon Valley’s luxury housing market capped a strong year in 2013 with sales edging up 8.9 percent in December over a year ago, according to the latest luxury housing market report.

The figures are based on Multiple Listing Service data of all homes sold for more than $1.5 million in December 2013 in Santa Clara County.

A total of 122 luxury homes sold in December, up from the 112 sales in December 2012. On a monthly basis, high-end December sales were below November’s 151 transactions, though a decline from November to December isn’t unusual.

The median December 2013 sale price of a luxury home in Silicon Valley was $1.9 million, nearly 1 percent higher than the previous month but down 3.6 percent from a year ago, when the median price was $2 million. The upper end of the luxury market recorded 59 sales of more than $2 million, up from 57 a year ago. The 13 sales in excess of $3 million were down from 19 a year ago.

Other key market indicators improved on an annual basis, with homes selling faster on average in December versus a year earlier and sellers receiving a higher percentage of their asking price on average.

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