Luxury Home Sales in Silicon Valley Rose in July
Luxury homes in the Silicon Valley saw an increase in total sales during the month of July year-over-year.
According to a new report by Coldwell Banker Residential Brokerage via Forbes, 717 residential properties priced at $1 million and above were sold during July throughout the Silicon Valley. That’s a 28.2 percent increase from July 2016, when Santa Clara County saw 559 luxury home sales.
Homes at the higher end of the price spectrum also experienced gains year-over-year. In July 2016, 33 homes priced at $3 million and above were sold. A year later, 50 homes were sold.
The median price of the luxury properties sold also saw an increase from $1.38 million in July 2016 up to $1.45 million in July 2017 — a five percent growth.
What this data shows is that despite the ever-increasing prices of luxury homes in the Bay Area, buyers are still snatching up houses and show no signs of slowing down anytime soon. According to Coldwell Banker, the average price of their Cupertino home listings has reached $1.8 million, while in Saratoga the average is even higher at $2.3 million.