Luxury home sales In Silicon Valley continue to rise like an IPO
Silicon Valley’s luxury housing market had a very strong year with 2013 sales up approximately 9 percent in December compared to a year ago. The figures are based on MLS data for homes selling over $1.5 million and does not include off market sales figures, which would drive the numbers even higher.
A total of 122 luxury homes sold in December, up from 112 that sold in December 2012. The median sales price for a luxury home was $1.9 million, which was down slightly from the $2.o million dollar average from 2012.
Palo Alto had the most luxury sales with 31, followed by Los Altos with 27 and Saratoga with 22. Sellers also received an average of 104 percent of their asking price.
Supply is still much lower than demand, so expect prices to continue the trend of rising. I’m still seeing lots of multiple offers at all price points along the Peninsula and Silicon Valley.
