Sales of million dollar homes are increasing

By
Real Estate Broker Owner with Catarra Real Estate, Inc CA BRE #01191946

I read an article this morning that sales of million dollar homes in both San Mateo and Santa Clara counties rose in May.  The most expensive home sold in either county in May was in Los Altos Hills, a 5,324 sq. ft. home that sold for $5.95 million.

Overall in Los Altos, the market is much stronger than last year.  There were 22 sales, all over a million with the lowest price being $1.12 million for a nice home on West Portola.  That's in line with 22 sold homes in May, 2009.  However, the average and median prices are up about 10%.

The market in Los Altos under $1.5 million is on FIRE with most homes selling in their first week, many with multiple offers.  However, as prices move over $2 million the market slows a bit and is much cooler closer to $3 million.

There has been no slowdown in June so far (I've sold two homes in Los Altos this month) and I expect the market to continue to be strong through the end of summer.

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Topic:
Home Buying
Location:
California Santa Clara County Los Altos
Groups:
Realtors®
San Francisco Bay Area Real Estate
Tags:
los altos sales

Comments 1 New Comment

Rainmaker
645,151
Team Honeycutt
Allen Tate

In our area we are seeing more homes in the higher price range sell than we expected.  Hope it continues.

June 15, 2010 05:32 PM
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Bryan Robertson

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Additional Information

Read about news, reviews, and commentary about current events and trends in the real estate industry. I also write about local markets including Silicon Valley and my hometowns - Los Altos and Saratoga.