Which Silicon valley city had the most luxury sales?

 

Jul 29, 2013, 10:05am PDT

Which Silicon valley city had the most luxury home sales?

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High-end home sales are up 24 percent year over year, with Los Altos sporting the most luxury sales.

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Nathan Donato-Weinstein

Real Estate Reporter- Silicon Valley Business Journal

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Deep-pocketed buyers snapped up expensive homes in Silicon Valley at a faster clip last month, with luxury home sales rising 24 percent compared to the same period a year ago.
The sales data comes from Coldwell Banker Residential Brokerage, which tracks monthly sales of homes more than $1.5 million.
The brokerage said 181 luxe residences sold in June 2013, up from 146 in June 2012. That was down a tad from May, when 190 sold.
“Silicon Valley's luxury market continues to gain strength, although not quite at the feverish pace we saw in May and earlier in the spring," said Rick Turley, president of Coldwell Banker Residential Brokerage. " Still, the market posted strong sales gains compared to last year at this time.
Coldwell Banker released the following facts in a news release:

• The most expensive sale in Silicon Valley last month was a three-bedroom, five-bath approximately 3,700-square-foot home in Palo Alto that sold for $5.75 million
• Los Altos boasted the most luxury sales with 43, followed by Palo Alto and San Jose with 26, Los Gatos with 24, and Saratoga with 22
• Homes sold in an average of 24 days, down from 32 days a year ago but up from 27 days the previous month
• Sellers received an average of 106 percent of their asking price, up from 101 percent a year ago and 105 percent the previous month.

Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.

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