High-End Home Sales Surged in Silicon Valley in January

Million-dollar home sales in Silicon Valley rose sharply last month compared to January 2010 as the upper end of the market continued to gain traction in the new year, according Coldwell Banker Residential Brokerage, the South Bay’s leading provider of luxury real estate services.

A total of 98 homes sold for more than $1 million in Santa Clara County in January, up more than 80 percent from the same period a year ago when just 54 luxury homes changed hands. Last month’s sales were down from December’s level of 158, although sales typically fall from December to January.

The median sale price of million-dollar properties dipped to $1,297,500 in January, off 3.9 percent from December’s median and 4 percent from January 2010. Two other key market indicators also improved in January. It took 68 days on average to sell a million-dollar home in the county last month, down from 73 days a year ago. And sellers received 97 percent of their asking price, up from 90 percent last year.

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