Back Home2015 Bay Area Luxury Sales Exceed Last Year’s Pace and Volume
The luxury housing market around the Bay remains strong heading toward spring, with sales and prices climbing in most areas. However, a shortage of inventory is having an impact in communities where listings are even more scarce than they were last year at this time. Communities such as Palo Alto and Los Altos are extremely thin inventory-wise.
Sales over $1.5 million in Silicon Valley jumped 22 percent in January from a year ago, according to the latest luxury market report. The upper end of Silicon Valley’s luxury market was particularly robust with 50 sales over $2 million, double the number last year, and 19 sales over $3 million, nearly triple the seven sales at that level a year ago.
Meanwhile, the median sale price of a luxury home in Silicon Valley climbed to $2.1 million in January, up 9.4 percent from a year ago when the median stood at $1,920,000. Prices were also up from December’s $1,915,000 median. Up in the North Bay, a severe shortage of listings is starting to impact sales. The Marin County luxury market report announced 24 sales over that $1.5 million level in January, down from 29 in January 2014. And the median sale price dropped to $1,915,000 from $2,385,500 in December and $3,075,000 in January 2014.
