Regional Spotlight: Northern California’s High-end
and Luxury Home Sales Increase
RISMEDIA, July 23, 2007—Second quarter sales of luxury-priced homes from $2.5 million and greater in seven Northern California counties served by Alain Pinel Realtors (APR) increased compared with the same quarter a year ago, while inventory declined in the seven combined counties for homes listed for sale and priced greater than $1.5 million in the quarter. The findings are from Alain Pinel Realtors’ quarterly Distinctive Homes & Estates Market Report.
For the seven counties combined – San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, Santa Cruz and Monterey, 333 homes sold at $2.5 million or greater in the recent quarter ending June 30, compared with 314 luxury-class homes sold in the same quarter a year earlier.
Inventory of homes offered for sale at $1.5 million or greater declined roughly five percent in the seven counties, with 1,089 listed for sale at the end of the second quarter this year compared with 1,150 homes on the market at $1.5 million or greater in the same quarter a year ago. The median asking price of the 1,089 homes listed for sale above $1.5 million in the seven counties was comparable, at $1.824 million as of June 30 this year versus the same date at the end of the second quarter 2006, when the median asking price was $1.809 million.
The economic engine known as Silicon Valley continues to have its affect on the high end and luxury-housing markets. The strongest data in sales and inventory for the second quarter emerged from Santa Clara County, where 22.97% more homes sold for $1.5 million or greater in the period – 364 versus 296 in the second quarter 2006, and sales at the luxury end north of $2.5 million spiked 49.25% in the period, with 100 homes sold compared with 67 homes sold in the second quarter 2006.
Inventory of homes listed for sale in Santa Clara County dropped also in both categories. There were 13.53% fewer homes on the market at the end of the second period this year at $1.5 million or greater and 21.17% fewer homes for sale priced above $2.5 million, compared with the second quarter 2006.
Inventory of homes for sale in San Francisco County priced from $1.5 million and above plummeted 46%, with just 27 homes available to purchase as this benchmark rate at the end of the quarter, versus 47 homes on the market at this price point or greater a year ago.
Contra Costa County experienced the greatest increase in inventory, with 95 homes for sale above $1.5 million in the second quarter this year compared with 64 homes on the market in the same period a year ago – a 48.44% increase.
During the second quarter 2007, Alain Pinel Realtors’ sales professionals participated in 265 homes that sold between $1.5 million and $2.499 million, 101 homes sold from $2.5 million to $4.99 million and 20 homes sold above $5 million.
The information on high-end and luxury-classed real estate sales trends is based on public records researched from the leading multiple listing services in region (SFMLS, REINFO and MAXEBRD). The quarterly data is compiled specifically for Alain Pinel Realtors by TrendGraphix Inc., a leading real estate information services provider based in Sacramento.
For more information, visit www.apr.com or call 408-741-1111.