High-end Housing Market Sold More and More Luxury Homes

March 21, 2011 / Russell Legato, Residential Property Analyst

Luxury homes in the million-dollar housing market in the southern part of the San Francisco Bay Area in Northern California is gaining more strength in the month of February compared to January, and last year, according to a provider of real estate listings in San Diego, Los Angeles, San Francisco, Orange County, Ventura, and other California cities and counties — Coldwell Banker Residential Brokerage.

High-end Housing Market Sold More and More Luxury Homes

Inline with the increasing sales of luxury homes, residential real estate market in Maui, Hawaii is also shows new signs of development as demand for luxury homes and other high end properties are increasing. Real estate professionals in Maui are said to record soaring sales for luxury homes with serious offers and quick escrows.

In Santa Clara County in Silicon Valley, about 100-plus luxury homes are sold above $1 million for the month of February. There were only 98 luxury homes sold in January 2011.

Median price are also up by about 4.5 percent for the luxury homes to $1,356,000. Sales for $2 million residential homes were also up from 10 sales in January to about 18 selling transactions in February.

But, the prices and sales of luxury homes were slightly lower compared to the same period a year ago, while the median price for February this year is about 1.2 percent than February 2010.

Figures are from Multiple Listing Service in Santa Clara County last month.

According to the president of Coldwell Banker Residential Brokerage, Rick Turley, there are more luxury home buyer activity and interest since January this year in many housing markets, especially in Silicon Valley, but buyers of luxury homes are still cautious.

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