SALES ARE UP
A total of 266 homes priced at $1 million or more were sold in Silicon Valley in June, up 24% from the same time last year.  The top 3 cities were San Jose (54), Los Altos (44), and Palo Alto (38).  Relative to available inventory, Los Altos is the best market for sales at $1 million or more.  It is rare to find a home in Los Altos priced under $1 million and if you do, it's a shack (literally) on a tiny lot.

...AND INVENTORY DOWN
Available homes have been dropping steadily for the past two months as we go into the slow August period.  We should see more inventory in September.  However, most homes are selling in a couple of weeks with good offers.

...SO WHERE'S THE CRISIS?
In the minds of the media and buyers dreaming of getting a deal.  There is no short-sale or foreclosure crisis in Los Altos or Los Altos Hills.  I can count on two hands how many homes actually became REOs in the past YEAR!  The market is too strong to let the homes go to the bank.  There have been a small number of short sales.

While the real estate market may be waning in some areas of the country, Silicon Valley and Los Altos specifically is strong.  As predicted in January, I expect demand to remain strong with prices balanced trending slightly up.

If you're considering buying at this point, your best strategy is to look for homes that were priced high and have been on the market awhile.

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 Bryan Robertson, President | T: 650.799.9951 | Email: bryan@arrivva.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | ARIVVA  | 744 San Antonio Road Ste 24 | Palo Alto, CA 94303

 

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5 Comments on Silicon Valley million-dollar homes sales keep getting better

JUL
20
2010
371,795 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bryan - Good news for the Bay Area.  These are strong markets and, even in uncertain economic times, there are many buyers out looking to make a move into a great home in a great location. ~ Doug
11:29pm • #1
JUL
21
2010
860,490 Points 174 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Doug - Thanks.  Hopefully the market will continue to remain strong into 2011.
4:27pm • #2
133,400 Points 4 Featured Posts Outside Blog Attended Rain Camp

Bryan, nice write up, I thought the # of REO's in Los Altos was less than a handful but I do not follow LAH so maybe a few houses there? Which would be more than 5 but less than 10
6:02pm • #3
860,490 Points 174 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Carla - Thanks.  In the last 6 months there have been two REO sales in Los Altos.  There was one REO sold in Los Altos Hills and two short sales in the same timeframe.
6:26pm • #4
JUL
22
2010
Outside Blog

Great analysis of your market.  Very simple and to the point.
11:13pm • #5

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Bryan Robertson, Real estate broker Los Altos & Silicon Valley Luxury Homes

Los Altos, CA

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ARRIVVA

Address: c/o Los Altos Real Estate Agent, Los Altos, CA, 94022

Office Phone: (650) 799-9951

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