Los Altos Real Estate Blog

head_left_image

Silicon Valley million dollar homes sales for 2012 - big numbers!

There were 2887 homes sold in Silicon Valley in 2012 with sales prices of $1 million or more. The sales occurred in nearly every market around Silicon Valley. It wasn't just a high-end that was selling well in 2012, it was every end in 2012. Obviously some markets were more inclined to having sales over million dollars that others but even markets typically considered modest still turned an excellent numbers.

Here are some examples specific communities that had substantial sales of homes priced $1 million or more:

Los Altos - 366

Palo Alto - 477

Sunnyvale - 175

Cupertino - 258

Saratoga - 325

Los Gatos - 275

Mountain View - 201

San Jose - 551

An interesting article the Wall Street Journal written just a few days ago show statistics for the entire country including growth in million dollar home sales.  While Silicon Valley is definitely strong is not the only market around the country to see such increases. What is rather interesting is another article written in Gawker points out that there's actually only a one year supply of homes valued at million dollars or more and that if there is a small surge anywhere in the economy it's very likely that demand far outstrip supply prices could rise even more.

As prices continue to increase and sales of these expensive homes rise one question will come up "What about affordability?"  As more more sales exceed the million-dollar threshold, the level affordability throughout Silicon Valley will decline. The income required to purchase a home priced million dollars more is well beyond what many workers earn.  At some point in the next year will probably see discussions about wage increases along with improved employment numbers.

 

Comparing these statistics to those from an article I wrote back in 2010, the markets have definitely come a long way.  Sales of $1 million homes in Los Altos are up nearly 50% from 2 years ago.

If you have enjoyed reading my blog, please subscribe HERE!

 Want to know more about me?  Just Google Me! 

 

 Bryan Robertson, CEO | T: 650.799.9951 | Email: bryan@catarra-re.com | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc  | 171 Main St #220 | Los Altos, CA 94022

 

 

View Bryan Robertson's profile on LinkedIn

 

//

 

Comment balloon 16 commentsBryan Robertson • December 31 2012 08:12AM
Silicon Valley million dollar homes sales for 2012 - big numbers!
share
There were 2887 homes sold in Silicon Valley in 2012 with sales prices of $1 million or more. The sales occurred in nearly every market around Silicon Valley. It wasn't just a high-end that was selling well in 2012, it was every end in 2012… more
Homes sales will rise in 2013 and buyers should be prepared
share
According to the California Association of REALTORS home sales are projected to rise 1. 3% in 2013 for a total of 530, 000 units. Sales in 2012 were up 5. 1% from the prior year. With the market being so strong buyers are faced with a decision, by… more
Can you actually shop for a house on a smartphone?
share
In 2012, most home buyers are shopping for houses with a smart phone or tablet. Even as recently as 2010, the screen sizes were so small and the apps so limited that the experience was miserable at best. These days the apps are so good home… more
How does an agent help a home buyer in Silicon Valley?
share
A real estate agent is the most valuable resource a homebuyer can have. We serve several critical roles in the home buying process. Our most valuable services include market knowledge, legal expertise, and negotiating skills. Even the most savvy… more
Is downtown Los Altos being completely rebuilt?
share
About two years ago I wrote an article about how property in downtown Los Altos was being bought up for redevelopment. At the time I didn't know that one of the major developers, Passerelle Investments was behind much of the improvements (see… more
Foreclosure predications from 2010 that never came to be
share
Foreclosures have been a hot topic for years. Back in 2010 most industry analysts and economists predicted that foreclosures would continue to rise for at least two years. possibly longer. In addition to those predictions they continued to make… more
Predictions for Los Altos and Silicon Valley real estate in 2013
share
I'm often asked what the real estate market is doing and what is will do in the future. This is especially true in high-value markets like Los Altos but also true almost anywhere in Silicon Valley. While I don't have a crystal ball, I do have a… more
Los Altos Hills homes for sale with Palo Alto schools December 2012
share
There are only 2 properties on the MLS right now. The overal inventory in Los Altos Hills is extremely limited and when focused on homes with Palo Alto schools, the selection drops even more. Ths combination has been very popular recently so… more
Land for sale in Los Altos Hills - December 21, 2012
share
There are 13 lots in Los Altos Hills currently listed on the MLS. There are several more lots not listed on the MLS that are also available for sale. This is actually one of the bright spots in local real estate as there are quite a few… more
Los Altos homes for sale near the country club - December 21, 2012
share
The neighborhood around Los Altos country club is a very popular neighborhood with a diverse range of size and style of homes. Right now, there are only three properties on the market in that area and a smaller selection of off-market properties as… more