via:dbusinessnews.com
Sales of million-dollar homes in Santa Clara County increased again in July to their highest level since last fall as the county’s luxury housing market continued to show encouraging signs of recovery.
A total of 226 luxury properties changed hands in July, up from 215 in June and 148 sales in May. Sales still trailed last July’s total of 251, but the year-over-year gap has been narrowing each month this year. The $1.29 million median sale price last month was down just 2 percent from June and 6 percent from July 2008.
* The most expensive sale in Santa Clara County in July was an four-bedroom, 5,081-square-foot home in Monte Sereno that sold for $4.25 million;
* San Jose boasted the most million-dollar sales in July with 50, followed by Palo Alto with 40, and Los Altos with 36;
* It took an average of just 53 days to sell a million-dollar home in the county, the same as June and up from just 36 days a year ago;
* Homes sold for an average of 94 percent of their asking price, up from 93 percent the previous month but down from 98 percent a year ago.
The improvement in Santa Clara County’s luxury market echoes the Bay Area’s overall housing market picture. DataQuick, the La Jolla-based research firm, announced earlier this month that sales in the Bay Area in July jumped to their highest level in four years, “as deals above $500,000 continue to accelerate,” the firm said in a statement. The median price paid for a home in the Bay Area also increased month-to-month for the fourth month in a row.
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