Sales Trends in Northern California’s Luxury Market from Alain Pinel Realtors
Posted by Gary Marsh — July 30, 2007
SARATOGA, Calif. – (July 31, 2007) – Second-quarter sales of luxury-priced homes from $2.5 million and greater in seven Northern California counties served by Alain Pinel Realtors increased from the same quarter a year ago, while inventory declined in the seven combined counties for homes listed for sale and priced higher 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 for $2.5 million or more, respectively, 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 5 percent in the seven counties, with 1,089 listed for sale at the end of the second quarter of 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 up slightly, at $1.824 million as of June 30 this year versus last year’s median price of $1.809 million.The economic engine known as Silicon Valley continues to affect 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 percent more homes sold for $1.5 million or greater in the period than last year – 364 versus 296 in the second quarter of 2006. Also, sales of luxury homes for $2.5 million or more spiked 49.25 percent in the period, with 100 homes sold compared with 67 homes sold in the second quarter of 2006.Inventory of homes listed for sale in Santa Clara County dropped also in both categories. There were 13.53 percent fewer homes on the market at the end of the second period this year at $1.5 million or greater and 21.17 percent fewer homes for sale priced above $2.5 million, compared with the second quarter of 2006.Inventory of homes for sale in San Francisco County priced from $1.5 million and above plummeted 46 percent, 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 of this year compared with 64 homes on the market in the same period a year ago – a 48.44-percent increase.During the second quarter of 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 real estate sales trends is based on public records researched from the leading multiple listing services. The quarterly data is compiled specifically for Alain Pinel Realtors by TrendGraphix Inc., a leading provider of real estate information services, based in Sacramento.About Alain Pinel RealtorsFounded by Paul Hulme in 1990, Alain Pinel Realtors has redefined the business of residential real estate and now has 25 prestigious and luxurious offices in Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Napa, Monterey and Santa Cruz counties. Alain Pinel is one of the largest real estate firms nationally, with 2006 sales volume of $6.71 billion and an average sales price per transaction side of $1.14 million. Alain Pinel Realtors is a founding member of Luxury Portfolio, an operating unit of The Leading Real Estate Companies of the World (formerly RELO). APR has a joint venture partnership in the mortgage-lending institution, Private Mortgage Advisors, which is an affiliate of Wells Fargo Bank, N.A. For a complete listing of Alain Pinel Realtors offices, services and agents, please visit our Web site at www.apr.com or call 408-741-1111.