Tuesday, June 15, 2010

Sales of million dollar homes are increasing

I read an article this morning that sales of million dollar homes in both San Mateo and Santa Clara counties rose in May. The most expensive home sold in either county in May was in Los Altos Hills, a 5,324 sq. ft. home that sold for $5.95 million.

Overall in Los Altos, the market is much stronger than last year. There were 22 sales, all over a million with the lowest price being $1.12 million for a nice home on West Portola. That's in line with 22 sold homes in May, 2009. However, the average and median prices are up about 10%.

The market in Los Altos under $1.5 million is on FIRE with most homes selling in their first week, many with multiple offers. However, as prices move over $2 million the market slows a bit and is much cooler closer to $3 million.

There has been no slowdown in June so far (I've sold two homes in Los Altos this month) and I expect the market to continue to be strong through the end of summer.

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