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Coldwell Banker Residential Brokerage reported that almost 150 luxuryt properties soldin May, up from 100 in April but down from the 300 that sold in May 2008. The mediam sale price rose to $1.42 million, up almost 9 percent from April’e median price of $1.3 million. Compared to 2008, however, pricesz remained flat. Rick Turley, president of Coldwell BankerfResidential Brokerage, said in a press release that the lowe end of the market “continuezs to be the hottesgt segment in the South Bay,” but higher-priceds homes are beginning to see improvements. “Sales continue to tick higher and homes are selling fastere than they have in nearlta year,” Turley said.
“We still have a ways to go befored the market returns to but we’re making progress.” Among the highlights in Coldwel l Banker’s luxury report were that the two highest salea were a $4 milliojn home in Monte Sereno and anothedr selling for the same price in Los Palo Alto had the lion’sw share of the luxury end market with 38 Los Altos had 28 and San Jose reported 20. Coldwell Bankerr also reported that luxury homes sold for 93 percenty of theirasking price, down frm 97 percent of the listed price a year ago.
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