Source: San Jose Mercury News –
All of a sudden, high-end homes are in demand, and many of the buyers are coming from Silicon Valley.
“The upper end is going crazy,” said Stephen Pereira of Bailey Properties, an agent since 1982. “More tech people are coming over … they know what they’re looking for.”
In July, 42 of the 197 sales were for more than $1 million, 21 percent, after 28 in June and 33 in May, according to Gary Gangnes of Real Options Realty who tracks the numbers.
The spike pushed the median price, the midpoint of what sold, to $725,000, the highest since December 2007, according to Gangnes.