Luxury Home Market Report – August 2022 Trends

Luxury Homes in Silicon Valley
(single family homes):
Median List Price: $3,799,500
Median Sold Price: $3,350,000
Inventory: 490
New Listings: 246
Sold: 253
Days On Market: 11
(Seller’s Marketing in Silicon Valley)

TECHNOLOGY IS KEY
Technology within the home is now a standard requirement for affluent homes, but the trend that has become key this summer is the use of technology to search for a home.

As the affluent chose to find properties away from their current locale, using the internet to search for homes has become increasingly more important. Searches are not always focused on location first either, there might be several destinations that an affluent buyer may find of interest.
Access to technology that provides comparisons by location, amenities, lifestyle, home styles as well as price points has proven instrumental in helping affluent buyers make informed decisions.

The affluent often do not need to buy, instead they want to buy, so properties for sale need to have an excellent online presence.
**High-quality images, video footage, and an attention-grabbing presentation are all musts for
sellers looking to attain the maximum exposure for their property.

LUXURY AMENITIES IN THIS SUMMER
Despite escalating prices, it seems that buying a fixer-upper is still not on the radar of the affluent, they might have the money and the time if they own another property, but they simply do not want the hassle.

Properties that come with all the amenities are still checking their boxes and this isn’t only for attributes such as high-end furnishings and fittings, great layouts, extra office space, work out
rooms and fabulous outdoor space, the demand is escalating for literally move-in-ready.

CUSTOM HOMES:
While renovations are not on the affluent’s radar, they are still buying land to build their dream home.

This part of the market has seen its challenges, especially during the height of the pandemic and is
still experiencing slow supply chains and labor shortages, but for those who purchased land their goal is often a long-term decision.

While prices are likely to fluctuate from initial estimates, the trend for custom homeowners is to pull out the stops and include all the upgrades, amenities and unique features from the start of
the project.

Custom homes are no longer just a beautiful home, they are being designed to create an experience
from the moment you walk through the door.

The art of selling and buying in this market needs a critical and analytical approach, understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to buy or sell in today’s market, we recommend working with a realtor who can capitalize on the preferences, trends, and demands in this dynamic and evolving environment.

Questions?
Call Lynne MacFarlane, Realtor
MCDM, SRS, SRES | DRE # 02066698
INTERO | Berkshire Hathaway
(408) 800-1141 text
LMACFARLANE@INTERO.COM