Price Distribution

I heard there was a debate recently at a real estate industry function about how many homes were selling in the area above $2M. Nobody had taken the time to break it down so I did a quick crunch of the numbers to see where most single family home prices landed and thought it was interesting enough to share. 
 
There have been just under 1,900 homes that have closed in the county YTD through April. Here’s how the price ranges shake out by units sold in each range:
 
< $1M:  10.8%
$1-2M:  54.4%
$2-3M:  19.7%
$3-4M:  9.4%
$4-5M:  3.0%
$5-6M:  1.4%
$6-7M:  0.6%
$7-8M:  0.1%
$8-9M:  0.3%
$9-10M: 0.1%
$10M+: 0.1%
 
Some might be surprised that more than one of ten sales in the county are under $1M. Think rural properties with a decent sized lot but with a home that is dilapidated, or something in the Los Gatos Mountains that’s nearly impossible to access due to poor roads, or properties that lack access to normal utilities. Also, there are still some modest neighborhoods in the extreme east and south parts of the county that haven’t yet topped the $1M mark.
 
If you’re curious about what those tiny fractional percentages add up to, only 12 homes YTD have sold for $7M or more.