By Devin Fehely

PALO ALTO (KPIX 5) — According to a new report, sales of multi-million dollar homes on the Peninsula and in the South Bay have spiked since last year.

While multi-million dollar home sales once were something of a rarity, the money generated by tech industry is rapidly redefining the Bay Area’s housing market.

“Luxury home sales — that are sales of $3 million or more — have increased more than 50 percent year to year,” said Santa Clara County Association of Realtors President Rick Smith

According to the Business Journal, in June 78 homes priced at $3 million or more sold in Santa Clara County compared to 52 for the same month last year. That is a 50 percent increase.

These houses are not staying on the market for long, on average 37 days this year in July compared to 33 days last year.

“The days on market is an average for all homes in an area,” said Smith. “This home is going on the market tomorrow. It will probably be gone in seven to 10 days.”

Smith said Santa Clara County has become a seller’s market.

But for buyers, a top concern today is where the home is and how close it is to work.

“We’re hearing this a lot: ‘I want a house that’s close to my job where the commute is under ‘blank’ minutes,” explained Smith.

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