The Silicon Valley luxury market remained resilient in 2023 despite rising interest rates, a banking crisis, and financial and geopolitical uncertainty. The rate of home appreciation continued to slow but the extremely low supply of new listings maintained a buffer on price declines. The number of $10 million and above sales surpassed 2022 and came close to the record high of 2021. After its end-of-year rally, the NASDAQ index was up 45% in 2023. This should give confidence in 2024 to the tech industry, which is the biggest driver of our local real estate market. Historically, we have had a high demand, low inventory market and we expect this trend to continue as Silicon Valley and the Peninsula remain among the most sought after places to live in the Bay Area.