East Bay Luxury Home Sales Edge Higher, Coldwell Banker Residential Brokerage Reports

Million-dollar home sales in the East Bay edged higher in October from year-ago levels, while the median sale price was off slightly, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 107 homes sold for more than $1 million in the East Bay in October compared to 102 during the same month last year, a 4.9 percent increase. However, sales declined from the previous month when 112 properties changed hands. The median sale price of million-dollar homes was $1,250,000 in October, down 1 percent from October 2009 and 2.1 percent from September.

The upper end of the luxury market showed improvement with 13 homes selling for more than $2 million compared to nine the previous month and the previous year.

The figures were derived from Multiple Listing Service data of all homes sold in Alameda and Contra Costa counties for more than $1 million last month.

“The East Bay’s luxury housing market has definitely improved over the past year or two since the depths of the recession,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “But the recovery will continue to come in fits and starts as the economy works to gain momentum.”

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in the East Bay in October was a six-bedroom, eight-bath 10,360-square foot home in Pleasanton that sold for $3.9 million;
  • Alamo and Pleasanton boasted the most million-dollar sales with 12 each, followed by Berkeley, Fremont and Oakland with nine apiece, Lafayette with eight, and Piedmont with seven;
  • It took an average of 72 days to sell a million-dollar property in the East Bay last month, the same as last year but up from 67 days the previous month.
  • Sellers received on average 95 percent of their asking price, down from 96.5 a year ago and 96.7 the previous month.

Through its internationally renowned Coldwell Banker Previews® program, the company sells more multi-million dollar properties in Northern California than any other company. Last year, Coldwell Banker sold more than 27% of properties over $3 million and more than 33% of homes priced above $5 million.

Coldwell Banker Residential Brokerage has 10 East Bay offices serving Berkeley, Castro Valley, Danville, Fremont, Livermore, Oakland, Piedmont, Orinda, Pleasanton, and Walnut Creek. For more information, please call 925-275-3085.


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