Million-dollar home sales in the East Bay surged in December from the previous month and year-ago levels as the high-end housing market continued to show signs of strengthening, 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 December, up 37 percent from the same month last year, when 78 units sold. Sales were also up 23 percent from November’s level of 87 transactions.
The median sale price of million-dollar homes dipped to $1,195,000 last month, down 3 percent from November’s median of $1,232,000 and 6.2 percent from last year’s price of $1,275,000.
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.
“There definitely has been a lot more optimism in the market lately,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “High-end buyers are starting to feel more confident about the economic recovery, both in the U.S. and here in the Bay Area.”
Turley added that buyers in general are realizing that there are unusually good opportunities in the marketplace as we enter the new year. “This is a rare situation where you still have interest rates near record low levels at the same time that home prices are extremely affordable and inventory is plentiful. I think buyers understand that these conditions won’t last forever, especially as the economy gains momentum.”
Some key findings from this month’s Coldwell Banker Residential Brokerage East Bay luxury housing market report:
- The most expensive sale in the East Bay in December was a six-bedroom, seven-bath 123,570-square foot home in Pleasanton that sold for approximately $8 million;
- Pleasanton boasted the most million-dollar sales with 16, followed by Danville with 12, Fremont with 11, and Alamo, Oakland and Orinda with nine each;
- It took an average of 76 days to sell a million-dollar property in the East Bay last month, down from 93 days a year ago but up from 58 days last month;
- Sellers received on average 96 percent of their asking price, the same as last year but down from 98 percent 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.