East Bay luxury home sales jumped 19 percent in June and the median sale price edged higher as the high-end market continued to gain momentum, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 189 homes sold for more than $1 million in June, up sharply from the 159 properties that changed hands a year ago. Last month’s sales were also up 6.7 percent from May when 177 luxury homes sold.
High-end homes also sold at a faster pace in June with properties selling in 43 days on average compared to 49 a year ago. And sellers received 100.1 percent of their asking price on average compared to 99.3 percent last year.
Meanwhile, the median sale price for a luxury home also edged up, reaching $1,285,000 in June, up 2 percent from May and up fractionally from a year ago, when the median price stood at $1,275,000.
The figures were derived from Multiple Listing Service data of all homes that sold for more than $1 million last month in Alameda and Contra Costa counties.
“The East Bay’s luxury market continues to gain strength as the year goes along,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “As with other luxury markets in the Bay Area, including San Francisco and Silicon Valley, there just aren’t enough listings to meet the demand of well-qualified buyers.”
- The most expensive sale in the East Bay last month was a six-bedroom, seven-bath 9,821-square-foot home in Pleasanton that sold for $3.25 million;
- Alamo boasted the most luxury sales with 25, followed by Danville with 23, Fremont with 21, Pleasanton with 19, and Oakland and Orinda with 16 apiece;
- Homes sold in an average of 43 days compared to 49 days a year ago and 38 days the previous month;
- Sellers on average received 100.1 percent of their asking price compared to 100 percent the previous month and 99.3 percent a year ago.
The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.