Coldwell Banker Residential Brokerage issued a report today showing that East Bay luxury home sales soared nearly 29 percent in July as the high-end market remained on a roll. The report is based on Multiple Listing Service data of all homes that sold for more than $1 million in the area last month.
A total of 165 homes sold for more than $1 million in Alameda and Contra Costa counties in July, up 28.9 from the 128 properties that changed hands a year ago. Last month’s sales dipped from June, however, when 189 luxury homes sold.
Other indicators also were encouraging for the high-end market. Million-dollar homes also sold at a faster pace in July, 37 days on average compared to 43 the previous month and 49 a year ago. And the upper end of the luxury market saw 17 multi-million-dollar sales, up from 10 a year ago.
“The upper end of the East Bay housing market continues to gain momentum,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The demand for premium properties remains extremely strong in here, as it does in San Francisco, the Peninsula and Silicon Valley.”
Meanwhile, the median sale price for a luxury home moved up fractionally, reaching $1,255,000 in July compared to $1,247,500 a year ago. The median sale price was just shy of the previous month’s level of $1,285,000.
Turley said the biggest challenge for the luxury market – like the rest of the Bay Area housing market – is the lack of inventory of homes for sale.
“Listings are down as much as 50 percent from where the market was last year,” he said. “Until more properties come on the market, it will be hard for sales to keep climbing at such a fast pace. The demand is there – the market just needs more homes.”
- The most expensive sale in the East Bay last month was a five-bedroom, six-bath 6,300-square-foot home in Danville that sold for $3.45 million;
- Alamo boasted the most luxury sales with 21, followed by Danville and Oakland with 20 each, Pleasanton and Berkeley with 16 apiece, and Fremont with 14;
- Sellers on average received 100.7 percent of their asking price compared to 100.1 percent the previous month and 97 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, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage has nine East Bay offices serving Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda, Pleasanton, and Walnut Creek. For more information, please call 925-275-3085.