Luxury home sales in the East Bay rose sharply again last month compared to the same period a year ago, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
The figures are based on Multiple Listing Service data of all homes sold for more than $1 million last month in Alameda and Contra Costa counties.
A total of 139 homes sold for more than $1 million in November, up 65 percent from 84 transactions in November 2011. On a monthly basis, sales were down slightly from the 149 transactions recorded in October.
The median sales price of a home that closed in November was 3 percent lower than a year ago and the previous month to stand at $1.26 million.
Most other key indicators for the luxury market improved last month compared to last year. There were 11 sales over $2 million versus seven a year ago, homes on average sold in fewer days, and sellers on average received a higher percentage of their asking price.
“The market continues to see solid year-over-year gains in the luxury market here in the East Bay,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “While there has been some slowdown from October, that seasonal decline is not unusual and often happens as the winter months approach.”
Turley said that sales remained particularly strong given the limited inventory of homes for sale on the market.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the East Bay last month was a nine-bedroom, eight-bath approximately 9,700-square-foot home in Alamo that sold for $6.25 million;
- Oakland boasted the most million-dollar sales with 18, followed by Alamo and Danville with 17 each, Fremont with 16, Lafayette with 14, and Berkeley with 10;
- Homes sold in an average of just 36.6 days, down from 48 days a year ago and 43 days the previous month;
- Sellers received an average of 101 percent of their asking price, up from 97.5 percent a year ago and the same as the previous month.
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.