Luxury home sales in the East Bay surged 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.
A total of 125 homes sold for more than $1 million in December, up 68.9 percent from 74 transactions in December 2011. On a monthly basis, sales were down slightly from the 139 transactions recorded in November.
The median sales price of a home that closed in December was $1,225,000, down 2.4 percent from a year ago when it stood at $1,256,000.
Most other key indicators for the luxury market improved last month compared to a year ago. There were seven sales over $2 million versus four a year ago, homes on average sold in fewer days, and sellers on average received a higher percentage of their asking price.
“The luxury market in the East Bay closed out 2012 the way it began, with healthy sales and strong buyer interest,” said Rick Turley, president of Coldwell Banker Residential Brokerage.
Turley noted that some of the increase in sales could be due to luxury homeowners deciding to sell before the expected increase in the capital gains tax rate took effect in January. He added that sales remained strong despite limited inventory of homes 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 six-bedroom, nine-bath approximately 9,000-square-foot home in Pleasanton that sold for $3.9 million;
- Danville boasted the most million-dollar sales with 19, followed by Pleasanton with 16, Fremont and Oakland with 13, and Lafayette and Alamo with 11;
- Homes sold in an average of 50.2 days, down from 63 days a year ago but up from 36.6 days the previous month;
- Sellers received an average of 100 percent of their asking price, up from 96.5 percent a year ago and just short of the 101 percent average 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.