Luxury home sales in the East Bay surged 37 percent in October from a year ago as the high-end market continued to roll, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 203 luxury homes sold in October, up from 148 transactions in October 2012. High-end sales were also up 7.4 percent from September, when 189 luxury properties changed hands.
Meanwhile, the median sale price of a luxury home last month was $1.23 million, down 4.8 percent from ago and off fractionally from the previous month.
The upper end of the market recorded 12 sales of more than $2 million, up from eight multi-million-dollar transactions at the same time last year. Homes also sold faster on average and sellers receiving a higher percentage of their asking price.
“The East Bay’s luxury housing market continues to march on with solid sales gains, including in the upper end of the market,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Normally we start to see a bit of a seasonal slowdown around now, but we just didn’t see any letup in October.”
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 five-bedroom, five-bath approximately 4,100-square-foot home in Lafayette that sold for $5.4 million;
- Fremont boasted the most million-dollar sales with 25, followed by Oakland with 23, Berkeley with 19, Danville with 16 and Pleasanton with 15;
- Homes sold in an average of 27 days, down from 39 days a year ago and the same as the previous month;
- Sellers received an average of 105.3 percent of their asking price, up from 101.3 percent a year ago and 103.1 percent 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.