The East Bay’s luxury housing market was red hot as the summer home buying season began last month with sales soaring 53 percent from 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 556 luxury homes changed hands in June compared to 363 high-end sales in June 2014. Last month’s sales were also up sharply from the 485 transactions in May 2015.
The upper end of the luxury market continued to be extremely strong in June with 60 sales over $2 million, up 58 percent from 38 sales during the same month a year ago, and eight sales over $3 million, up from six a year ago.
Meanwhile, the median sale price of a luxury home in May was $1.3 million, the same as the previous month and up 1.8 percent from May 2014’s level of $1,277,500.
“The East Bay’s housing market continues to be one of the hottest markets in the entire Bay Area, and that includes the luxury segment,” said Mike James, president of Coldwell Banker Residential Brokerage. “Sales are surging, but the good news for buyers is that inventory is starting to increase as well. This is giving buyers a little more to choose from as we make our way through the summer home buying season.”
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, seven-bath approximately 6,500 square foot home in Piedmont that sold for $4.5 million;
- Oakland boasted the most luxury sales with 63, followed by Danville with 57, Pleasanton with 56, Fremont with 52, San Ramon with 51, Lafayette with 41, and Alamo with 36;
- Homes sold in an average of 22 days on the market, down from 29.6 days a year ago and up from 20.1 the previous month;
- Sellers received an average of 107 percent of their asking price, up from 104 percent a year ago and down from 108 percent 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 925.771.5285.