The East Bay’s luxury housing market kicked off the fall home buying season with a bang as sales soared 29 percent last month from 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 347 luxury homes changed hands in September in the East Bay, up from 269 high-end sales in September 2014. Luxury home sales last month were off from the 403 transactions in August, although a seasonal decline from August to September isn’t unusual.
The upper end of the luxury market was especially strong in September with 37 sales over $2 million, nearly double the 19 sales at that level during the same month a year ago.
Meanwhile, the median sale price of a luxury home last month remained at $1,275,000, up 1.4 percent from a year ago and the same as August.
“Fall is often one of our stronger home buying seasons, and this year certainly is starting off on the right foot in the luxury market,” said Mike James, president of Coldwell Banker Residential Brokerage. “We saw very strong sales numbers throughout the East Bay in September and hopefully this will continue through the fall and the end of the year.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the East Bay last month was seven-bedroom, seven-bath approximately 10,000 square foot home in Danville that sold for $3,775,000;
- Oakland boasted the most luxury sales with 42, followed by Danville with 39, Fremont with 36, San Ramon with 33, Pleasanton and Berkeley with 21, and Lafayette with 19;
- Homes sold in an average of 29.8 days on the market, up from 29.5 days a year ago and 24.2 days the previous month;
- Sellers received an average of 105 percent of their asking price, up from 103 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 925.771.5285.