East Bay luxury home sales edged up 5.3 percent last month from a year ago but the median sale price trended lower, 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 319 luxury homes changed hands in October in the East Bay, up from 303 high-end sales in October 2014. Luxury home sales last month were off from the 347 transactions in September, although a seasonal decline from September to October isn’t unusual.
The upper end of the luxury market remained vibrant in October with 39 sales over $2 million, up sharply from the 24 sales at that level during the same month a year ago. There were also seven sales over $3 million.
Meanwhile, the median sale price of a luxury home last month fell to $1.3 million, down 6.8 percent from a year ago when the median stood at $1,394,918. October’s median sale price was higher than September’s $1,275,000.
“The Bay Area in general, but especially the East Bay, continues to be challenged by the fact that we just don’t have enough homes for sale to meet the number of buyers out there in the market looking right now,” said Mike James, president of Coldwell Banker Residential Brokerage.
“The number of listings in October was down 16 percent throughout the Bay Area when compared to the same time last year, and last year was already at an unusually low level of inventory,” James said. “Our hope is that we’ll see more properties come on the market after New Years Day, as often happens.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the East Bay last month was five-bedroom, five-bath approximately 7,700 square foot home in Alamo that sold for $5.75 million;
- Oakland boasted the most luxury sales with 40, followed by Danville with 38, San Ramon with 29, Berkeley with 24, Pleasanton with 23, and Fremont with 22;
- Homes sold in an average of 29.3 days on the market, compared to 29.8 days a year ago and the previous month;
- Sellers received an average of 107 percent of their asking price, up from 106 percent a year ago and 105 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.
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.