The East Bay’s luxury housing market jumped out to a fast start in the new year with luxury sales in January nearly doubling from the same month 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 $1.5 million last month in Alameda and Contra Costa counties. Beginning this year, Coldwell Banker has raised the threshold for luxury properties in its monthly analysis to $1.5 million from $1 million to reflect the changing dynamics of the East Bay’s high-end market.
A total of 67 luxury homes changed hands in January in the East Bay, up 81 percent from the number of high-end sales in January 2015, when they totaled 37. Luxury home sales last month were down from the 82 transactions in December, although a seasonal drop from the last month of the year to January is normal.
The upper end of the luxury market was particularly strong with 24 sales over $2 million, up from 15 a year ago, and six sales over $3 million, up from four a year ago.
Meanwhile, the median sale price of a luxury home last month was $1,795,000, down 5.5 percent from a year ago when it was $1.9 million. The median price was up fractionally from December, when it stood at $1,787,500.
“The East Bay’s luxury housing market has been one of the hottest in the country, and it looks like it’s off to a fast start again this year,” said Mike James, president of Coldwell Banker Residential Brokerage. “We’re gradually starting to see inventory levels creep up, and that’s helping with sales. Traditionally we start to see even more inventory come onto the market as we get closer to the spring home-buying season, so it will be interesting to see what happens in the coming weeks.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the East Bay last month was four-bedroom, eight-bath approximately 14,000-square-foot home in Oakland that sold for $20.5 million;
- Fremont boasted the most luxury sales with 12, followed by Danville with eight, Pleasanton with seven, Berkeley with six, and Lafayette, Alamo and Walnut Creek with four each;
- Homes sold in an average of 68.3 days on the market, down from 75.4 days a year ago but up from 46 days the previous month;
- Sellers received an average of 98 percent of their asking price, down from 99 percent a year ago and 102 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.