Luxury home sales and the median sale price in the East Bay were both relatively flat last month from year-ago levels, although sales moved up on a monthly basis, according to a new report by Coldwell Banker Residential Brokerage.
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.
A total of 182 luxury homes changed hands in June, down 1.6 percent from the 185 high-end sales in June 2015. However, sales last month were up nearly 17 percent from the 156 transactions in May, although some of the increase was due to a normal seasonal change.
The upper end of the luxury market was steady with 62 homes selling for more than $2 million, up from 61 a year ago, and 13 homes selling for more than $3 million, up from eight homes at that level last year.
Meanwhile, the median sale price of a luxury home last month was up 1.6 percent from a year ago, reaching $1,778,000. June’s median sale price was down fractionally from May, when it stood at $1.78 million.
“By any measure, the East Bay’s luxury housing market – like the overall market –remains quite strong and healthy,” said Mike James, president of Coldwell Banker Residential Brokerage. “It is still a seller’s market in many communities, although recently the pendulum has started swinging back towards a more balanced market. And in the long run, that’s much healthier for the housing market and for buyers and sellers.”
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, nine-bath approximately 10,000-square-foot home in Alamo that sold for $5,775,000;
- Alamo and Oakland boasted the most luxury sales with 19, followed by Danville with 18, Berkeley, Lafayette and Pleasanton with 15, Fremont and Orinda with 13, and Piedmont with 12;
- Homes sold in an average of 34.1 days on the market, down from 34.5 days a year ago but up from 22 days the previous month;
- Sellers received an average of 105 percent of their asking price, the same as a year ago and down from 107 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.