East Bay luxury home sales continued climbing in September, jumping 35 percent 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.
A total of 123 homes sold for more than $1 million in September, up from 91 properties in September 2011. Last month’s sales were off from the August total of 157, however a seasonal decline is not unusual.
The median sale price of a luxury home also soared last month to $1.3 million, up 21 percent from the median last September. The median price was down fractionally from August.
Another market indicator was also encouraging: There were nine multi-million-dollar sales last month compared to none a year ago.
“Luxury home sales in the East Bay remain very strong as we go through the fall selling season,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market.”
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 8,200-square-foot home in Piedmont that sold for $6.7 million;
- Alamo and Orinda boasted the most luxury sales with 14 apiece, followed by Fremont and San Ramon with 12, and Pleasanton and Lafayette with 11 each;
- Sellers on average received 99 percent of their asking price compared to 99.8 percent the previous month and 100 percent a year ago;
- Homes sold in an average of 37.4 days on the market compared to 37 days a year ago and 41 days 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.