East Bay Luxury Home Sales Soar More than 35%, Coldwell Banker Residential Brokerage Reports
CONCORD, Calif. – June 25, 2014 – Luxury home sales in the East Bay soared more than 35 percent in May as the high-end market remained strong heading into summer, 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 392 luxury homes changed hands in May, up 35.6 percent from the 289 transactions in May 2013. High-end sales were also substantially higher than April’s 313 transactions. The upper end of the luxury market turned in a particularly strong performance last month with 55 sales over $2 million, more than double the 27 sales at that level a year ago and ahead of the previous month’s 42 transactions. Meanwhile, the median sale price of a luxury home in May remained at $1.3 million, the same as April and May 2013.
Other key market indicators were all positive last month with homes selling faster on average and sellers received a higher percentage of their asking price compared to a year ago. “While sales overall in the market have leveled off somewhat, primarily because of the limited inventory of listings, the luxury end of the East Bay’s housing market really is showing no signs of cooling off,” said Mike James, president of Coldwell Banker Residential Brokerage. “The East Bay is a highly desirable area for luxury buyers, and the demand for high-end homes remains very strong,” he said. “The issue really comes down to having enough listings to meet the demand, but hopefully we’ll see more inventory come on the market as we head through the summer home buying season.” 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, five-bath approximately 6,500-square-foot home in Piedmont that sold for $4.25 million; Danville boasted the most luxury sales with 49, followed by Oakland with 43, Fremont with 42, Pleasanton with 33, Lafayette with 28, San Ramon and Piedmont with 25 each, and Orinda with 22; Homes sold in an average of 21.3 days on the market, down from 25.7 days a year ago and 22.1 days the previous month; Sellers received an average of 106 percent of their asking price, up from 105 percent a year ago but 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.