East Bay luxury home sales edged up more than 2 percent in April compared with 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.
A total of 142 luxury homes changed hands in April, up 2.2 percent from 139 sales in April 2015. Sales last month were also up more than 19 percent from the 119 transactions in March, although some of the gains were due to a normal seasonal increase in closed sales between March and April.
The upper end of the luxury market continued to be strong last month with 53 sales over $2 million, up from 51 sales at that level a year ago and 44 sales in March.
Meanwhile, the median sale price of a luxury home last month was down fractionally from a year ago, dipping to $1,797,500 from $1.8 million. April’s median sale price was also down from March, when it stood at $1,840,215.
“The East Bay housing market, including the luxury segment, remains one of the hottest markets in the Bay Area,” said Mike James, president of Coldwell Banker Residential Brokerage. “There’s never been any question about demand from buyers, but now we’re gradually seeing some more listings coming on the market to meet that demand and it’s helping to keep sales strong.”
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 5,100-square-foot home in Piedmont that sold for $5,726,020;
- Danville boasted the most luxury sales with 19, followed by Oakland with 16, Berkeley with 15, Pleasanton with 13, Piedmont with 12, Lafayette and Fremont with 11 each, and Orinda with 10;
- Homes sold in an average of 25.4 days on the market, up from 21.6 days a year ago but down from 28.9 days the previous month;
- Sellers received an average of 106 percent of their asking price, down from 107 percent a year ago but up from 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.