Luxury home sales in the East Bay climbed in December compared to a year earlier, while the median sales price also increased, according to a new report by Coldwell Banker Residential Brokerage.
A total of 92 homes priced $1.5 million and higher sold in December in East Bay, 5.7 percent higher than the 87 sales recorded during the same month in 2015. Luxury home sales in December, however, were down from November’s 115 total sales. The data is based on sales transactions recorded in Alameda and Contra Costa counties in the Multiple Listing Service.
Meanwhile, the median price for luxury homes sold last month rose to $1.9 million, up nearly 3 percent from $1,845,000 million a year earlier. December’s luxury median home sales price was also higher than the $1.75 million median price recorded the prior month.
The upper end of the market saw a 48 percent spike in sales, with 37 sales of homes priced $2 million and higher in December up from 25 sales in that price range recorded the prior year and also up slightly from the 36 sales in November. Sales in the $3 million-plus range were relatively flat, with seven sales in December, compared to six such sales a year earlier and seven the prior month.
“The East Bay’s luxury market saw a bump-up in sales in December as some consumers hurried to take advantage of the favorable mortgage interest rates and to make their purchase before the year’s end,” said Mike James, president of Coldwell Banker Residential Brokerage. “The market experienced a shift during the year, however, as conditions that were once more advantageous to sellers became a bit more balanced.”
Some key findings from the December Coldwell Banker Residential Brokerage luxury report include:
- The most expensive sale in the East Bay was a 4,486-square-foot home with five bedrooms and six baths in Piedmont that traded for $3,895,000
- Luxury homes sold at about the same pace in December, with homes staying on the market an average of 46 days, which is virtually the same as a year ago (45 days)
- Sellers received an average of 102 percent of their asking price, the same as a year earlier
- The highest number of luxury home sales for the month were recorded in Danville with 16 sales, followed by Oakland, which had 12
The East Bay Luxury Housing Market Report is a monthly report produced by Coldwell Banker Residential Brokerage, which specializes 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.