Luxury home sales and prices in the East Bay eased in January compared to a year earlier, according to a new report by Coldwell Banker Residential Brokerage.
There were 54 sales of homes priced $1.5 million and higher in the East Bay last month, representing a 19.4 percent decline from 67 home sales in January 2016 and 41.3 percent below 92 sales in that price range posted in December 2016. The data is based on sales transactions recorded in Alameda and Contra Costa counties in the Multiple Listing Service.
The median price for luxury homes sold in January dipped nearly 2 percent to $1,760,000 from $1,795,000 a year earlier and was off 7.4 percent from the $1.9 million median sales price in December 2016.
“The high-end market in the East Bay retreated in January, and we have seen some signs of a more balanced market between home sellers and buyers in that sector,” said Mike James, president of Coldwell Banker Residential Brokerage. “Still, luxury homes in the region overall sold in a faster timeframe compared to the prior year, and 40 percent of the homes sold at or above the list price, which points to solid buyer demand.”
The upper end of the luxury market also experienced a decline in sales. A total of 18 homes priced $2 million and higher sold in January, down from 24 such sales a year ago and 37 sales in December 2016. There were four sales of homes priced $3 million or more last month, compared to six sales in that price range in last January and seven sales in December.
Some key findings from Coldwell Banker Residential Brokerage luxury report in January include:
- Discovery Bay in eastern Contra Costa County had the most expensive sale in the region in January, a 9,364-square-foot home with six bedrooms and nine baths that sold for $4 million
- Luxury homes sold in an average of 51 days last month, more than two weeks faster than the 68 average days on market during the same month in 2016
- Sellers received an average of 101 percent of their asking price, up from an average of 96 percent in January 2016
- 22 out of the 54 luxury home sales sold at or above the listing price
- With 12 luxury sales, Oakland had the most high-end home sales in January, followed by Danville with eight
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.
Coldwell Banker Residential Brokerage has nine East Bay offices serving Berkeley, Castro Valley, Danville, Fremont, Oakland-Piedmont, Orinda, Pleasanton, and Walnut Creek.