Luxury home sales and median sales prices in the East Bay made steady gains in June compared to 2016, according to a new report by Coldwell Banker Residential Brokerage, one of the Bay Area’s leading real estate service companies.
There were 775 sales of homes priced $1 million and higher in the East Bay in June, representing a 23 percent increase from 628 home sales in June 2016 and an increase of 23.6 percent from 627 sales in May. 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 June rose 2.4 percent to $1,300,000 from $1,269,000 a year earlier, but slipped marginally from the May median sales price of $1,305,000.
“The East Bay seller’s market continued at full force in June,” said Mike James, president of Coldwell Banker Residential Brokerage San Francisco Bay Area. “Sales are increasing even at the upper end of the luxury market where movement is typically slower.”
The upper end of the luxury market saw 76 homes sold at or above $2 million, a strong improvement from 61 sales in June of 2016 and 70 sales from May. There were seven sales of homes priced $3 million or more in June, compared to 13 sales in June of 2016 and 10 in the prior month.
Some key findings from the Coldwell Banker Residential Brokerage luxury report in March include:
- Lafayette had the most expensive sale in the region in June, a 6,032-square-foot home with five bedrooms and six baths sold for $6,300,000
- The most competitive home sale occurred in Oakland where a five-bedroom property sold for $1,667,000, or 167 percent of the list price after 12 days on the market
- Luxury homes sold in an average of 21 days last month, an improvement from 23 days in June 2016
- Sellers received a median of 107 percent of their asking price, up from 105 percent in June 2016
- 568 out of the 775 luxury home sales sold at or above the listing price in June 2017
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.