Pleasanton Weekly

Real Estate - May 3, 2013

Luxury homes sales in Pleasanton, other East Bay communities nearly doubled in March

Sellers receive average of 103.5% of asking price, up from 98.4% a year ago

by Jeb Bing

Luxury home sales in the East Bay nearly doubled in March compared to February levels as the high-end market continued to surge with the spring home buying season under way.

In a report by Coldwell Banker Residential Brokerage, 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 162 homes sold for more than $1 million in March, up from 83 transactions in February.

Sales were also up 46% from last March, when 111 luxury sales were recorded.

The median sale price of a luxury home last month rose 5.2% from a year ago to reach $1,304,000 in March. On a monthly basis, the median edged down 3% from February.

The upper end of the market showed particular strength in March with 15 sales of more than $2 million, up from just four a year ago and 10 in February.

All other key indicators for the luxury market improved last month from the previous month and a year ago. Homes on average sold in fewer days, and sellers received a higher percentage of their asking price.

"The East Bay's luxury market has continued its upward momentum with the spring home buying season in full swing," said Rick Turley, president of Coldwell Banker Residential Brokerage. "We're gradually getting more inventory on the market, but it's still not enough to meet the strong buyer demand."

Some key findings from this month's report:

* The most expensive sale in the East Bay last month was a five-bedroom, seven-bath approximately 6,500-square-foot home in Danville that sold for $4 million;

* Lafayette boasted the most million-dollar sales with 19, followed by Fremont with 18, Danville and Pleasanton with 17, Oakland with 13, Alamo and San Ramon with 10, and Orinda, Moraga and Berkeley with nine each;

* Homes sold in an average of 25 days, down from 57 days a year ago and 43 days the previous month;

* Sellers received an average of 103.5% of their asking price, up from 98.4% a year ago and 101.5% the previous month.


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