News


East Bay luxury housing market leveling off

156 luxury homes changed hands in May, down 10% from year ago

Luxury home sales in the East Bay took a breather in May, edging lower from year-ago levels although still surpassing the previous month's total.

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 new survey by Coldwell Banker Residential Brokerage reports that a total of 156 luxury homes changed hands in May, down 10% from the 174 high-end sales in May 2015. However, sales last month were also up nearly 10% from the 142 transactions in April, although some of the gains were due to a normal seasonal increase.

Meanwhile, the median sale price of a luxury home last month was down fractionally from a year ago, dipping 1.8% to $1,780,000. May's median sale price was also down slightly from April, when it stood at $1,797,500.

Other key market indicators were positive last month with homes selling faster and sellers receiving a higher percentage of their asking price compared to the previous month and year-ago levels.

"The East Bay's luxury market is starting to come back into a bit more balance between supply and demand as a few more listings come on the market," said Mike James, president of Coldwell Banker Residential Brokerage. "Although sales were down from a year ago, overall the luxury market continues to be healthy with ongoing demand for good, well-priced properties."

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 7,000-square-foot home in Alamo that sold for $3.9 million;

Oakland and Fremont boasted the most luxury sales with 19, followed by Pleasanton and Berkeley with 18, Alamo with 16, and Danville and Lafayette with 11;

Homes sold in an average of 22 days on the market, down from 24 days a year ago and 25.4 days the previous month;

Sellers received an average of 107% of their asking price, up from 105% a year ago and 106% the previous month.

Coldwell Banker Residential Brokerage has nine East Bay offices serving Pleasanton, Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda and Walnut Creek.

Comments

Sorry, but further commenting on this topic has been closed.

Livermore's Marchand, aka the mayor of Seville, seeks re-election
By Jeb Bing | 3 comments | 251 views

 

Nominations due by Sept. 17

Pleasanton Weekly and DanvilleSanRamon.com are once again putting out a call for nominations and sponsorships for the annual Tri-Valley Heroes awards - our salute to the community members dedicated to bettering the Tri-Valley and the lives of its residents.

Nomination form