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.


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