East Bay luxury home sales jump 17% in January | February 28, 2014 | Pleasanton Weekly | PleasantonWeekly.com |

Pleasanton Weekly

Real Estate - February 28, 2014

East Bay luxury home sales jump 17% in January

Prices also up to median of $1,325,000

by Jeb Bing

The East Bay's luxury housing market began the new year with a bang as sales in January were up sharply from a year ago and the median sale price rose as well, according to a new report by Coldwell Banker Residential Brokerage.

The figures are 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 90 luxury homes sold last month, up from 77 transactions in January 2013, a 17% increase. High-end sales were down from December's 160 units, although it's not unusual to have a drop from year-end closings.

Meanwhile, the median sale price of a luxury home in January rose to $1,325,000, up 6% from a year ago when the median stood at $1.25 million and up 1.1% from the previous month when it was $1,310,500.

There were nine sales of more than $2 million in January, up from eight at the same time last year. Homes also sold faster on average than they did the previous month and a year ago.

"The East Bay's luxury housing market began the new year right where it left off last year with very strong sales gains and a solid increase in prices," said Rick Turley, president of Coldwell Banker Residential Brokerage. "Well qualified buyers see good value in the local luxury market and continue to push sales and prices higher."

Turley said the one hurdle facing the luxury market in the East Bay, as well as throughout much of the Bay Area, is a serious shortage of homes for sale. Inventory of available homes is down more than 50% from a normal market, and there aren't enough properties to meet the tremendous demand from buyers.

"Homeowners who have even kicked around the idea of selling should think seriously of jumping into the market now," he said. "Real estate has always been a business of supply and demand, and right now this is very much a seller's market. Savvy homeowners who sell now are in a very favorable position."

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 6,600-square-foot home in Alameda that sold for $3.4 million. Danville boasted the most luxury sales with 13, followed by Pleasanton, Alamo and Fremont with eight each, and Oakland and Lafayette with seven each;

* Homes sold in an average of 46.5 days, down from 50.9 days a year ago and 52 days the previous month;

* Sellers received an average of 100% of their asking price, the same as a year ago but down from 102.5% the previous month.

The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, which has offices in Pleasanton and specializes in high-end real estate sales.


There are no comments yet for this post

Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: *

Choose a category: *

Since this is the first comment on this story a new topic will also be started in Town Square! Please choose a category that best describes this story.

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields