Luxury home sales soar again in April | May 31, 2013 | Pleasanton Weekly | |

Pleasanton Weekly

Real Estate - May 31, 2013

Luxury home sales soar again in April

by Jeb Bing

The East Bay's luxury housing market continued its rally in April with home sales surging 67% compared to a year ago, 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 222 homes sold for more than $1 million in April, up from 133 transactions in April 2012. Sales were also up 37% from March, when 162 luxury sales were recorded.

Meanwhile, the median sale price of a luxury home last month dipped 2% from a year ago to $1.25 million. On a monthly basis, the median edged down 4.1% from March.

The upper end of the market showed particular strength in April with 16 sales of more than $2 million, up sharply from the 10 multi-million-dollar transactions at the same time last year.

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 luxury housing market in East Bay, much like the overall market, remains red hot as these numbers indicate," said Rick Turley, president of Coldwell Banker Residential Brokerage. "The market continues to be driven by a large number of qualified and determined home buyers who want to purchase while interest rates are still low and home values are still quite attractive."

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, eight-bath approximately 8,400-square-foot home in Fremont that sold for $3.9 million;

* Fremont boasted the most million-dollar sales with 26, followed by Oakland with 25, Pleasanton with 20, and Danville, Lafayette and Orinda with 16 each;

* Homes sold in an average of 26 days, down from 41 days a year ago but up slightly from 25 days the previous month; and

* Sellers received an average of 105.1% of their asking price, up from 99% a year ago and 103.5% the previous month.

The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales.