East Bay Luxury Home Sales Soar 29% in July, Coldwell Banker Residential Brokerage Reports
Luxury home sales in the East Bay area of San Francisco Bay surged last month by nearly 29 percent, according to a new report by the region's leading luxury real estate services company, Coldwell Banker Residential Brokerage.
- Oakland, CA (1888PressRelease) August 29, 2012 - Coldwell Banker Residential Brokerage, the Bay Area's leading provider of luxury real estate services, issued a report today showing that East Bay luxury home sales soared nearly 29 percent in July as the high-end market remained on a roll. The report is based on Multiple Listing Service data of all homes that sold for more than $1 million in the area last month.
A total of 165 homes sold for more than $1 million in Alameda and Contra Costa counties in July, up 28.9 from the 128 properties that changed hands a year ago. Last month's sales dipped from June, however, when 189 luxury homes sold.
Other indicators also were encouraging for the high-end market. Million-dollar homes also sold at a faster pace in July, 37 days on average compared to 43 the previous month and 49 a year ago. And the upper end of the luxury market saw 17 multi-million-dollar sales, up from 10 a year ago.
"The upper end of the East Bay housing market continues to gain momentum," said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. "The demand for premium properties remains extremely strong in here, as it does in San Francisco, the Peninsula and Silicon Valley."
Meanwhile, the median sale price for a luxury home moved up fractionally, reaching $1,255,000 in July compared to $1,247,500 a year ago. The median sale price was just shy of the previous month's level of $1,285,000.
Turley said the biggest challenge for the luxury market - like the rest of the Bay Area housing market - is the lack of inventory of homes for sale.
"Listings are down as much as 50 percent from where the market was last year," he said. "Until more properties come on the market, it will be hard for sales to keep climbing at such a fast pace. The demand is there - the market just needs more homes."
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, six-bath 6,300-square-foot home in Danville that sold for $3.45 million;
* Alamo boasted the most luxury sales with 21, followed by Danville and Oakland with 20 each, Pleasanton and Berkeley with 16 apiece, and Fremont with 14;
* Sellers on average received 100.7 percent of their asking price compared to 100.1 percent the previous month and 97 percent a year ago.
The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage has nine East Bay offices serving Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda, Pleasanton, and Walnut Creek. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT has 750 offices and 45,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy's company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE #01908304.
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