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East Bay luxury home sales jump 19% in June
In June, most expensive home sold in Pleasanton for $3.25 million

by Jeb Bing

East Bay luxury home sales jumped 19% in June and the median sale price edged higher as the high-end market continued to gain momentum.

A new report by Coldwell Banker Residential Brokerage in Pleasanton shows that a total of 189 homes sold for more than $1 million in June, up sharply from the 159 properties that changed hands a year ago. Last month's sales were also up 6.7% from May when 177 luxury homes sold.

High-end homes also sold at a faster pace in June with properties selling in 43 days on average compared to 49 a year ago. And sellers received 100.1% of their asking price on average compared to 99.3% last year.

Meanwhile, the median sale price for a luxury home also edged up, reaching $1,285,000 in June, up 2% from May and up fractionally from a year ago, when the median price stood at $1,275,000.

The figures were derived from Multiple Listing Service data of all homes that sold for more than $1 million last month in Alameda and Contra Costa counties.

"The East Bay's luxury market continues to gain strength as the year goes along," said Rick Turley, president of Coldwell Banker Residential Brokerage. "As with other luxury markets in the Bay Area, including San Francisco and Silicon Valley, there just aren't enough listings to meet the demand of well-qualified buyers."

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 six-bedroom, seven-bath 9,821-square-foot home in Pleasanton that sold for $3.25 million;

* Alamo boasted the most luxury sales with 25, followed by Danville with 23, Fremont with 21, Pleasanton with 19, and Oakland and Orinda with 16 apiece;

* Homes sold in an average of 43 days compared to 49 days a year ago and 38 days the previous month;

* Sellers on average received 100.1% of their asking price compared to 100% the previous month and 99.3% a year ago.

The East Bay report is a monthly review by Coldwell Banker, which specializes in high-end real estate sales. The firm has nine East Bay offices serving Pleasanton, Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda and Walnut Creek. For more information, call 275-3085.