The East Bay's luxury housing market continued its summer rally in August with sales soaring 74% from 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 during August in Alameda and Contra Costa counties.
A total of 273 luxury homes sold in August, up from 157 transactions in August 2012. On a monthly basis, luxury sales were off 6.5% from July's level of 291 transactions, although a seasonal decline from July to August isn't unusual.
Meanwhile, the median sale price of a luxury home last month was $1.25 million, down 3.5% from a year ago and the previous month.
The upper end of the market remained strong with 21 sales of more than $2 million, up from 15 multi-million-dollar transactions at the same time last year. All other key indicators for the luxury market improved year over year with homes selling faster and sellers receiving a higher percentage of their asking price on average.
"The East Bay's luxury housing market remained very solid in all price ranges as summer drew to a close," said Rick Turley, president of Coldwell Banker Residential Brokerage. "We're gradually starting to see a few more listings coming on the market to meet the strong buyer demand, and we're hopeful this will continue into the fall to help balance out the market."
Some key findings from Coldwell Banker's luxury homes report:<
The most expensive sale in the East Bay in August was a five-bedroom, seven-bath approximately 5,900-square-foot home in Lafayette that sold for $3,195,000.
Danville boasted the most million-dollar sales with 28, followed by Fremont and Oakland with 24, San Ramon with 23, Pleasanton with 22, and Alamo, Lafayette, and Walnut Creek with 20 each.
Homes sold in an average of 29 days, down from 41 days a year ago but up from 22 days the previous month.
Sellers received an average of 103% of their asking price, up from 99.8% a year ago but down slightly from 103.7% the previous month.
The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, which specializes in high-end real estate sales.