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East Bay luxury home sales up 28%

Sellers receiving average of 106% of asking prices

Luxury home sales in the East Bay climbed more than 28% in July from a year ago while the median sale priced edged lower.

The report from Coldwell Banker Residential Brokerage was based on figures from Multiple Listing Service data of all homes sold for more than $1 million last month in Alameda and Contra Costa counties.

A total of 518 luxury homes changed hands in July, compared to 404 high-end sales in July 2014. Although luxury home sales last month fell short of the 556 sales in June, the brokerage said a seasonal decline from June to July isn't unusual.

The upper end of the luxury market remained strong in July with 49 sales over $2 million, up from 42 sales at that level during the same month a year ago, and 11 sales over $3 million, up from 10 a year ago and eight the previous month.

Meanwhile, the median sale price of a luxury home in July was $1,275,000 million, down 1.9% from the previous month and a year ago when the median stood at $1.3 million.

"The luxury segment of the East Bay housing market continues to be very strong with a solid increase in sales year over year," said Mike James, president of Coldwell Banker Residential Brokerage.

"The high-end market continues to be driven in part by buyers crossing over the bridge from San Francisco and Silicon Valley after being priced out of those markets or not able to buy a home because of limited inventory and intense competition," he added. "The East Bay still offers these buyers some good values, especially in comparison to more expensive parts of the Bay Area."

Some key findings from this month's Coldwell Banker report:

The most expensive sale in the East Bay last month was five bedroom, five-bath approximately 4,800 square foot home in Berkeley that sold for $3.9 million;

Oakland and Fremont boasted the most luxury sales with 62, followed by San Ramon with 55, Danville with 51, Berkeley with 41, Pleasanton with 30, Dublin with 26, Walnut Creek with 25 and Orinda with 24;

Homes sold in an average of 22.3 days on the market, down from 24.8 days a year ago and up from 22 days the previous month;

Sellers received an average of 106% of their asking price, up from 105% a year ago and down from 107% previous month.

Coldwell Banker Residential Brokerage has nine East Bay offices serving Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda, Pleasanton, and Walnut Creek.

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