The East Bay's luxury housing market continued its strong performance in August with sales climbing more than 9% from a year ago.
A report by Coldwell Banker Residential Brokerage based on Multiple Listing Service data of all homes sold for more than $1 million last month in Alameda and Contra Costa counties shows that a total of 403 luxury homes changed hands in August compared to 369 high-end sales in August 2014.
Although luxury home sales in August dipped from the 518 transactions in July, that's typical as sales usually fall moving into the late summer months and back-to-school schedules.
The upper end of the luxury market was steady in August with 38 sales over $2 million, up from 37 sales at that level during the same month a year ago.
Meanwhile, the median sale price of a luxury home last month stood at $1,275,000, down 2.7% from a year ago when the median stood at $1.31 million. Last month's median was the same as July's.
"The East Bay's luxury market turned in another strong performance in August as we moved toward the end of the summer season," said Mike James, president of Coldwell Banker Residential Brokerage.
"Hopefully we'll see some more homes come on the market this fall," James added. "The buyers are out in force; we just need more homes for them to purchase."
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 6,200 square foot home in Piedmont that sold for $3,896,550;
Danville boasted the most luxury sales with 62, followed by Fremont with 44, Oakland with 41, San Ramon with 34, Pleasanton with 30, Lafayette with 25, Berkeley with 22, Walnut Creek with 21, and Orinda with 20;
Homes sold in an average of 24.2 days on the market, down from 26 days a year ago and up from 22.3 days the previous month;
Sellers received an average of 105% of their asking price, up from 104% a year ago and down from 106% previous month.
Coldwell Banker Residential Brokerage has nine East Bay offices serving Pleasanton, Danville, Berkeley, Castro Valley, Fremont, Oakland, Piedmont, Orinda and Walnut Creek.