East Bay luxury home sales jump more than 26% in November

18 homes in Pleasanton sell for over $1 million

East Bay luxury home sales jumped more than 26% last month from a year ago as the high-end market continued to roll.

A new report by Coldwell Banker Residential Brokerage, based on Multiple Listing Service data of all homes sold for more than $1 million in Alameda and Contra Costa counties, showed that a total of 292 luxury homes changed hands in November in the East Bay, up 26.4% from 231 high-end sales in November 2014.

Luxury home sales last month were off from the 319 transactions in October, although a seasonal decline from October to November isn't unusual.

In the upper end of the luxury market, there were 28 sales over $2 million, down from 30 a year ago.

Meanwhile, the median sale price of a luxury home last month dipped to $1,251,500, down 2.6% from a year ago when the median stood at $1,285,000. November's median sale price was also off from October's $1.3 million level.

"The East Bay's luxury housing market is closing out 2015 much the way it began with strong demand fueled by a very healthy Bay Area economy, especially the tech sector," said Mike James, president of Coldwell Banker Residential Brokerage. "The only reason sales haven't been even higher is that we just don't have enough good listings to meet demand. We're hoping that changes in the new year."

Some key findings the report:

• The most expensive sale in the East Bay last month was seven-bedroom, seven-bath approximately 5,000 square foot home in Alameda that sold for $3.4 million.

• Oakland boasted the most luxury sales with 44, followed by Danville with 33, Fremont with 28, San Ramon and Berkeley with 23 each, Pleasanton with 18, Walnut Creek with 17, Alamo with 15, Alameda with 13, and Lafayette with 11.

• Homes sold in an average of 33.1 days on the market, up from 30.5 days a year ago and 29.3 days the previous month.

• Sellers received an average of 107% of their asking price, up from 105% a year ago and the same as the previous month.

The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, which has nine East Bay offices serving Pleasanton, Berkeley, Castro Valley, Danville, Fremont, Oakland, Piedmont, Orinda and Walnut Creek.

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Like this comment
Posted by John
a resident of Another Pleasanton neighborhood
on Dec 28, 2015 at 9:30 am

As always, and especially during the holiday season, it's great to hear the wealthy are doing so well...

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