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East Bay luxury home sales rise 10% in October, but prices decline

Pleasanton saw 13 home sales above $1.5 million, 3rd highest in East Bay

Luxury home sales in the East Bay rose more than 10 percent last month from a year ago but the median sale price declined, 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 $1.5 million last month in Alameda and Contra Costa counties.

A total of 104 luxury homes changed hands in October, up 10.6 percent from the 94 high-end sales in October 2015. Sales last month were also up from the previous month's total of 97. The upper end of the luxury market remained steady with 38 sales over $2 million, down slightly from 40 a year ago, and eight sales over $3 million, up from seven last year.

Meanwhile, the median sale price of a luxury home last month dipped 4.7 percent from a year ago, falling to $1,771,975 from $1,860,000 in October 2015. Last month's median sale price was down fractionally from September.

"As we head towards the end of the year, the East Bay's luxury market remains very healthy but is gradually transitioning from a seller's market toward more balance between buyers and sellers," said Mike James, president of Coldwell Banker Residential Brokerage. "Inventory is slowly increasing and prices are easing a bit as buyers have a little more to choose from now than they did earlier in the year."

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 approximately 8,200-square-foot home in Piedmont that sold for $6.2 million;

Berkeley boasted the most luxury sales with 18, followed by Oakland with 14, Pleasanton with 13, and Fremont with 10;

Homes sold in an average of 32 days on the market, down from 41 days a year ago and 49 days the previous month;

Sellers received an average of 110 percent of their asking price, up from 105 percent a year ago and 101 percent the previous month.

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

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