East Bay luxury home sales soar 46% in October

The East Bay's luxury housing market remained red hot in October, with sales soaring more than 46% from a year ago and the median sale price jumping more than 13%.

The figures, reported by report by Coldwell Banker Residential Brokerage, are based on Multiple Listing Service data of all homes sold for more than $1 million in October in Alameda and Contra Costa counties.

A total of 301 luxury homes changed hands in October, up 46.1% from October 2013. Million-dollar sales were also up sharply from the 264 transactions recorded in September 2014.

Once again, the upper end of the luxury market was especially strong last month with 24 sales over $2 million, double the number a year ago and also up from the 18 multi-million-dollar sales in September.

Meanwhile, the median sale price of a luxury home in October rose 13.4% from a year ago to $1,394,918. It was also up from September's median sale price of $1,261,000.

"The luxury housing market here in the East Bay is showing no signs of slowing down as we move through the fall home-buying season," said Mike James, president of Coldwell Banker Residential Brokerage. "Demand for well-appointed, fairly priced high-end homes continues to outstrip supply."

"There are just aren't enough properties to meet the strong demand, including many buyers who have crossed the Bay Bridge in search of more affordable prices compared to San Francisco and Silicon Valley," he added.

Some key findings from November's Coldwell Banker Residential Brokerage luxury report:

The most expensive sale in the East Bay in October was a five-bedroom, six-bath approximately 5,500 square foot home in Danville that sold for $3,395,000;

Danville also boasted the most luxury sales with 35, followed by Fremont with 33, Oakland and Berkeley with 28, Lafayette with 23, San Ramon with 22, Orinda with 20 and Pleasanton with 18.

Homes sold in an average of 29.8 days on the market, up from 27 days a year ago and 29.2 days the previous month.

Sellers received an average of 106% of their asking price, up from 105.3% a year ago and 104% the previous month.

The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales.

Coldwell Banker Residential Brokerage has nine East Bay offices, including one in Pleasanton.

For more information, call (925) 771.5285.

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Source: http://www.pleasantonweekly.com/news/2014/11/28/east-bay-luxury-home-sales-soar-46-in-october