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Luxury home sales climb 9% in East Bay

Danville boasts most $1 million-plus at 62; San Ramon fourth at 34

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 Contra Costa and Alameda 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 a 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% the previous month.

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

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Comments

16 people like this
Posted by Louise
a resident of Danville
on Oct 12, 2015 at 9:06 am

As long as the Danville council and planners don't continue their retail building and high density housing projects, the town can remain a nice town. Right now it is on the verge of being congested, crowded and traffic being a problem in the downtown and surface streets too. The residents need to express their thoughts to the government officials giving approvals to builders and developers like candy! Higher prices and values are great, but when the quality of life is impacted negatively people will start moving and prices won't continue to increase.


Like this comment
Posted by Hopeful
a resident of Danville
on Oct 13, 2015 at 4:48 pm

Three Council members are up for election in November 2016---Arnerich (architect that supports more and more building in Danville), Mike Doyle (who has been unaware for years of the details of anything being proposed), and Renee Morgan (get-along type who supports high-density development).

Who is going to oppose those lackeys of ABAG and developers? How about a "Save Danville" platform?

Just look what has happened in Lafayette. Do we really want to be like that town? It used to be uncongested. Now the downtown traffic is constant and frequently very slow.


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