Luxury home sales surge 45% in East Bay last month

Pleasanton leads with sale of 5-bedroom, 5-bath, 8,300-square-foot home for $3,730,000

East Bay luxury home sales surged more than 45% last month from a year ago as the local market closed out the fall home-buying season on a roll, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area's leading provider of luxury real estate services.

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 115 luxury homes changed hands in November, up 45.6% from the 79 high-end sales in November 2015. Sales last month were also up from the previous month's total of 104. The upper end of the luxury market was particularly strong with 36 sales over $2 million, up from 28 a year ago, and seven sales over $3 million, up from six last year.

Meanwhile, the median sale price of a luxury home last month dipped 2.7 percent from a year ago, falling to $1.75 million from $1,799,000 in November 2015. Last month's median sale price was also down slightly from October's level.

"November turned out to be a very strong month for East Bay luxury home sales, due in part to more inventory coming on the market earlier in the fall to meet some of the pent-up demand," said Mike James, president of Coldwell Banker Residential Brokerage. "As we close out the year we're hoping to see that trend continue with more listings for buyers to choose from in 2017."

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 five-bedroom, five-bath approximately 8,300-square-foot home in Pleasanton that sold for $3,730,000.

* Fremont boasted the most luxury sales with 17, followed by Oakland with 16, Danville with 15, Pleasanton with 13 and Alamo with 11.

* Homes sold in an average of 40 days on the market, down from 47 days a year ago but up from 32 days the previous month.

* Sellers received an average of 102% of their asking price, down from 105% a year ago and 110% the previous month.

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

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