A total of 189 homes sold for more than $1 million in June, up sharply from the 159 properties that changed hands a year ago. Last monthâ€™s sales were also up 6.7 percent from May when 177 luxury homes sold.
High-end homes also sold at a faster pace in June with properties selling in 43 days on average compared to 49 a year ago. And sellers received 100.1 percent of their asking price on average compared to 99.3 percent last year.
Meanwhile, the median sale price for a luxury home also edged up, reaching $1,285,000 in June, up 2 percent from May and up fractionally from a year ago, when the median price stood at $1,275,000.
The figures were derived from Multiple Listing Service data of all homes that sold for more than $1 million last month in Alameda and Contra Costa counties.
â€œThe East Bayâ€™s luxury market continues to gain strength as the year goes along,â€ said Rick Turley, president of Coldwell Banker Residential Brokerage. â€œAs with other luxury markets in the Bay Area, including San Francisco and Silicon Valley, there just arenâ€™t enough listings to meet the demand of well-qualified buyers.â€
The East Bay Luxury Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker PreviewsÂ® program, the company is recognized around the world for its expertise in the luxury housing market.